Crypto PACs dump $3M into Maryland races as California votes

While residents of California, Iowa, Montana, New Jersey, New Mexico and South Dakota head to the polls today in Democratic and Republican Congressional primaries, the cryptocurrency industry has its eyes on Maryland later this month. Because of course it does.

Per FEC filings as of Tuesday, the Coinbase- and Ripple-backed Fairshake affiliate Protect Progress dropped roughly $3 million combined to back Democratic candidates in House races across California and New Jersey. Another affiliate, Defend American Jobs, spent more than $411,000 supporting Republican Senator Mike Rounds' reelection bid in South Dakota.

Beyond California, Protect Progress looked ready to open the checkbook in Maryland, where primaries are scheduled for June 23. FEC filings show the crypto-backed PAC spent more than $3.1 million on media backing Democratic candidate Adrian Boafo in Maryland's 5th district, and about $320,000 on Ritchie Torres' reelection in New York's 15th district, which also holds a primary on June 23. Source: FEC.

Today's California races will be another stress test of the cryptocurrency industry's grip on US elections, coming on the heels of last week's Texas primaries, where Fairshake and other PACs backed winning House and Senate candidates. Fairshake reported a war chest north of $193 million as of January, and crypto-aligned PACs include Fellowship, backed by $11 million from financial company Cantor Fitzgerald and crypto custodian Anchorage Digital, plus the Blockchain Leadership Fund, funded by $175,000 from Chainlink and Anchorage. Related: Senator Lummis says China will 'write the rules' of new financial era if CLARITY fails.

Fairshake has made no secret of its intention to push out House and Senate lawmakers it considers "anti-crypto" — such as Representative Al Green, who voted against the stablecoin legislation GENIUS Act and the digital asset market structure bill, CLARITY. The Texas lawmaker lost his primary for the state's 18th congressional district after Protect Progress spent $5 million supporting his opponent, Democrat Christian Menefee.

The CLARITY Act has been added to the US Senate's legislative calendar for consideration and a potential vote, after advancement by the Senate Agriculture Committee in January and the Banking Committee in May. Both versions, complete with amendments, will likely need to be consolidated before any vote.

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