The crypto industry’s super PAC network lost in its biggest-spending race so far this election cycle, prompting questions about the sector’s influence on the midterms and buoying its policy opponents in Washington.
Illinois Lt. Gov. Juliana Stratton’s victory in the Democratic Senate primary, after the super PAC Fairshake and allied crypto players spent millions against her, took some of the swagger out of the industry’s political operation. By contrast, in its first cycle as a big-money player in the 2024 cycle, Fairshake’s network invested in seven Senate races and its favored candidates all won — it even helped topple then-Senate ...