Four of the five candidates endorsed by cryptocurrency-aligned political action committees (PACs) won primary elections or advanced on Tuesday, demonstrating the industry’s growing electoral influence ahead of the 2026 midterms.
Fairshake-affiliated groups Protect Progress and Defend American Jobs spent approximately $3.6 million on House and Senate races in Alaska, Florida, and Wyoming. Protect Progress, backing Democratic candidates, allocated over $150,000 to support incumbent Lois Frankel in Florida’s 23rd congressional district, who secured re-election. Defend American Jobs, targeting Republican candidates, invested $1.5 million in ads for Nick Begich in Alaska’s at-large district, Sydney Gruters in Florida’s 16th district, and Harriet Hageman for the U.S. Senate in Wyoming. Gruters and Hageman won their primaries, while Begich is favored to advance in Alaska.
In Florida’s 24th district, Democrat Oliver Gilbert defeated Shevrin Jones and Kendrick Meek with 34.4% of the vote despite being the target of more than $2 million in negative ads funded by Protect Progress. Gilbert alleged the ads, which included fabricated Miami Herald headlines, were part of an effort by “Trump’s tech billionaire buddies” to influence the primary. A PAC spokesperson countered that the underlying facts in the ads were accurate.
The Fairshake PAC, which reported a $193 million war chest in January, has funded over $130 million in pro-crypto candidate support and opposition in the 2024 election cycle. As of June, the committee had allocated more than $82 million to races ahead of the 2026 midterms.
The primary results follow a period of heightened legislative focus on digital assets. The U.S. Senate, currently in recess, is set to address the Digital Asset Market Clarity (CLARITY) Act in September. The bill, which passed the House with bipartisan support in July, aims to establish comprehensive regulations for digital assets. Senate Democrats have pushed for stronger ethics provisions related to the Trump family’s crypto investments.
The outcome of the 2026 elections could shift congressional control, potentially affecting the trajectory of crypto-related legislation. If the CLARITY Act is not addressed before 2027, lawmakers elected in November may play a decisive role in its advancement or obstruction.
