NY, MD and Utah Primaries Face Crypto PAC Spending Scrutiny

Crypto-linked political committees are ramping up spending in the run-up to Tuesday’s US primaries, with Federal Election Commission (FEC) filings showing more than $8 million pledged to help shape outcomes that could ripple into Congress in 2027.

According to FEC disclosures compiled in filings referenced by FEC’s online database, two major Fairshake-linked PACs—Protect Progress and Defend American Jobs—are spending heavily across multiple congressional districts, while a separate committee, the Fellowship PAC, is also backing candidates in New York.

Key takeaways

• FEC filings referenced in the reporting show crypto-aligned PACs backing candidates in primaries across three states on Tuesday.
• Protect Progress (a Fairshake affiliate) reports more than $516,000 in media spending for Maryland’s 6th district, while directing the bulk of attention toward Maryland and New York congressional primaries.
• Defend American Jobs reports more than $400,000 in spending in Utah’s 2nd district, following what a Fairshake spokesperson described as a major Alabama runoff ad buy that helped drive a win for Barry Moore.
• The Fellowship PAC disclosed $300,000 to support Ritchie Torres in New York.
• With Colorado and Arizona primaries scheduled later, the question for the market is whether these PACs will scale up spending as earlier rounds in 2024 already demonstrated.

Protect Progress targets Maryland and New York primaries

Protect Progress, described as an affiliate of Fairshake that supports Democratic candidates, reported spending more than $516,000 on media for April McClain Delaney in Maryland’s 6th congressional district, as of Monday, according to FEC filings referenced by the report.

While the 6th district figure stands out, the committee’s larger allocation has centered on two other races—Maryland’s 5th district and New York’s 15th district. Protect Progress reported combined expenditures of more than $5.5 million in Maryland’s 5th district and $1.4 million in New York’s 15th district, supporting Adrian Boafo and Ritchie Torres respectively, based on the cited FEC disclosures.

In the Maryland 5th district, Protect Progress also disclosed ad opposition spending tied to the field of challengers. The filings cited in the report show approximately $24,000 in ads opposing Quincy Bareebe and about $74,000 in media opposing Harry Dunn. Dunn, Bareebe, and fellow Maryland 5th district primary candidate Rushern Baker later issued a public statement reacting to what they characterized as outsized outside influence in the contest.

“We are calling on Governor Moore, Senator Alsobrooks, and Congressman Hoyer to answer directly: Do you support nearly $8 million in outside spending from crypto billionaires and AIPAC in a Maryland Democratic primary? If not, they should say so publicly and call on Adrian Boafo to reject it.”

Defend American Jobs backs a Utah Republican primary

Another Fairshake affiliate, Defend American Jobs, is also active. FEC reporting cited in the article indicates the PAC has spent more than $400,000 on Republican Blake Moore’s primary in Utah’s 2nd congressional district.

All of Defend American Jobs’ expenditures, according to a Fairshake spokesperson quoted in the reporting, followed the committee’s reference to what it called the “biggest spend of the cycle” in last week’s Alabama primary runoff. In that earlier contest, the PAC spent more than $12 million on ads, and the effort was tied to a win for Republican Barry Moore, as described in earlier coverage by Cointelegraph.

The Fellowship PAC contributes to Torres in New York

Beyond the Protect Progress and Defend American Jobs operations, a third committee appears to be supporting Torres’ New York primary bid. The Fellowship PAC, described in the report as backed by $11 million from Cantor Fitzgerald and Anchorage, disclosed $300,000 in spending to support Torres’ run, according to FEC disclosures cited in the reporting.

Looking ahead: Colorado and Arizona next up for crypto-aligned spending

Tuesday’s primaries are not the end of the cycle. The reporting notes expectations that Fairshake and other crypto-aligned PACs may shift attention after this week toward Colorado and Arizona, where primaries are scheduled for June 30 and July 21, respectively.

As of Monday, the referenced reporting states that none of the PACs had disclosed significant spending in congressional races in either Colorado or Arizona. Still, the pattern from 2024 suggests these states could become a focus later.

In 2024, the report says Fairshake and its affiliates collectively poured more than $10 million into media supporting Ruben Gallego’s Senate race in Arizona and about $2.1 million to back Democratic Representative Yadira Caraveo in Colorado’s 8th district. That earlier spending level provides context for why market observers may watch for similar deployments as the calendar advances.

For investors and political observers tracking the crypto policy pipeline, the key watch points are whether these PACs increase their disclosed activity in Colorado and Arizona before their respective primaries, and whether the messaging and spending levels mirror the intensity seen in 2024’s Arizona and Colorado contests.