Crypto industry political action committees achieved a clean sweep in Tuesday's primaries. All 11 candidates backed by Fairshake and its affiliates won or advanced in races across California, New Jersey and South Dakota.
The victories included nine Democratic U.S. House candidates in California, one in New Jersey and Republican Sen. Mike Rounds in South Dakota. Democrats accounted for 10 of the 11 wins. Fairshake spent up to $476,000 on independent ads in these races, following larger outlays such as $6.5 million in a Texas primary the prior week. The results extended the industry's recent winning streak in both parties. A new hybrid PAC called Defend Developers announced plans to raise and contribute more than six figures in the midterms. It will focus on lawmakers supporting legal protections for crypto developers and decentralized finance projects.
