Crypto Cash Floods Primaries, With Millions on Hoyer Replacement

June 1, 2026, 9:02 AM UTC

The cryptocurrency industry’s political machine, fresh off a signature win last week in Texas, is plopping down money for this month’s primaries in Tuesday races and a big-spending contest later to replace Rep. Steny Hoyer (D-Md.).

The super PAC Fairshake and its party-tied affiliates are working to boost nearly a dozen candidates in Tuesday’s primaries in California, New Jersey, and South Dakota. So far this year, Fairshake has spent in 22 primaries that have determined November nominees. While 20 of its endorsed candidates have won, its two losses came in key contests after spending millions of dollars.

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