Crypto-backed PACs ramp up primary spending in Maryland, New York and Utah

Traders Union
All News
Crypto
Crypto PACs boost primary spending

Highlights

Protect Progress spent over $5.5 million and $1.4 million, respectively, in Maryland’s 5th and New York’s 15th congressional districts supporting Adrian Boafo and Ritchie Torres.
Defend American Jobs reported more than $400,000 spent supporting Republican Blake Moore in Utah’s 2nd district, after spending over $12 million for Barry Moore in Alabama's primary runoff.
Crypto-supported PACs have not yet reported major spending in upcoming Colorado or Arizona primaries, despite previous commitments of over $10 million and $2.1 million in those states' 2024 races.

Primary spending intensifies ahead of Tuesday votes

According to Cointelegraph, Federal Election Commission filings show Protect Progress, an affiliate of Fairshake that backs Democratic candidates, has spent more than $516,000 on media supporting April McClain Delaney in Maryland’s 6th congressional district. The PAC has concentrated much more heavily on two races in Maryland and New York, disclosing combined expenditures of more than $5.5 million and $1.4 million, respectively, in the 5th and 15th congressional districts for Adrian Boafo and Ritchie Torres.

Filings also show Protect Progress spending about $24,000 on ads opposing Quincy Bareebe and $74,000 on media opposing Harry Dunn, both candidates in Maryland’s 5th district race against Boafo. Dunn and Bareebe, together with candidate Rushern Baker, said in a June 15 statement that outside spending from crypto billionaires and AIPAC is influencing the Maryland Democratic primary and called on senior state Democrats to respond publicly.

Defend American Jobs, another Fairshake affiliate, has also reported spending more than $400,000 in support of Republican Blake Moore in Utah’s 2nd congressional district primary. The spending follows what a Fairshake spokesperson described as the biggest outlay of the cycle in last week’s Alabama primary runoff, where Republican Barry Moore won after the PAC spent more than $12 million on ads.

The Fellowship PAC, another committee backed by $11 million from Cantor Fitzgerald and Anchorage, has separately disclosed $300,000 in spending to support Torres in New York.

Colorado and Arizona seen as next targets

With the three state primaries set for Tuesday, attention is already turning to Colorado and Arizona, where congressional primaries are scheduled for June 30 and July 21, respectively. As of Monday, none of the crypto-aligned PACs had disclosed significant spending in congressional contests in either state.

That could change given prior activity in both markets. In 2024, Fairshake and its affiliates spent more than $10 million on media backing Ruben Gallego’s Senate race in Arizona and another $2.1 million supporting Democratic Representative Yadira Caraveo in Colorado’s 8th district, underscoring the sector’s willingness to commit large sums in competitive races.

Our earlier article on Keir Starmer’s resignation and Labour’s leadership transition explained how Andy Burnham quickly emerged as the frontrunner after returning to Westminster as MP for Makerfield. We noted that the race immediately raised questions about party unity, policy direction, and whether the change at the top would bring real stability after a period of repeated political turnover.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.