Crypto PACs Spend $1 Million to Secure Walkinshaw's Primary Victory in Virginia

James Walkinshaw, a Democratic candidate, has secured victory in the primary election for Virginia’s 11th Congressional District, aiming to fill the seat left vacant by the late Representative Gerry Connolly. The primary, held on Saturday, was a crucial step in determining who will represent the district in the upcoming special election scheduled for September 9.

Walkinshaw's success is notably attributed to the substantial 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 back Walkinshaw's campaign. This financial backing played a significant role in his victory, as reported by Federal Election Commission filings.

The Fairshake PAC, primarily funded by contributions from cryptocurrency companies such as Coinbase and Ripple Labs, has been actively involved in supporting candidates who advocate for pro-crypto policies. The PAC has spent over $130 million on media to support what it considers “pro-crypto” candidates or to oppose “anti-crypto” ones, indicating a strategic effort to influence the 2024 US federal elections.

Following Walkinshaw's primary win, a Fairshake spokesperson expressed pride in supporting a candidate who remained steadfast in his commitment to innovation and economic opportunity. The spokesperson highlighted that voters recognized the importance of supporting crypto and blockchain technologies, viewing it as a winning political issue that transcends party lines.

This involvement in the Virginia election is part of a broader strategy by Fairshake, which has also been active in other special elections. In April, the PAC's affiliate, Defend American Jobs, spent over $1.5 million in special elections for two Florida House seats. Additionally, crypto supporters connected to various companies contributed a combined $4,000 for candidates in New Jersey’s gubernatorial primaries in June.

Looking ahead, Fairshake reported holding over $116 million in cash as of January, earmarked for supporting candidates committed to advancing crypto innovation and responsible regulation in the 2026 midterm elections. This financial reserve suggests a continued effort to widen the gap between federal lawmakers who support crypto policies and those who oppose them.

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 influence of pro-crypto sentiments within the legislative bodies, as lawmakers in the Senate have already passed stablecoin legislation and are in the process of drafting a digital asset market structure bill.