Crypto PACs Spend Millions to Influence US Primary Elections

Political action committees (PACs) backed by cryptocurrency companies and aligned interest groups have bet more than $8 million to support candidates in Tuesday’s primaries across three US states, which could impact the makeup of the country’s Congress in 2027.

As of Monday, the Protect Progress PAC, an affiliate of Fairshake that supports Democratic candidates, reported spending more than $516,000 on media for April McClain Delaney, running in Maryland’s 6th congressional district. However, much of the PAC’s attention has been focused on two races in Maryland and New York, where it reported combined expenditures of more than $5.5 million and $1.4 million, respectively, for primary races in the states’ 5th and 15th congressional districts, for Adrian Boafo and Ritchie Torres.

Filings with the Federal Election Commission (FEC) showed that Protect Progress had spent about $24,000 on ads to oppose Quincy Bareebe and $74,000 for media opposing Harry Dunn, both running against Boafo in Maryland’s 5th district. Dunn and Bareebe, along with Rushern Baker, who is running in the same primary, issued a statement on June 15 against what they called the “influence of dark money and special interests” in the race:

“We are calling on Governor Moore, Senator Alsobrooks, and Congressman Hoyer to answer directly: Do you support nearly $8 million in outside spending from crypto billionaires and AIPAC in a Maryland Democratic primary? If not, they should say so publicly and call on Adrian Boafo to reject it.”

Defend American Jobs, another Fairshake affiliate, reported spending more than $400,000 on Republican Blake Moore’s primary in Utah’s 2nd congressional district. All expenditures followed what a Fairshake spokesperson called the “biggest spend of the cycle” in last week’s Alabama primary runoff, resulting in a win for Republican Barry Moore after the PAC spent more than $12 million on ads.

Source: FEC

Related: NYSE owner ICE to launch oil-linked futures with OKX

The Fellowship PAC, another committee backed by $11 million from Cantor Fitzgerald and Anchorage, disclosed $300,000 in spending to support Torres’ New York run.

Are Colorado and Arizona next?

With the three US state primaries to be decided on Tuesday, many expect Fairshake and other crypto-aligned PACs to turn their attention to Colorado and Arizona, which are scheduled to hold primaries on June 30 and July 21, respectively.

As of Monday, none of the PACs had disclosed significant spending in any congressional races in the two US states. However, in 2024, Fairshake and its affiliates poured more than $10 million into media to support Ruben Gallego’s Senate race in Arizona and $2.1 million for Democratic Representative Yadira Caraveo in Colorado’s 8th district.