A political action committee associated with the cryptocurrency sector has ramped up its expenditures to over $2 million in Michigan’s 13th Congressional District, according to the final-week disclosures released by the Federal Election Commission.
Summary
- Funding from Protect Progress surpassed $2 million in support of Thanedar and against McKinney leading up to the primary election on Tuesday.
- $884,240 was earmarked for new ads promoting Thanedar, while over $150,000 was dedicated to countering McKinney’s campaign.
- Democratic voters will choose their nominee on August 4, after more than one million Michiganders participated in early voting.
Protect Progress is endorsing Democratic incumbent Shri Thanedar while opposing challenger Donavan McKinney ahead of the upcoming primary on August 4.
Affiliated with the Fairshake network, Protect Progress has received considerable backing from firms such as Coinbase and Ripple. The recent disclosures revealed $884,240 spent on media for Thanedar, in addition to more than $150,000 targeting McKinney, effectively doubling previously reported amounts.
Crypto PAC expenditure exceeds $2M prior to Michigan vote
Registered with the FEC as an independent expenditure-only committee (commonly known as a super PAC), Protect Progress’s expenditures are designed to support or oppose candidates without directly transferring funds to their campaigns. The latest spending notifications are available in the committee’s official FEC filings.
It’s essential to point out that the committee’s FEC summary may not encompass every last-minute expenditure. The agency notes its independent expenditure chart does not include separate 24-hour and 48-hour notices that committees use to report spending close to an election. One of the most recent notifications from Michigan was submitted via FEC disclosure.
This level of spending is significant when compared to the candidates’ personal finances. McKinney’s campaign reported total disbursements of $1.23 million as of July 15, while Protect Progress’s external expenditures have already exceeded this amount, although the time frames and types of political activities differ.
Thanedar’s votes on crypto legislation attract industry support
Thanedar voted in favor of the GENIUS Act, related to stablecoins, and the Digital Asset Market Clarity Act in the House. He described these initiatives as essential steps toward clearer regulations, consumer protection, and broader financial access, despite acknowledging their shortcomings.
The CLARITY Act, which has been approved by the House, is still awaiting review in the Senate. Protect Progress has not indicated through its FEC filings that any specific vote influenced its spending decisions. However, the committee generally tends to support candidates viewed as favorable towards digital asset legislation.
As noted earlier, Protect Progress reported over $986,000 in spending in Michigan as of July 23. Recent filings have increased this total to over $2 million during the final weeks of the primary.
McKinney highlights spending as a campaign issue
McKinney has utilized the outside funding to question Thanedar’s stance on cryptocurrency policy. In a statement on July 21, he asserted that “the crypto lobby is compensating my opponent” for legislative actions that benefitted former President Donald Trump’s interests in digital assets.
This claim represents a campaign allegation. While FEC records confirm that Protect Progress funded independent advertisements, they do not verify McKinney’s assertions regarding motivations, nor do they indicate any coordination with Thanedar’s campaign. Federal regulations require that super PAC expenditures remain distinct from the candidates they support.
The spending in Michigan is part of a wider national strategy employed by Fairshake and its associated organizations. Public Citizen estimated that cryptocurrency firms contributed approximately $189 million during the 2026 election cycle, with Fairshake-affiliated groups accounting for more than $82 million of that sum. These figures come from an analysis by the watchdog rather than an FEC confirmation that all funding originated from a single industry source.
Results on August 4 will assess the spending strategy
On Tuesday, August 4, Michigan voters will select their Democratic nominee. As of the morning of July 31, over 1.03 million residents had already cast their votes, according to the Michigan Department of State. Statewide early voting will continue until August 2, with certain areas offering voting on August 3. Absentee ballots must be submitted by 8 p.m. on election day.
The election results will serve as a preliminary evaluation of whether Protect Progress’s late advertising surge benefited Thanedar. However, it will not conclusively establish that PAC spending alone determined the outcome, as turnout, candidate campaigns, and local issues are also pivotal factors in Congressional elections.
Additional FEC notifications or amendments may be released post-election. The official canvass will verify the nominee, while subsequent campaign finance reports should provide a detailed account of the committee’s total expenditure in Michigan. No confirmed market reactions linked to the race have been reported.
