Headline: Crypto PAC Fairshake Funnels More Than $8M Into High-Stakes Primary Races
Crypto-backed political action committees have poured more than $8 million into congressional primary contests across three states ahead of Tuesday’s elections — with a large share of that cash traced to Fairshake, the industry-backed PAC that has become one of the most active players in the 2026 cycle.
FEC filings reviewed by reporters show Protect Progress, a Fairshake-affiliated committee that backs Democrats, leading the charge. Its biggest outlays include:
- More than $5.5 million in support of Maryland state Delegate Adrian Boafo in the Democratic primary for Maryland’s 5th Congressional District.
- More than $1.4 million backing incumbent Representative Ritchie Torres in New York’s 15th District.
- Over $516,000 in media spending to support April McClain Delaney in the Democratic primary for Maryland’s 6th District.
The spending has not been purely promotional. Protect Progress disclosed roughly $24,000 in advertising opposing Quincy Bareebe and about $74,000 in media targeting Harry Dunn, both Boafo opponents in Maryland.
Political blowback surfaced in mid-June. On June 15, Democratic candidates Harry Dunn, Quincy Bareebe and Rushern Baker jointly criticized the influx of outside money, urging Maryland Governor Wes Moore, Senator Angela Alsobrooks and Representative Steny Hoyer to state whether they supported millions in crypto-industry donations backing Boafo.
Fairshake-linked activity extends beyond Maryland and New York. Defend American Jobs, another committee tied to Fairshake, reported more than $400,000 supporting Republican Representative Blake Moore’s renomination bid in Utah’s 2nd District.
These investments follow an earlier aggressive push by Fairshake affiliates. Campaign finance disclosures show the group ran what a Fairshake spokesperson described as the “biggest spend of the cycle” in Alabama’s Republican primary runoff, where more than $12 million in ads preceded Barry Moore’s victory.
Looking ahead, campaign finance records checked Monday showed no major Fairshake spending yet in Colorado or Arizona — where primaries fall on June 30 and July 21 — though past cycles suggest those states could still be targeted. In 2024, Fairshake and affiliates spent more than $10 million supporting Ruben Gallego’s Arizona Senate campaign and about $2.1 million backing Democratic Representative Yadira Caraveo in Colorado’s 8th District.
Other crypto-aligned groups are in the mix too. Fellowship PAC — which has reported roughly $11 million in funding from firms including Cantor Fitzgerald and Anchorage Digital — disclosed $300,000 in support for Ritchie Torres in New York’s primary.
With several competitive primaries still on the calendar, crypto-backed political groups appear focused on races where substantial outside spending can influence close contests — a trend likely to shape how campaigns in 2026 are financed and fought.
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