Crypto PAC Fairshake drops $8M on primary races across three states

Crypto-backed political action committees have spent more than $8 million supporting candidates in congressional primary races across three U.S. states ahead of Tuesday's elections.

Much of the money comes from groups linked to Fairshake, the crypto industry-backed PAC that has become one of the most active players in the 2026 election cycle, according to filings with the U.S. Federal Election Commission.

Protect Progress, a Fairshake affiliate that backs Democratic candidates, directed the largest share toward races in Maryland and New York.

FEC records show the PAC spent more than $5.5 million supporting Maryland state Delegate Adrian Boafo in the Democratic primary for the state's 5th Congressional District. In New York's 15th District, the group reported more than $1.4 million in expenditures backing incumbent Representative Ritchie Torres.

Additional spending hit other contests. Protect Progress reported more than $516,000 in media expenditures supporting April McClain Delaney, who is seeking the Democratic nomination in Maryland's 6th Congressional District.

Not all the money went to boost preferred candidates. FEC filings also show spending against rivals. Protect Progress disclosed roughly $24,000 in advertising opposing Quincy Bareebe and another $74,000 in media spending targeting Harry Dunn, both of whom are competing against Boafo in Maryland.

Political opposition surfaced during the final stretch. In a June 15 joint statement, Democratic candidates Harry Dunn, Quincy Bareebe, and Rushern Baker criticized what they described as the growing role of outside money in the race. They called on Maryland Governor Wes Moore, Senator Angela Alsobrooks, and Representative Steny Hoyer to publicly address whether they supported millions of dollars in spending from crypto industry donors and other outside groups backing Boafo's campaign.

Elsewhere, Defend American Jobs, another Fairshake-affiliated PAC, reported spending more than $400,000 in support of Republican Representative Blake Moore as he seeks renomination in Utah's 2nd Congressional District.

The latest expenditures follow what a Fairshake spokesperson previously described as the "biggest spend of the cycle" during Alabama's Republican primary runoff. According to campaign finance disclosures, Fairshake-backed groups spent more than $12 million on advertising in that contest before Republican Barry Moore secured victory.

Attention is already turning to upcoming primaries in other states as Tuesday's contests conclude. Campaign finance records reviewed on Monday showed no major spending by Fairshake-linked groups in Colorado or Arizona, where congressional primaries are scheduled for June 30 and July 21, respectively. Even so, previous election cycles suggest both states could become targets for future investment.

During the 2024 election cycle, Fairshake and affiliated committees spent more than $10 million supporting Ruben Gallego's successful Senate campaign in Arizona. The organization also invested approximately $2.1 million in backing Democratic Representative Yadira Caraveo in Colorado's 8th Congressional District.

Separate disclosures also highlight activity from other crypto-aligned political organizations. Fellowship PAC, a committee backed by roughly $11 million in funding from Cantor Fitzgerald and Anchorage Digital, reported spending $300,000 to support Torres in New York's primary race.

With several competitive congressional contests still ahead on the election calendar, spending by crypto-backed political groups remains concentrated on races where outside money could influence closely fought primaries.