Crypto super PACs have poured over $8 million into US primaries: who is behind this money
The crypto industry continues to actively penetrate U.S. political life. Our data shows that political action committees (PACs) linked to digital assets have disclosed spending of over $8 million on media support for candidates ahead of the June 23 primaries in key states—New York, Maryland, and Utah. These are not just numbers, but a clear signal: crypto lobbyists are aiming to shape the legislative environment in their favor.
The main impact came from the Protect Progress committee, which is part of the larger Fairshake structure. It accounted for the lion's share of funding—over $6.9 million. Of this amount, more than $5.5 million was directed to support Adrian Boafo in Maryland's 5th district, and another $1.4 million went to Ritchie Torres's campaign in New York's 15th district.
Both candidates appear to have received powerful media support, but this also sparked a sharp reaction from opponents. Boafo's rivals publicly called on him to reject outside assistance, labeling these expenditures as a "dump of crypto billionaires and other special interests." This is a classic political move: when you can't compete on budget, you attack reputation.
In my view, this $8 million is just the tip of the iceberg. The crypto industry, having weathered the "crypto winter" and regulatory attacks, is now shifting from defense to offense. Investments in political campaigns are not charity but a strategic calculation: to support loyal lawmakers who will vote for clear and favorable rules of the game.