Crypto PAC-backed Candidate Wins Virginia House Primary Election
Key Takeaways
- Strong cryptocurrency influence in politics: The cryptocurrency industry is demonstrating significant ability to impact election outcomes through substantial financial investments
- Meaningful victory: James Walkinshaw becomes a prime example showing that support from crypto PACs can determine success or failure in political races
- Impressive investment level: Over $1 million USD for a local primary election demonstrates the industry’s serious commitment to shaping the political landscape
- Future preparation: With $116 million in reserves for the 2026 elections, Fairshake PAC is preparing for even larger investments
- Positive trend: 270 “crypto-friendly” candidates won in 2024, creating a favorable foundation for advancing digital asset legislation
Democratic candidate James Walkinshaw has won the primary election in Virginia’s 11th District to compete for the vacant House seat, with strong financial backing from a political advocacy organization specializing in cryptocurrency support.
Protect Progress, an affiliate of Fairshake PAC – an organization funded by cryptocurrency companies, invested over $1 million USD in media purchases to support Walkinshaw’s campaign.
Primary Election Details
The primary election took place over the weekend at a local fire station, aimed at selecting the Democratic candidate to replace the late Representative Gerry Connolly, who passed away during his term. The official special election will be held on September 9th.
Walkinshaw defeated other competing candidates to become the official Democratic representative for this position. According to records from the Federal Election Commission, Protect Progress PAC’s substantial spending in June may have contributed significantly to his success.
Role of the Cryptocurrency Industry
Protect Progress is part of Fairshake PAC, an organization primarily funded by major cryptocurrency companies such as Coinbase and Ripple Labs. During the 2024 federal elections, this organization spent over $130 million on media activities to support candidates considered “crypto-friendly” or oppose those “anti-crypto.”
A Fairshake spokesperson stated: “We are proud to support a candidate who has remained steadfast against baseless attacks and has never wavered in his commitment to promoting innovation and economic opportunity. Voters saw through the smear tactics and affirmed that supporting cryptocurrency and blockchain technology is not only good policy but also effective political strategy across party lines.”
Other Recent Activities
The involvement in the Virginia election is one of Fairshake’s latest investments. Previously in April, the organization’s affiliate Defend American Jobs spent over $1.5 million on special elections for two House seats in Florida.
Cryptocurrency supporters also contributed a total of $4,000 to candidates in the New Jersey gubernatorial primary election held in June, although there were no reports of major spending from crypto-backed PACs.
Looking Toward the 2026 Midterm Elections
As of January, Fairshake reported holding over $116 million in cash reserves to prepare for “supporting candidates committed to promoting cryptocurrency innovation and responsible governance” in the 2026 midterm elections. The PAC appears to be seeking to widen the gap between federal lawmakers who regularly support cryptocurrency policies and those who oppose them.
According to reports from the Stand With Crypto advocacy group, 270 “crypto-friendly” candidates won seats in the U.S. House and Senate in the 2024 elections, out of a total of 535 seats in both chambers. In the current session of the U.S. Congress, lawmakers in the Senate have passed stablecoin legislation and are in the process of drafting bills on digital asset market structure.
