Crypto-backed candidates notch wins in three US state primaries
Summary
Crypto-aligned PACs spent over $8 million on ads in US primaries, and several backed candidates won their races. Fairshake and affiliates, funded largely by Coinbase and Ripple Labs, supported Democrats Ritchie Torres in New York’s 15th district and Adrian Boafo in Maryland’s 5th district, plus Republican Blake Moore in Utah’s 2nd district. Fairshake said its spending helped push Boafo from fifth place to victory. Not every favored candidate won: Democrat Alex Bores lost in New York’s 12th district. Fairshake reported $150 million in cash on hand in June and may shift spending to upcoming primaries in Colorado and Arizona, where it has already spent heavily in past elections.
