The Fairshake super PAC endorsed Adrian Boafo in Maryland and other candidates in New York and Utah during their respective primary elections.
By Jesse Hamilton|Edited by Nikhilesh De Jun 24, 2026, 3:00 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Maryland congressional candidate Adrian Boafo, left, received substantial backing from the crypto sector. (The Washington Post)SummaryShow- Adrian Boafo, a Democratic state delegate in Maryland, secured over $5 million in support from the crypto industry, leading to his primary win as he aims for Representative Steny Hoyer's vacant seat in the U.S. House.
- This significant backing attracted criticism from Maryland's Democratic Senator, Chris Van Hollen.
- The crypto sector also supported other incumbent Congress members in Maryland, Utah, and New York, with the super PAC investing $1.3 million in pro-crypto Democrat Ritchie Torres.
The Fairshake super PAC, a prominent political action committee in the crypto space, typically backs its preferred candidates for the U.S. House with substantial ad campaigns; however, it allocated an impressive $5.5 million to Adrian Boafo, a Democrat who recently secured his party's nomination for a Maryland congressional seat.
Boafo's overwhelming victory marks a notable achievement for the super PAC after a recent success where it invested $12 million in Barry Moore's Senate campaign in Alabama.
According to his campaign website, Boafo aims to "provide responsible regulatory clarity for innovators building the next generation of financial tools," while also addressing consumer protection, a stance often associated with Democrats wary of crypto. Nevertheless, he has a history of supporting pro-crypto legislation in Maryland and received an "A" rating from the advocacy group Stand With Crypto after completing their political questionnaire favorably, which can be viewed here.
The crypto industry's involvement did not go unnoticed, especially as the open seat attracted a large field of Democratic candidates vying to replace the retiring Rep. Steny Hoyer. Senator Chris Van Hollen criticized the "obscene amount of big special-interest money" that Boafo received during the campaign.
In Maryland, Fairshake also backed incumbent Representative April McClain Delaney with $516,000, while contributing to ad campaigns for Republican Representative Blake Moore in Utah and investing $1.3 million in Ritchie Torres, a reliable ally for the industry in New York. All these candidates either won their races or were leading, with McClain Delaney ahead as votes continued to be counted.
Recent Federal Election Commission reports indicated that Fairshake had approximately $126 million in funds available at the end of last month. The PAC is actively spending as the November general elections approach, which will determine the future composition of the U.S. Congress.
If Boafo helps foster a new Democratic majority in the House, the crypto industry will have a financial relationship with him and other supported Democrats. Prediction market platform Kalshi suggests a 79% chance of a Democratic majority, which would grant the party control over all committee chairmanships, the legislative agenda, and subpoena authority.
Fairshake's strategy involves overwhelming pro-crypto candidates from both political parties with extensive independent advertising that cannot be legally coordinated with the campaigns. These ads typically do not explicitly mention crypto issues but are strategically designed to convey the most beneficial political messages for the candidates.
Meanwhile, the Think Big PAC, an AI-oriented group sharing some of Fairshake's funders and represented by former Fairshake leader Josh Vlasto, has taken a more aggressive approach, targeting New York candidate Alex Bores by linking him to former FTX CEO Sam Bankman-Fried.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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