Crypto PACs Fund Candidates’ Wins in US Primaries
- Democratic candidates Jacqui Irwin, Ted Lieu, and others won California House primaries, backed by $3.5 million from crypto-affiliated PACs.
- In New Jersey, Democrat Rob Menendez won the primary for the state’s congressional district.
- Republican Mike Rounds secured a Senate primary win in South Dakota.
- PACs Protect Progress and Defend American Jobs are linked to Fairshake, funded largely by Coinbase and Ripple Labs.
- Maryland’s upcoming primary on June 23 will see over $3.1 million spent to support Democratic candidate Adrian Boafo.
- A new PAC called Defend Developers aims to support Congress members who advocate for developer protections in the crypto space.
The recent primary results highlight the growing influence of cryptocurrency-backed political action committees in shaping electoral outcomes across multiple states, with significant financial backing aimed at pro-crypto candidates.
Candidates supported by these PACs have shown commitment to advancing digital assets legislation, as evidenced by their successful campaigns following substantial ad spending of $3.5 million.(Source)
