Crypto-Backed PAC's $2M Bet Fails as Thanedar Loses Michigan Primary

Michigan State Representative Shri Thanedar has lost his bid for re-election in the Democratic primary, despite receiving over $2 million in support from a cryptocurrency-backed PAC. Donavan McKinney won the primary with 51.9% of the vote, while Thanedar secured 48.1%. The race was marked by accusations that the crypto industry was trying to 'pay back' Thanedar for his voting record, which has favored many bills supporting the industry.

Thanedar has voted in favor of legislation such as the GENIUS Act and CLARITY Act, but also lost $600,000 after investing campaign funds into crypto companies. McKinney accused Thanedar of being beholden to corporate interests and vowed to 'only serve the people I represent.'

The loss is a significant blow to the crypto industry, which had seen its allies fare well in previous elections. Fairshake, the group behind Protect Progress, has spent over $170 million this election cycle on similar races.