Adrian Boafo won the Democratic primary for Maryland’s 5th Congressional District on June 23, clearing his path to succeed retiring Rep. Steny Hoyer. The victory came with a hefty price tag: Protect Progress, the Democratic-focused affiliate of crypto super PAC Fairshake, poured approximately $5.5 million in independent expenditures into supporting his campaign.
That $5.5 million was just part of the story. Total outside spending on Boafo’s behalf reached approximately $11 million, with pro-Israel groups also throwing weight behind his candidacy.
The crypto lobby’s expanding playbook
Fairshake and its network of affiliated PACs have become arguably the most potent political force in the digital assets industry. The organization has amassed an estimated $150 million to $200 million from prominent industry contributors, including Coinbase and Ripple, as it entered the 2026 cycle.
The Maryland race follows a pattern established during the 2024 election cycle, when Fairshake spent heavily to back crypto-friendly candidates across both parties.
