Crypto PACs go undefeated in June primaries as Fairshake scores bipartisan winning streak

Winners included Democrats Zoe Lofgren, Ted Lieu, Dave Min and Rob Menendez, as well as Republican Sen. Mike Rounds, with Democrats accounting for 10 of the 11 victories.

What to know:

• Crypto-backed super PACs aligned with Fairshake saw all 11 of their endorsed candidates advance or win in Tuesday’s primaries, extending the industry’s recent electoral winning streak.
• The victories, spanning key races in California, New Jersey and South Dakota, highlight a strategy focused on cultivating new Democratic allies alongside some Republicans rather than relying solely on established crypto champions.
• Coming on the heels of multimillion-dollar wins in Texas and amid uncertainty over which party will control Congress, crypto groups are pursuing a bipartisan approach to preserve influence regardless of November’s outcome.

Crypto-backed super PACs swept Tuesday's primaries, with all 11 candidates supported by Fairshake affiliates advancing or winning their races, extending the industry's electoral winning streak while revealing a strategy increasingly focused on cultivating Democratic allies rather than backing established crypto champions.

The results spanned nine California congressional races, New Jersey's 8th District, and South Dakota's Senate primary. The roster included supporters of the CLARITY Act, the GENIUS Act and blockchain developer protections, as well as candidates who signed pro-crypto pledges through Stand With Crypto.

Among the winners were California Democrats Zoe Lofgren, Ted Lieu, Dave Min, Lou Correa, and George Whitesides, along with New Jersey Democrat Rob Menendez as well as South Dakota Republican Mike Rounds.

All this comes just a week after crypto-backed groups scored another series of victories in Texas, where Fairshake affiliates and other industry-backed PACs spent more than $9 million supporting candidates across both parties.

The most notable defeat in Texas was Rep. Al Green, a longtime crypto critic and House Financial Services Committee member who held an F rating from Stand With Crypto.

With Polymarket bettors divided on which party will control Congress after November, crypto groups have increasingly pursued a bipartisan strategy, seeking to ensure they retain influence regardless of whether Democrats, Republicans, or a split government emerges from the midterms.

More For You

The FCA said unauthorized firms could be breaching rules on financial promotions through high-profile sponsorships deals.

What to know:

• Premier League soccer clubs have been warned by the U.K.'s Financial Conduct Authority about sponsorship deals with unauthorized crypto firms.
• Clubs enabling such promotions could be exposed to legal liability, money laundering and reputational damage, the FCA said.
• OKX and Kraken are the two most prominent crypto companies to have...

Grayscale launches lowest-fee U.S. Hyperliquid ETF as competition heats up around HYPE

1 minute ago

Payment giants Stripe, Visa, Mastercard said to be among backers of soon-to-debut stablecoin platform

13 minutes ago

Bitcoin momentum gauge hints at recovery. Experts remain cautious.

41 minutes ago

Bitcoin steadies at $67,000, faces critical juncture after sliding 9.5% in seven days

1 hour ago

Apparent Zcash outage was a block explorer problem, infrastructure provider says

1 hour ago

UK's financial watchdog cracks down on Premier League crypto partnerships

1 hour ago

DeFi won't win over big banks until it fixes its hacking problem, executives say

2 hours ago

Bullish crypto bets lose $1.6 billion as ETH, SOL, DOGE drop 9%

7 hours ago

Banks' survey says people don't want to rock the boat if stablecoin yield risks lending

3 hours ago

Bitcoin's slide to $66,000 is accelerating a shift into digital dollars

9 hours ago

Prediction market traders bet bitcoin's selloff has further to run

5 hours ago