A super political action committee backed by Ripple Labs co-founder Chris Larsen poured $1 million into the Colorado Democratic primary to boost pro-crypto candidate Manny Rutinel. The PAC, dubbed "You Can Push Back," is reported to operate on a $3.5 million donation from Larsen. Rutinel secured the primary win, marking a fresh milestone for crypto's political clout.
Rutinel earned a "strongly supportive of crypto" rating from Stand With Crypto, a Coinbase-affiliated advocacy group, based on his stances on stablecoins, market structure, and regulatory clarity. The group tracks digital asset policies nationwide.
Crypto Sector Drops $189M Into 2026 Elections
Watchdog organization Public Citizen reported Tuesday that the crypto industry has funneled roughly $189 million into the 2026 U.S. election cycle, with the bulk flowing through political action committees. Coinbase is also a major donor to Fairshake, a bipartisan PAC supporting pro-crypto candidates in congressional races. Fairshake has become one of the most visible political networks shaping digital asset policy agendas.
Analysts say the industry is mirroring its 2024 playbook—funding candidates deemed friendlier to digital assets. But the strategy is drawing scrutiny.
Voters Worry Donations Sway Crypto Rules
Mark Hays, associate director for crypto and fintech at Americans for Financial Reform (AFR), noted that voters want crypto firms treated equally under rules applied to other financial institutions, not special privileges. "Shaping regulation through political donations creates unease among the electorate," Hays said.
White House Deputy Press Secretary Anna Kelly stated Tuesday that President Donald Trump and his family are not engaged in any conflicts of interest. Polling shows that a majority of Democratic, Republican, and independent voters are concerned about industry donations influencing crypto-related regulations. AFR emphasized that voters broadly favor clear and reasonable rules for the sector.