Democratic candidate James Walkinshaw won the party primary after receiving over $1 million in support from a cryptocurrency-backed political action committee (PAC), and will succeed the late Congressman Gerry Connolly in Virginia's 11th congressional district.
Last Saturday, the Virginia 11th District Democrats selected a successor candidate through a firehouse primary to fill the seat left vacant by Connolly's passing. The special election for the seat will be held on September 9, when the district representative will be finalized.
Walkinshaw defeated other competitors to become the official Democratic candidate for the seat. Reports suggest that the media campaign by Protect Progress PAC may have played a crucial role in his victory. According to filings with the Federal Election Commission (FEC), the committee invested over $1 million in Walkinshaw in June.
Protect Progress is an affiliate of Fairshake PAC. The committee's primary funding sources are cryptocurrency companies Coinbase and Ripple Labs. After investing over $130 million to support candidates it identifies as "pro-cryptocurrency" and oppose "anti-cryptocurrency" candidates during the 2024 U.S. federal elections, the committee may have had a significant impact.
A Fairshake spokesperson told Cointelegraph regarding Walkinshaw's primary win: "We are proud to support candidates who stand firm in the face of baseless attacks and are committed to driving innovation and economic opportunity. Voters have seen through the smear campaigns and clearly indicate that supporting cryptocurrency and blockchain is not only good policy but also a winning bipartisan political issue."
This intervention in the Virginia election is part of a new round of spending by Fairshake. Previously, its affiliated organization Defend American Jobs had invested over $1.5 million in two special House elections in Florida in April.
Cryptocurrency supporters associated with multiple companies donated a total of $4,000 to candidates during the New Jersey gubernatorial primary in June, but Cointelegraph was unable to find reports regarding the spending of crypto PACs in that state.
As of January, Fairshake reported having over $116 million in cash on hand, planning to "support candidates committed to driving crypto innovation and responsible regulation" in the 2026 midterm elections. This PAC may further exacerbate the divide between federal lawmakers supporting and opposing cryptocurrency policies.
The advocacy group Stand With Crypto claims that in the 2024 U.S. congressional elections, there are 270 "cryptocurrency-friendly" candidates among the 535 seats in the House and Senate. Currently, during this session of Congress, the Senate has passed a stablecoin bill and is working on legislation related to the market structure of digital assets.
Related: Musk threatens to establish the "American Party"! The fate of Trump's "Beautiful Law" and cryptocurrency tax reform intertwined.
Original article: “Cryptocurrency PAC-backed candidate wins Virginia vacant House seat primary”
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