Crypto PAC spending tops $2M in Michigan House race

cryptonews08-02 17:43

A crypto industry-aligned political action committee has pushed its spending above $2 million in Michigan’s 13th Congressional District, according to final-week Federal Election Commission disclosures...

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The latest filings added $884,240 in media supporting Thanedar and more than $150,000 in spending against McKinney. The additions effectively doubled the amount reported about a week earlier.Mc","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"DAPP":"VanEck Digital Transformation ETF","STCE":"Schwab Crypto Thematic ETF","CRPT":"First Trust SkyBridge Crypto Industry and Digital Economy ETF","BKCH":"AdvisorShares Sabretooth ETF","DIME":"CoinShares Altcoins ETF","TEKX":"SPDR Galaxy Transformative Tech Accelerators ETF","BK4174":"机场服务","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","GDLC":"Grayscale CoinDesk Crypto 5 ETF","NCIQ":"HASHDEX NASDAQ CRYPTO INDEX US ETF","BITW":"Bitwise 10 Crypto Index ETF","BITQ":"Bitwise Crypto Industry Innovators ETF","PAC":"太平洋航空"},"translate_title":"密歇根州众议院竞选中加密货币政治行动委员会支出超过 200 万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BITW":0.62,"NCIQ":0.62,"TEKX":0.62,"GDLC":0.62,"DAPP":0.72,"CRPT":0.62,"BKCH":0.62,"STCE":0.62,"DIME":0.62,"PAC":1.5,"BITQ":0.62,"LFGY":0.62},"content_text":"A crypto industry-aligned political action committee has pushed its spending above $2 million in Michigan’s 13th Congressional District, according to final-week Federal Election Commission disclosures. \n\n\nSummary\n\n\n\nProtect Progress spending surpassed $2 million backing Thanedar and opposing McKinney before Tuesday’s primary vote.\n$884,240 in new advertisements supported Thanedar, while more than $150,000 targeted McKinney with opposition messaging.\nAugust 4 voters will decide the Democratic nominee after over one million Michiganders voted early.\n\n\n\nProtect Progress is supporting Democratic incumbent Shri Thanedar and opposing challenger Donavan McKinney before the Aug. 4 primary.\nProtect Progress is affiliated with the Fairshake network, which has received major funding from companies including Coinbase and Ripple. The latest filings added $884,240 in media supporting Thanedar and more than $150,000 in spending against McKinney. The additions effectively doubled the amount reported about a week earlier.\nCrypto PAC spending tops $2M before Michigan vote\nProtect Progress is registered with the FEC as an active independent expenditure-only committee, commonly called a super PAC. Its spending supports or opposes candidates but does not represent money transferred directly to their campaigns. The latest expenditure notices are available through the committee’s official FEC filings.\nThe committee’s processed FEC summary may not immediately show every last-minute purchase. The agency states that its independent expenditure table excludes separate 24-hour and 48-hour notices, which committees use to disclose spending close to an election. One of the latest Michigan notices was filed through this FEC disclosure.\nThe scale is notable beside the candidates’ own finances. McKinney’s campaign reported $1.23 million in total disbursements through July 15. Protect Progress’s outside spending has exceeded that amount, although the figures cover different reporting periods and forms of political activity.\nThanedar’s crypto votes drew industry support\nThanedar voted for the stablecoin-focused GENIUS Act and the Digital Asset Market Clarity Act in the House. In an official statement, he described the measures as steps toward clearer rules, consumer safeguards and wider financial access, while acknowledging that the bills were “not perfect.”\nThe House-approved CLARITY Act remains under consideration in the Senate. Protect Progress has not stated in its FEC notices that any specific vote caused its spending decision. However, the committee generally supports candidates viewed as favorable toward digital asset legislation.\nAs previously reported, Protect Progress had disclosed more than $986,000 in Michigan spending by July 23. The latest filings pushed the total above $2 million during the final two weeks of the primary.\nMcKinney makes the spending a campaign issue\nMcKinney has used the outside funding to criticize Thanedar’s crypto policy record. In a July 21 statement, he alleged that “the crypto lobby is paying my opponent back” for votes that benefited President Donald Trump’s digital asset interests.\nThat statement represents a campaign allegation. FEC records confirm that Protect Progress paid for independent advertisements, but they do not establish McKinney’s claimed motive or demonstrate coordination with Thanedar’s campaign. Federal rules require super PAC expenditures to remain independent of supported candidates.\nThe Michigan spending forms part of a broader national strategy by Fairshake and its affiliates. Public Citizen estimated that crypto companies had supplied about $189 million during the 2026 election cycle, with Fairshake-linked groups accounting for more than $82 million in expenditures. Those totals represent the watchdog’s analysis rather than an FEC finding that every dollar came from one industry source.\nAug. 4 result will test the spending strategy\nMichigan voters will choose the Democratic nominee on Tuesday, Aug. 4. More than 1.03 million residents had voted by the morning of July 31, according to the Michigan Department of State. Statewide early voting continued through Aug. 2, with some jurisdictions offering voting on Aug. 3. Completed absentee ballots must arrive by 8 p.m. on election day.\nThe result will offer a near-term test of whether Protect Progress’s final advertising surge helped Thanedar. However, it will not prove that PAC spending alone determined the outcome because turnout, candidate organizations and local concerns also shape congressional elections.\nAdditional FEC notices or amendments may appear after voting ends. The official canvass will confirm the nominee, while later campaign-finance reports should provide a fuller account of the committee’s total Michigan spending. No verified crypto market reaction has been tied to the race.\n\n\n\n\n\n                Read more:\n            \n\n                Coldcard Bitcoin losses rise to $88.6M in third wave","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2656317696","isCrawlerRequest":true}