Walkinshaw Takes Democratic Nomination in Virginia
James Walkinshaw won the Democratic primary for Virginia’s 11th Congressional District, one of the top races that resulted from the passing of Representative Gerry Connolly. Walkinshaw’s victory came after a strong fundraising boost from Protect Progress, a political action committee that is dedicated to crypto-funded Fairshake PAC.
The primary, which was held Saturday as a firehouse vote, determined the Democratic nominee for a special election on September 9.
Crypto Business Spending Hefty to Influence the Race
Over $1 million was spent by Protect Progress in June on ad buys in support of Walkinshaw under reporting from the Federal Election Commission. The PAC is supported by Fairshake, which has been generously funded by crypto businesses including Coinbase and Ripple Labs.
Fairshake and its supporters have emerged as political heavy hitters in the United States, outlaying over $130 million in the 2024 election cycle to advance cryptocurrency and blockchain regulation-supporting candidates.
Fairshake: “Crypto Is a Winning Political Issue”
The Fairshake spokesperson praised Walkinshaw’s resilience against political attacks by stating:
We were proud to stand with a candidate who stood strong against baseless attacks and never lost sight of innovation and economic prosperity.”
The representative also suggested that voters “sent a clear message that an acceptance of crypto and blockchain is not only good policy, but a political winner on both sides of the aisle.”
Crypto PACs Target 2026 Midterms
Fairshake is already planning ahead for the 2026 midterm election cycle and has reported $116 million in cash on hand to be spent on candidates who are pro-digital asset regulation and innovation.
270 so-called “pro-crypto” members were sworn into the House and Senate in 2024. Congress also enacted crypto-related legislation, including stablecoin regulation and rules for digital asset markets.
Crypto-backed PACs are signaling that their political clout is just beginning. Walkinshaw’s initial success could be an appetizer for a broader movement to reform U.S. digital asset policy through strategic electoral spending.
