According to ChainCatcher, citing Forbes, Protect Progress, a Democratic-aligned PAC under Fairshake, has moved aggressively into multiple Black-district primaries in the 2026 U.S. congressional election cycle. Fairshake is supported by Coinbase, Ripple and Andreessen Horowitz, placing the spending effort within a broader network of political funding tied to the crypto industry.
Spending in Maryland, Texas and Georgia
Forbes reported several specific races where Protect Progress deployed large sums. In Maryland, the PAC spent more than $4.9 million in support of candidate Adrian Boafo. In Texas, it helped Christian Menefee defeat anti-crypto lawmaker Al Green, with spending exceeding $5 million. In Georgia, Protect Progress put roughly $4 million behind Jasmine Clark, helping her win the race.
The campaign advertisements connected to these races did not mention the crypto-industry background of the funding. According to the report, the ads shown to voters did not disclose the relationship between the spending network and Fairshake, which is backed by Coinbase, Ripple and Andreessen Horowitz, nor did they directly present the campaigns as part of a crypto policy effort.
Joy Reid Describes the Tactic as 'Blackwashing'
Journalist Joy Reid described the practice as 'Blackwashing.' In her framing, crypto-industry money was being directed into Black districts under the banner of progressive politics while the identities of the financial backers were deliberately kept out of view. The description focuses on the intersection of campaign funding sources, the way political ads were presented, and the demographics of the targeted districts.
Analysts cited in the report said the core logic of the network is not based on race, but on helping supporters and defeating critics. The reported end goal is to shape the legislative direction of the pending Digital Asset Market Clarity Act, also known as the CLARITY Act. That pending bill forms the policy backdrop for the crypto-linked political spending described in the report.