Crypto PACs Pour $1.5M Into State Races After Michigan Primary Setback

Two political action committees affiliated with crypto industry-backed group Fairshake have spent more than $1.5 million on media supporting House and Senate candidates in Florida, Alaska, and Wyoming, following a primary loss in Michigan earlier this week.

Where the Money Went

FEC filings show Defend American Jobs and Protect Progress spent the combined total backing candidates from both parties ahead of August 18 primaries. Defend American Jobs spent over $500,000 each supporting Alaska Representative Nick Begich, Florida candidate Sydney Gruters, and Wyoming’s Harriet Hageman. Protect Progress spent over $50,000 backing Florida’s Lois Frankel.

The spending comes after Michigan Representative Shri Thanedar lost his primary to Donavan McKinney, despite more than $2 million poured in by Protect Progress on his behalf.

Voting Records Drive Strategy

Most backed candidates supported the GENIUS Act and CLARITY Act. Fairshake spent over $170 million during the 2024 cycle. With Senate CLARITY Act timing still unresolved and all House seats plus 33 Senate seats up in 2026, groups like Stand With Crypto say lawmaker votes could shape industry-backed election spending going forward.