More than $8 million: crypto-PACs dominate primaries in three US states
Ahead of the primaries on June 23 in New York, Maryland, and Utah, the crypto industry demonstrated impressive financial power. Political action committees (PACs) linked to digital assets disclosed spending of over $8 million on media support for key candidates. This is an unprecedented level of engagement from a sector seeking to cement its interests at the legislative level.
The main burden fell on the Protect Progress committee, affiliated with the influential super-PAC Fairshake. According to disclosed information, Protect Progress directed over $5.5 million to support Adrian Boafo in Maryland's 5th congressional district. Another $1.4 million was allocated to Richie Torres's campaign in New York's 15th district. Both candidates are positioned as supporters of blockchain innovation and favorable regulation, explaining such generous financial backing.
Reaction from opponents and political context
Such large-scale intervention did not go unnoticed. Boafo's opponents in Maryland publicly called on him to reject external support, labeling these investments as spending by "crypto billionaires" and other special interests. This highlights the growing polarization around the role of cryptocurrencies in American politics: for some, they are an engine of economic growth; for others, a threat to traditional financial mechanisms.
Expert commentary: The $8 million investment is just the tip of the iceberg. We are witnessing a strategic shift: the crypto industry is moving from lobbying to direct political campaigns, shaping a favorable legislative landscape. If such PACs continue to increase their budgets, by the next elections we will see an even more aggressive penetration of digital assets into the US political agenda.