- The Protect Progress PAC, funded by crypto companies Ripple Labs and Coinbase, has spent over $2 million on ads in Michigan’s 13th Congressional District primary.
- Funds support incumbent Rep. Shri Thanedar, who backed crypto-friendly legislation like the GENIUS Act and CLARITY Act, and oppose challenger Donavan McKinney.
- McKinney accused the crypto lobby of paying Thanedar back for helping President Trump profit from crypto investments, including his memecoin and World Liberty Financial.
- The Fairshake PAC affiliates have also spent in Washington state and Alabama primaries, with over $511,000 backing former Rep. Jerry Carl Jr. in Alabama.
- Total crypto-company political spending in the 2026 cycle has reached roughly $189 million, with Fairshake affiliates responsible for over $82 million according to Public Citizen.
An affiliate of the political action committee Protect Progress, largely funded by Ripple Labs and Coinbase, has poured more than $2 million into ads ahead of next week’s Michigan primary in the 13th Congressional District. The Federal Election Commission (FEC) filings revealed the PAC spent an additional $884,240 supporting Rep. Shri Thanedar and over $150,000 opposing his Democratic challenger Donavan McKinney. Thanedar voted in favor of the stablecoin-focused GENIUS Act and the crypto market structure CLARITY Act, and cosponsored the Promoting Innovation in Blockchain Development Act. McKinney said on July 21 that “the crypto lobby is paying my opponent back for helping Trump make over $1 billion since taking office.” The president disclosed earning over $1.4 billion from crypto investments in 2025, including from his memecoin Official Trump and his family’s business World Liberty Financial. Meanwhile, Fairshake affiliate Defend American Jobs PAC spent over $65,000 supporting a Republican in Washington’s 4th district. In Alabama, Defend American Jobs spent more than $511,000 on media backing former Rep. Jerry Carl Jr., one of the wealthiest House members with a net worth up to $15 million.
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