Political action committees backed by cryptocurrency companies have poured more than $8 million into media campaigns supporting candidates in Tuesday’s primary elections across New York, Maryland, and Utah, marking one of the most concentrated efforts by the digital asset industry to influence US congressional races this cycle.
Where the money is going
According to Federal Election Commission filings, the bulk of spending has come from Protect Progress, a Fairshake affiliate that supports Democratic candidates. The PAC reported more than $5.5 million in combined expenditures for Adrian Boafo in Maryland’s 5th congressional district and nearly $1.4 million for Ritchie Torres in New York’s 15th district. Protect Progress also spent roughly $516,000 on media for April McClain Delaney in Maryland’s 6th district.
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In Utah, Defend American Jobs, another Fairshake affiliate, disclosed over $400,000 in spending to support Republican Blake Moore in the state’s 2nd congressional district.
The Fellowship PAC, backed by $11 million from Cantor Fitzgerald and Anchorage, reported $300,000 in spending to support Torres’ campaign in New York.
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Pushback from Maryland Democrats
The influx of crypto-aligned money has drawn criticism from some candidates in Maryland’s 5th district. Harry Dunn, Quincy Bareebe, and Rushern Baker, all running against Boafo, issued a joint statement on June 15 calling on Governor Wes Moore, Senator Angela Alsobrooks, and Congressman Steny Hoyer to publicly oppose what they described as “nearly $8 million in outside spending from crypto billionaires and AIPAC.”
The statement urged the three leaders to ask Boafo to reject the funding. Protect Progress had separately spent about $24,000 on ads opposing Bareebe and $74,000 on ads opposing Dunn.
Context from the Alabama runoff
Last week, Fairshake and its affiliates spent more than $12 million in Alabama’s primary runoff, helping secure a win for Republican Barry Moore. A Fairshake spokesperson called that race the “biggest spend of the cycle” so far.
What comes next: Colorado and Arizona
With Tuesday’s primaries underway, attention is shifting to Colorado and Arizona, which hold their primaries on June 30 and July 21, respectively. As of Monday, no major crypto PAC spending had been disclosed in those states. However, during the 2024 cycle, Fairshake and its affiliates spent over $10 million supporting Ruben Gallego’s Senate bid in Arizona and $2.1 million for Representative Yadira Caraveo in Colorado’s 8th district.
The pattern suggests that the industry is willing to deploy significant resources in states where crypto-friendly candidates face competitive primaries.
Why this matters
The scale of crypto PAC involvement in the 2026 midterms reflects the industry’s growing political ambitions. After a turbulent period marked by regulatory battles and high-profile enforcement actions, digital asset companies and their backers are increasingly using campaign finance to shape the policy environment in Washington. The outcomes of these primaries could determine the makeup of the next Congress and influence legislation on stablecoins, market structure, and digital asset taxation.
Conclusion
Tuesday’s primaries in New York, Maryland, and Utah will test whether crypto-aligned spending can sway voters in competitive races. The results could also signal how aggressively the industry will engage in the general election later this year. As more states hold primaries through July, the role of digital asset money in US politics is likely to remain a central point of debate.
FAQs
Q1: What is a crypto PAC?
A crypto PAC is a political action committee that raises and spends money to support or oppose political candidates, with funding coming from cryptocurrency companies, executives, or aligned interest groups.
Q2: Which states are affected by this spending?
The current cycle has seen major spending in New York, Maryland, Utah, and Alabama. Colorado and Arizona are expected to see significant activity in upcoming primaries.
Q3: Why are crypto companies spending on elections?
The industry aims to elect candidates who favor clear and favorable regulatory frameworks for digital assets, stablecoins, and blockchain technology, after years of regulatory uncertainty and enforcement actions.
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