Crypto PAC-Backed Candidate Wins Virginia Primary for Vacant House Seat
James Walkinshaw, a Democratic candidate for Virginia’s 11th Congressional District, secured the party primary victory with strong backing from the cryptocurrency-backed Protect Progress PAC, an affiliate of Fairshake PAC. The PAC invested over $1 million in media campaigns supporting Walkinshaw, demonstrating the expanding political influence of the crypto industry.
The Growing Political Role of Cryptocurrency
Primarily funded by Coinbase and Ripple Labs, Fairshake has committed over $130 million to support candidates favorable to cryptocurrency. Walkinshaw’s success highlights the sector’s political impact, with Fairshake reserving $116 million for future electoral support. This development follows similar crypto-backed political efforts in Florida and New Jersey, alongside recent Senate progress on stablecoin legislation.
Preparing for the 2026 Midterm Elections
Fairshake reported holding $116 million as of January, earmarked for supporting candidates who promote cryptocurrency innovation and balanced regulation in the 2026 midterms. This positions the PAC to further influence the divide between pro-crypto and skeptical lawmakers.
Key Developments
- Protect Progress PAC allocated $1 million+ to James Walkinshaw’s campaign
- Fairshake PAC receives primary funding from Coinbase and Ripple Labs
- Fairshake has expended $130 million supporting crypto-friendly candidates
- Fairshake maintains $116 million reserve for future elections
- 270 crypto-supportive candidates won Congressional seats in 2024
