ChainCatcher, citing Forbes, reported that during the 2026 U.S. congressional primaries, Protect Progress, a Democratic-aligned PAC under Fairshake and supported by Coinbase, Ripple and Andreessen Horowitz, made large-scale interventions in several Black primary districts. The reported spending shows that the PAC deployed millions of dollars across Democratic primary races in different states, directing resources toward selected candidates.
Protect Progress spending across several races
In Maryland, Protect Progress spent more than $4.9 million on candidate Adrian Boafo. In Texas, the PAC helped Christian Menefee defeat anti-crypto lawmaker Al Green, with spending of more than $5 million. In Georgia, Protect Progress spent about $4 million to support Jasmine Clark’s victory. These examples were cited in Forbes’ coverage of how crypto industry political funding entered the 2026 U.S. congressional primary cycle.
Campaign ads did not mention crypto backing
According to the report, the related campaign advertisements did not mention their crypto industry background. Journalist Joy Reid described the tactic as “Blackwashing,” referring to the use of a progressive framing to channel crypto industry money into Black districts while deliberately obscuring the identity of the financial backers. The criticism focuses on the source of the funding, the presentation of the ads, and whether voters were clearly informed about who stood behind the campaign spending.
Analysts cited in the report said the core logic of the network is not based on race, but on supporting allies and weakening critics. The stated end goal is to influence the legislative direction of the pending Digital Asset Market Clarity Act, also known as the CLARITY Act. The controversy around Protect Progress has placed the Fairshake network, backed by Coinbase, Ripple and Andreessen Horowitz, at the center of scrutiny over the relationship between crypto industry political spending and U.S. congressional elections.