Crypto-backed political action committees have poured more than $8 million into media buys supporting candidates in three states holding primaries this week, according to disclosure filings. The spending—concentrated in New York, Maryland, and Utah—marks the industry's most aggressive foray into U.S. elections since the 2024 cycle, and it's already triggering pushback from some Democrats who want nothing to do with digital-asset money.
Where the money went
The bulk of the $8 million went to television and digital ads boosting candidates who have signaled sympathy toward crypto-friendly legislation. In New York, the PACs backed contenders in competitive House and state-level primaries. Utah saw spending in both congressional and local races. Maryland, however, is where the spending attracted the most attention—and not in a good way for the industry.
Backlash in Maryland
At least one Maryland Democratic candidate has come under pressure from fellow party members to reject the outside spending. Several local Democratic officials publicly called on the candidate to disavow what they termed 'outside spending from crypto billionaires,' arguing that the money comes with strings attached and undermines the party's message on campaign finance reform. The candidate has not yet responded to the calls.
The massive outlay signals that crypto interests are trying to lock in friendly lawmakers ahead of what's expected to be a busy 2027 legislative session on digital-asset regulation. But the Maryland backlash shows the strategy carries risk: voters and activists are increasingly wary of industry money, especially after a series of high-profile exchange failures and regulatory crackdowns over the past two years.
Primaries in all three states wrap up this week. The final tallies will show whether the $8 million buy bought any wins—or just more scrutiny. Several watchdog groups have already said they'll file complaints with the Federal Election Commission over the PACs' disclosure practices. A ruling from the FEC could come within 90 days, though the agency is notoriously slow.
