Crypto Lobby Spending Surges in Michigan Congressional Race
A political action committee (PAC) backed by cryptocurrency companies Ripple Labs and Coinbase has significantly increased its spending in Michigan's 13th Congressional District. The Protect Progress PAC, an affiliate of Fairshake PAC, reported spending more than $2 million on ads supporting Representative Shri Thanedar in the upcoming primary election. This is a notable increase from previous filings, with an additional $884,240 spent on ads to support Thanedar and over $150,000 spent opposing his Democratic challenger, Donavan McKinney.
Thanedar has been a vocal supporter of cryptocurrency legislation, voting in favor of the GENIUS Act and cosponsoring the Promoting Innovation in Blockchain Development Act. His opponent, McKinney, accused Thanedar of being beholden to the crypto lobby due to his past votes on these bills.
The Protect Progress PAC's spending is part of a larger trend of crypto industry-backed PACs pouring millions into election campaigns across the country. Fairshake and its affiliates have spent over $82 million in the 2026 election cycle, with a reported war chest of $193 million as of January.