Voters in Virginia's 11th Congressional District will choose a successor to the late Congressman Gerry Connolly in a special election that may be influenced by funding from the cryptocurrency industry.
On Tuesday, Virginia residents who have not voted early will head to the polls to decide whether to elect Democrat James Walkinshaw or Republican Stewart Whitson to replace Connolly, who passed away in May while serving in the U.S. Congress.
While both candidates do not appear to have taken a strong stance on digital assets or blockchain during their campaigns, a cryptocurrency-backed political action committee (PAC) could still impact the outcome.
According to Federal Election Commission (FEC) filings, Fairshake's affiliate Protect Progress PAC spent over $1 million on media ads in June supporting Walkinshaw's participation in the Democratic primary.
As of Tuesday's FEC filings, there were no other significant additional expenditures from the cryptocurrency industry, with Walkinshaw reporting campaign contributions exceeding $1 million, while Whitson reported around $224,000.
Tuesday's election could serve as a bellwether for how Fairshake and its affiliates handle U.S. elections in 2025 and beyond, after the organization spent over $130 million in 2024 to elect "pro-crypto" lawmakers or to unseat "anti-crypto" lawmakers.
Cointelegraph reached out to Fairshake and Walkinshaw's campaign team for comments but had not received a response by the time of publication.
Many news outlets believe Walkinshaw is in a favorable position against Whitson in this district, which is considered a Democratic stronghold.
If he wins on Tuesday, this election would further narrow the Republican majority in the U.S. House of Representatives, potentially requiring lawmakers to rely on Democratic support to pass legislation.
After participating in the 2024 elections, Fairshake's affiliate Defend American Jobs spent over $1.5 million supporting Republican candidates in the elections for two House seats in Florida. Candidates Jimmy Patronis and Randy Fine both won in the April elections.
A similar situation exists at the state and local levels. Individuals associated with some cryptocurrency companies donated a total of $4,000 to candidates in the New Jersey gubernatorial primary in June.
Notable figures, such as Gemini co-founder Tyler Winklevoss, have also indicated they may participate in the upcoming New York City mayoral election scheduled for November.
In a statement to Cointelegraph in July, a Fairshake spokesperson stated that the PAC cannot "directly" participate in local and state elections in 2025. However, the committee reported in July that it holds over $141 million in funds intended for future U.S. federal elections, including the 2026 midterm elections.
If the PAC's spending in 2026 exceeds that of 2024, it is unpredictable what that would mean for party control in the House or Senate starting in 2027. Republicans currently hold a slim majority in both chambers, many of whom benefit from Fairshake's spending.
Related: Nasdaq applies to SEC for rule change to trade tokenized stocks
Original article: “Virginia Voters Head to the Polls for a Campaign Supported by Cryptocurrency Funding”
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