Following primary loss, crypto PACs invest $1.5M in 3 US state races

Two groups affiliated with the cryptocurrency company-backed political action committee (PAC) Fairshake disclosed spending more than $1.5 million on media to support House of Representatives and Senate candidates in Florida, Alaska and Wyoming after suffering a primary loss in Michigan on Tuesday. According to Federal Election Commission (FEC) filings as of Thursday, Fairshake PAC affiliates Defend American Jobs and Protect Progress spent a combined $1.5 million on ads for Republican and Democratic candidates, many of whom voted in favor of the Digital Asset Market Clarity (CLARITY) Act while serving in Congress. In Alaska’s at-large congressional district, scheduled to hold a primary on Aug. 18, 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 US states will also hold primaries on Aug. 18.The reported expenditures follow a primary loss for a Protect Progress-supported candidate in Michi...