Crypto PAC spending has exceeded $8 million ahead of the June US primaries.
Political committees directly linked to the cryptocurrency industry have disclosed spending exceeding $8 million aimed at media support for candidates ahead of the key June 23 primaries in New York, Maryland, and Utah. This is a significant signal of the growing political influence of digital assets in the election campaign.
The lion's share of these funds — over $5.5 million — was spent by the Protect Progress committee, which is part of the larger Fairshake network. This money went to support Adrian Boafo in Maryland's 5th Congressional District. Another $1.4 million was directed to Ritchie Torres's campaign in New York's 15th Congressional District. Both candidates position themselves as supporters of innovation and friendly regulation of the crypto sector.
Interestingly, Boafo's opponents have already reacted to this influx, calling on him to reject "outside support," which they openly label as spending by "crypto billionaires" and other special interests. This underscores the growing tension between traditional political circles and the new class of crypto lobbyists.
Analytical commentary: These expenditures are not mere charity but a clear strategic move. The crypto industry, facing aggressive regulation in the U.S., is actively building political capital. Support for moderate Democrats like Boafo and Torres could be key to passing more balanced laws on digital assets in Congress. Ignoring this trend is no longer possible — cryptocurrencies are becoming a full-fledged participant in the political process.