Crypto PAC Spends $1 Million to Elect Virginia Candidate

James Walkinshaw, a Democratic candidate, emerged victorious in the primary election for Virginia’s 11th Congressional District, securing the nomination to replace the late Representative Gerry Connolly. The primary, held on Saturday, was a firehouse primary, a process where voters cast their ballots at a designated location, often a fire station, to decide on a replacement for Connolly after his death while in office. A special election to determine who will represent the district is scheduled for September 9.

Walkinshaw's success can be attributed in part to the significant financial support he received from a cryptocurrency-backed Political Action Committee (PAC). The Protect Progress PAC, an affiliate of the Fairshake PAC, spent over $1 million to support Walkinshaw's campaign. This expenditure highlights the growing influence of cryptocurrency interests in political campaigns and the potential impact of such financial backing on election outcomes.

The Protect Progress PAC, primarily funded by contributions from cryptocurrency companies Coinbase and Ripple Labs, has been actively involved in supporting candidates who advocate for pro-crypto policies. The PAC's significant financial contributions, totaling over $130 million, have been used to support what the group considers “pro-crypto” candidates or oppose “anti-crypto” ones. This involvement in the Virginia election follows similar expenditures in special elections in April for two Florida House seats, where the PAC's affiliate, Defend American Jobs, spent over $1.5 million.

The Fairshake PAC's spokesperson expressed pride in supporting Walkinshaw, stating that voters recognized the importance of supporting crypto and blockchain technologies. The spokesperson also emphasized that support for these technologies is not just a policy issue but a winning political strategy across party lines. This sentiment reflects the broader trend of cryptocurrency supporters seeking to influence political outcomes and shape policy discussions around digital assets.

The advocacy group Stand With Crypto reported that 270 “pro-crypto” candidates won seats in the US House of Representatives and Senate in the 2024 election, out of the 535 seats in both chambers. This indicates a growing presence of pro-crypto lawmakers in Congress, who are likely to play a significant role in shaping legislation related to digital assets. The Senate has already passed stablecoin legislation and is in the process of drafting a digital asset market structure bill, further underscoring the importance of cryptocurrency in political and regulatory discussions.

As the 2026 midterm elections approach, the Fairshake PAC has reported holding over $116 million in cash on hand to support candidates committed to advancing crypto innovation and responsible regulation. This financial backing suggests that cryptocurrency interests will continue to play a significant role in political financing and election outcomes in the coming years. The involvement of cryptocurrency-backed PACs in political campaigns raises important questions about the future role of digital assets in shaping political outcomes and the potential impact on policy decisions related to cryptocurrency and blockchain technologies.