Political action committees (PACs) aligned and funded by the cryptocurrency industry scored a series of victories in three US state primaries on Tuesday, potentially setting a precedent for the 2026 midterm elections.
The Fairshake PAC and its affiliates collectively invested $20 million in media outlets that supported the races. The committee, largely funded by crypto companies Ripple Labs and Coinbase, is behind the Defend American Jobs PAC to support Republican candidates and the Protect Progress PAC for Democrats considered “pro-crypto.”
Four Republican candidates and one Democrat won their respective primaries for U.S. Senate and House seats in Georgia and Kentucky, while an Alabama Republican will go to a runoff.
“Fairshake’s 6-0 sweep tonight was a clear victory for pro-crypto leaders across the country,” Fairshake spokesperson Geoff Vetter told Cointelegraph. He said:
“This powerful bipartisan mandate is being heard across America, from Georgia to Alabama to Kentucky.”
According to documents filed with the Federal Election Commission, Protect Progress spent more than $4.2 million to support Jasmine Clark, a Georgia representative running in the state’s 13th Congressional District. Defend American Jobs reported similar expenditures for media to support Republican candidates: $455,000 for Clay Fuller in Georgia’s 14th District, $709,000 for Houston Gaines in Georgia’s 10th District, $431,000 for Jim Kingston in Georgia’s 1st District, and $7.2 million for Andy Barr for Kentucky’s U.S. Senate seat.
Barry Moore, who received $7.4 million from Defend American Jobs in his bid for Alabama’s U.S. Senate seat, will head to a runoff against state Attorney General Steve Marshall and Republican candidate Jared Hudson after none of the three received a majority of votes in the primary.
Fountain: jasmine clark
Fairshake and its affiliates, backed by the cryptocurrency industry, are expected to spend millions of dollars in 2026 to “oppose anti-crypto politicians and support pro-crypto leaders,” according to a spokesperson in January. The company reported it had a war chest of $193 million, far exceeding its spending of $130 million by 2024 on media and ads to support congressional candidates.
Related: Crypto PACs Spend $7.2 Million Supporting Candidates in 5 US States Ahead of Elections
Despite multimillion-dollar expenditures, the cryptocurrency-backed PAC has not always managed to convince enough voters before a key election or primary. Fairshake reportedly spent $8 million opposing Illinois Lieutenant Governor Juliana Stratton in her U.S. Senate primary, but beat other candidates with more than 40% of the vote.
Upcoming Texas Runoff Seen Again Testing Crypto PAC Support
Protect Progress has increased spending on media outlets supporting Democratic candidate Christian Menefee, who is running to unseat incumbent Al Green in Texas’ 18th Congressional District.
Rep. Al Green addressed the House Financial Services Committee in March. Fountain: Al Green
According to FEC filings as of Tuesday, the PAC spent more than $4.1 million to support Menefee. He also reported spending more than $2.8 million on media to oppose Green, who has expressed anti-crypto views and voting records against the GENIUS Act stablecoin payment bill and the digital asset market structure bill, the CLARITY Act.
Protect Progress reportedly spent more than $1.5 million opposing Green ahead of the March primary against Menefee, but neither candidate won a majority of the vote, triggering next Tuesday’s runoff.
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