Crypto PACs shift focus to November after primary election wins

The crypto industry’s political influence grew during the U.S. primary elections, with the Fairshake super PAC backing winners in key races. As the primaries wind down, attention now turns to the November general election, where Fairshake has over $122 million ready to deploy.

Primary wins for crypto-backed candidates

Fairshake, a political action committee funded by major crypto firms like Coinbase, Ripple, and a16z, supported Democratic incumbent Jake Auchincloss in Massachusetts, who won his primary. The PAC also helped secure Senate primary victories for Republican candidates Barry Moore (Alabama), Andy Barr (Kentucky), Kevin Hern (Oklahoma), and Harriet Hageman (Wyoming). These candidates are expected to win their general elections and join the Senate as crypto advocates.

Fairshake also defended seven pro-crypto lawmakers from primary challenges and backed new candidates from both parties likely to join Congress next year. However, it spent over $10 million in a failed attempt to defeat Illinois Democrat Juliana Stratton, marking its biggest spending setback so far.

Other crypto PACs played smaller roles

The Fellowship PAC, linked to Tether and funded by Cantor Fitzgerald, raised about $11 million but spent most of it through a political firm tied to a former Trump crypto adviser. Another PAC, the Digital Freedom Fund, backed by the Winklevoss twins and Kraken, has not yet engaged in candidate support despite its $21 million funding.

What happens next

With most primaries concluded, Fairshake and other crypto-backed groups are preparing for the November 3 general election. The focus will be on influencing races that could shape crypto legislation, including the long-stalled Digital Asset Market Clarity Act.

Sources

• CoinDesk