Crypto-Backed PAC Loses Big in Michigan Primary
A Democratic primary in Michigan's 13th Congressional District saw incumbent House Representative Shri Thanedar lose to challenger Donavan McKinney, despite a significant investment of $2 million by a crypto-backed political action committee (PAC) called Protect Progress.
The PAC is affiliated with Fairshake, a group backed primarily by crypto companies Coinbase and Ripple. It spent more than $170 million in the 2024 US election cycle on similar races involving pro- and anti-crypto candidates.
McKinney accused Thanedar of being beholden to the crypto industry, pointing out that he had voted in favor of bills like the GENIUS Act and CLARITY Act. Thanedar also reportedly lost more than $600,000 in the second quarter of 2026 after investing $3.7 million of campaign funds into crypto companies.
The primary saw a close result, with McKinney winning 51.9% of the vote against Thanedar's 48.1%. The two candidates will face off again in the November general election.