Crypto Industry Loses Michigan House Seat Despite $2M PAC Support
A Democratic primary in Michigan's 13th Congressional District saw incumbent House Representative Shri Thanedar lose to challenger Donavan McKinney despite receiving over $2 million in support from a cryptocurrency-backed political action committee (PAC).
The PAC, Protect Progress, is affiliated with Fairshake, which has spent over $170 million on similar races involving pro- and anti-crypto candidates. Thanedar has been accused of 'paying back' the crypto industry for his voting record, particularly regarding bills like the GENIUS Act and CLARITY Act.
McKinney received support from the Democratic National Committee and the Democratic Socialists of America on his primary victory. He accused Thanedar of being beholden to corporate interests, stating 'Washington has spent too long serving billionaires and corporate interests.'