Key Takeaways:
An affiliate of the crypto-aligned Fairshake PAC poured nearly $1 million into Michigan's 13th congressional district Democratic primary, backing incumbent Shri Thanedar against challenger Donavan McKinney two weeks before the Aug. 4 vote.
"The crypto lobby is paying my opponent back for helping Trump make over $1 billion since taking office," McKinney said in a statement Tuesday, accusing Thanedar of supporting every crypto bill brought before Congress.
Protect Progress, a Fairshake affiliate, reported spending more than $986,000 on ads supporting Thanedar and opposing McKinney, according to Federal Election Commission filings. Thanedar voted for the CLARITY Act, GENIUS Act and Promoting Innovation in Blockchain Development Act while in the House. He also lost more than $600,000 in the second quarter of 2026 after investing $3.7 million of campaign funds into crypto companies, according to the Intercept.
Fairshake and its affiliates reported holding $191 million to influence key elections, making the crypto industry one of the largest political spenders this cycle. The outcome in Michigan and other primaries could determine whether pro-crypto candidates secure enough seats to advance industry-friendly legislation.
The spending mirrors Protect Progress' 2024 strategy, when the PAC spent about $1 million backing Thanedar, who won the Democratic primary with 54.9% and the general election with 68.6%. McKinney did not run against Thanedar in 2024 and has not made significant public statements on digital assets.
Beyond Michigan, Protect Progress spent more than $100,000 on media supporting Representative Greg Stanton's reelection in Arizona's 4th congressional district. Stanton, who also voted for CLARITY and GENIUS, won his primary Tuesday with 65% of the vote.
In Washington state, the Defend American Jobs PAC — another Fairshake affiliate — spent more than $65,000 supporting Republican candidate Amanda McKinney in the 4th district, who has publicly backed crypto. Representative Dan Newhouse announced in 2025 he would not seek reelection, leaving the seat open.
Other industry-aligned PACs active this cycle include Fellowship, backed by Cantor Fitzgerald and Anchorage Digital, and the Blockchain Leadership Fund, a hybrid PAC backed by Anchorage and Chainlink Labs.
This article is for informational purposes only and does not constitute investment advice.
