According to ChainCatcher, citing Forbes, Protect Progress, a Democratic-aligned PAC under Fairshake and backed by Coinbase, Ripple and Andreessen Horowitz, has made large-scale interventions in several Black-district primaries for the 2026 U.S. congressional elections. The reported spending placed crypto-industry-backed funding into multiple local contests, including races where the PAC supported selected candidates and, in at least one case, helped defeat a lawmaker described in the report as anti-crypto.
Millions spent across Maryland, Texas and Georgia
In Maryland, Protect Progress spent more than $4.9 million in support of candidate Adrian Boafo, according to the report. In Texas, the PAC helped Christian Menefee defeat anti-crypto congressman Al Green, with spending of more than $5 million. In Georgia, Protect Progress put about $4 million behind Jasmine Clark, helping her win the race.
The spending was tied to the Fairshake network, whose backers include Coinbase, Ripple and Andreessen Horowitz. Forbes reported that the relevant campaign advertisements did not mention the cryptocurrency industry background, nor did they highlight the connection between the ads and crypto-sector funding.
Joy Reid labels the tactic “Blackwashing”
Journalist Joy Reid described the operation as “Blackwashing.” In the context of the report, the term refers to routing cryptocurrency-industry money into Black districts under the banner of progressive messaging while deliberately obscuring the identity of the financial backers. The criticism centers on the gap between the public presentation of the campaign ads and the source of the money supporting them.
Analysts cited in the report said the core logic of the network is not race-based, but rather to support allies and pressure critics. The reported end goal is to shape the legislative path of the pending Digital Asset Market Clarity Act, also known as the CLARITY Act. The dispute described by Forbes focuses on how crypto-linked PAC money is being used in congressional primaries and how that funding is presented to voters in district-level campaign communications.