Thanedar, a two-term Democrat, was backed by a crypto-aligned PAC that spent more than $2 million in the race for Michigan’s 13th congressional district. This significant investment highlights the growing influence of cryptocurrency-related groups in political campaigns across the United States.
Crypto PAC spends $2M against challenger
Protect Progress, the super PAC funding Thanedar’s ads, is affiliated with Fairshake, a group backed by crypto companies Coinbase and Ripple. Over $170 million has been spent in the 2024 election cycle on races with pro- and anti-crypto candidates. This large-scale spending suggests that crypto companies are investing heavily to shape the political landscape, particularly as the November general election approaches.
McKinney, who received support from the Democratic National Committee and the Democratic Socialists of America, accused Thanedar of being paid by the crypto industry. Thanedar reportedly lost $600,000 in the second quarter of 2026 after investing $3.7 million of campaign funds into crypto. McKinney’s claim suggests a deeper scrutiny of Thanedar’s alignment with crypto interests, which has become a central theme in the contest.
McKinney will face off against Republican candidate Taras Nykoriak in the November election. McKinney has positioned himself as a populist alternative, criticizing Washington’s influence by billionaires and corporate interests in a recent X post. His campaign’s focus on transparency and accountability has resonated with progressive voters in the district.
Fairshake, the group backing Thanedar, also spent over $65,000 in Washington’s 4th congressional district to support Republican Amanda McKinney, who is unrelated to the Michigan candidate. This cross-state strategy demonstrates Fairshake’s broader campaign to influence key races. Meanwhile, in Washington’s 4th, Democrat John Duresky will face Amanda McKinney in November after both candidates secured more than 30% of the vote in the primary.
Following Thanedar’s primary loss, Fairshake PAC affiliates Defend American Jobs and Protect Progress reported spending a combined $1.5 million on media for four House and Senate races ahead of Aug. 18 primary elections. In Alaska’s at-large congressional district, Defend American Jobs spent more than $500,000 on media supporting the re-election of Representative Nick Begich. The Super PAC spent about the same amount on Republican candidate Sydney Gruters in Florida’s 16th district, and Representative Harriet Hageman, running for the soon-to-be-vacant Wyoming Senate seat now occupied by Cynthia Lummis. Both states will also hold primaries on Aug. 18.
On the Democratic side, Protect Progress reported spending more than $50,000 for the re-election of Lois Frankel in Florida’s 23rd district. Frankel, Begich, and Hageman all voted in favor of the GENIUS Act and CLARITY Act while serving in Congress, while Gruters did not appear to have made any public statements on crypto or blockchain, with the exception of saying she supported the crypto market structure bill in a questionnaire conducted by the advocacy organization Stand With Crypto.