Crypto-PAC-Backed Candidates Win US Primaries

Candidates from the Democratic and Republican parties backed by political action committees (PACs) funded by the cryptocurrency industry won primaries in California, New Jersey, and South Dakota. In Tuesday's elections, Jacqui Irwin, Ted Lieu, Zoe Lofgren, and several other candidates achieved success in their districts. Cointelegraph.com reports this.

These political victories followed an investment of nearly $3.5 million spent on media by the Protect Progress and Defend American Jobs PACs to support candidates. These groups are directly affiliated with the Fairshake super-PAC, funded by Coinbase and Ripple Labs. Reports indicate that Fairshake announced a massive $193 million budget in January of this year.

According to Fairshake spokesperson Geoff Vetter, the US needs members of Congress who develop responsible regulations for the crypto community to maintain global leadership. Many winning candidates have voted for bills supporting digital asset development or publicly advocated for the crypto industry during their tenure.

Fairshake and its affiliates are now focusing on elections in Maryland. According to Federal Election Commission (FEC) data, Protect Progress has already spent over $3.1 million to support Democratic candidate Adrian Boafo in the June 23 primary.

Meanwhile, industry leaders announced the formation of a new hybrid PAC called Defend Developers. This structure specializes in supporting politicians who protect blockchain developers and crypto creators. Its leadership includes executives from major organizations such as the Solana Policy Institute and Uniswap Labs.