Crypto-Backed Candidates Secure Wins in US State Primaries

Crypto-backed candidates have made their mark in three US state primaries, securing victories for several Democrats and one Republican. Fairshake, a PAC backed by Coinbase and Ripple Labs, spent over $8 million on media to support its preferred candidates, including Ritchie Torres in New York's 15th congressional district, who won with 71.9% of the vote.

In Utah, Republican Blake Moore took home the win in the 2nd district with 57.5% of the vote, while Adrian Boafo, backed by Fairshake affiliate Protect Progress, secured the Democratic primary for Maryland's 5th district with 32% of the vote.

Geoff Vetter, a spokesperson for Fairshake, boasted that the PAC 'went big and we went early' in supporting Boafo, who moved from fifth place to Congress. However, not all pro-crypto candidates fared well: Alex Bores lost his bid for New York's 12th district after facing criticism over potential ties to Ripple Labs co-founder Chris Larsen.

As primaries in Colorado and Arizona approach, Fairshake and other crypto-aligned PACs are expected to continue their efforts, having spent significant amounts in the past. In 2024, Fairshake poured $10 million into Ruben Gallego's Senate race in Arizona and $2.1 million for Yadira Caraveo in Colorado's 8th district.