Crypto-PACs have directed over $8 million in media support for candidates in the U.S. primaries.
In the primaries held on June 23 in New York, Maryland, and Utah, political committees linked to the crypto industry disclosed total expenditures exceeding $8 million. These funds were directed toward media support for candidates who are friendly to digital assets.
The majority of the funding came from the Protect Progress committee, which is part of the Fairshake structure. According to disclosed data, Protect Progress allocated over $5.5 million to promote Adrian Boafo in Maryland's 5th congressional district. Another $1.4 million was spent to support Ritchie Torres, who is running in New York's 15th congressional district.
This activity has drawn criticism from opponents. Boafo's rivals publicly called on him to reject external support, labeling these expenditures as "spending by crypto billionaires" and other special interests. Such statements underscore the growing tension surrounding the influence of the crypto industry on U.S. political processes.
From my perspective, the scale of these investments is a clear signal: the crypto sector is seeking to solidify its political influence early in the election cycle. $8 million on primaries is just the beginning; by the 2024 elections, we will likely see even more aggressive injections into the campaigns of pro-crypto candidates.