Cryptocurrency is making a big push in US politics. Super PACs focused on crypto are pouring millions of dollars into upcoming elections, hoping to elect candidates who support their industry.
Fairshake and Friends: A Crypto Spending Spree
The biggest player is Fairshake, along with its partners Defend American Jobs and Protect Progress. They’ve already spent a whopping $136 million supporting over 58 pro-crypto candidates in the 2024 election cycle. This shows just how serious they are about getting crypto-friendly politicians into office.
A Key Victory in Virginia
One recent example is the Virginia’s 11th Congressional District primary. Protect Progress, usually aligned with Democrats, spent $1 million supporting James Walkinshaw. Walkinshaw won, beating out candidates like State Senator Stella Pekarsky. This is significant because Walkinshaw’s predecessor, Rep. Gerry Connolly, was strongly against crypto legislation. Walkinshaw, however, supports blockchain technology as key to Northern Virginia’s economy.
The Controversy
Pekarsky criticized Walkinshaw for taking money from crypto PACs, saying it meant he’d serve billionaires instead of his constituents. Protect Progress fired back, saying most Americans – even Democrats – want sensible crypto regulations, not an industry-wide crackdown.
Looking Ahead
Fairshake’s success isn’t limited to Virginia. They also backed two winning Republican candidates in Florida, spending $1.5 million in total. With over $100 million in the bank, fueled by donations from big names like Coinbase, Andreessen Horowitz, and Ripple, Fairshake and its allies are already gearing up for the 2026 midterms. The crypto industry’s political influence is clearly growing.