Crypto lobbyists pumped $8 million into US primaries: who is behind the money
Analyzing the latest data on political spending in the U.S., I found that crypto-industry-related political action committees (PACs) spent over $8 million on media support for candidates ahead of the June 23 primaries. The main targets are districts in New York, Maryland, and Utah. These are not just numbers — they are a signal that the crypto sector is seriously aiming to shape a favorable legislative framework.
The key player here is the Protect Progress committee, linked to the powerful super-PAC Fairshake. It accounted for the lion's share of spending: over $5.5 million was directed to support Adrian Boafo in Maryland's 5th congressional district, and another $1.4 million went to Ritchie Torres's campaign in New York's 15th district. Both candidates, it seems, have received a blank check from the crypto industry, which sees them as potential allies in the fight for friendly regulation.
However, such generosity has sparked a sharp reaction from opponents. Boafo's rivals openly called on him to reject outside support, labeling these infusions as "spending by crypto billionaires" and other special interests. This underscores growing polarization: for some, crypto money is an engine of innovation; for others, it is a threat to the democratic process.
My analysis: Such investments are not charity but a strategic move. The crypto industry, facing intense regulatory pressure in the U.S., is actively seeking leverage through elected offices. $8 million on primaries is just the tip of the iceberg. Ahead of the 2024 presidential election, we will likely see a multiple increase in such spending, which could radically change the landscape of crypto regulation in the States.