Crypto PAC’s $1 Million Boost Helps Walkinshaw Win Virginia Primary

- James Walkinshaw wins Virginia's 11th District primary - Crypto-backed PAC spends over $1 million to support his campaign James Walkinshaw won Virginia’s 11th District Democratic primary on June 28, 2025. On July 1, 2025, Cointelegraph reported that his victory followed substantial financial backing from the crypto-linked PAC, Protect Progress. As an affiliate of the cryptocurrency-focused political action committee (PAC) Fairshake, Protect Progress spent more than $1 million on advertising for Walkinshaw’s campaign. This support highlights the growing influence of crypto-related funding in U.S. elections. The primary decided the Democratic nominee for the U.S. House seat, which became vacant when Representative Gerry Connolly passed away. Walkinshaw, who formerly served as Connolly’s chief of staff, defeated nine other candidates to secure the nomination. He will represent the Democratic Party in the special election for the seat on September 9, 2025. Fairshake and its affiliates, including Protect Progress, increasingly shape recent elections through major financial contributions, with funds coming from crypto firms like Coinbase and Ripple Labs. For example, in April 2025, the PACs jointly spent $1.5 million to support two successful Republican candidates in Florida’s special elections. This funding reflects a broader strategy by crypto-backed PACs to reshape the political landscape. During the 2024 election cycle, Fairshake and its affiliates spent approximately $136 million and successfully endorsed over 58 candidates. By mid-2025, these organizations reported a war chest exceeding $100 million, which they have earmarked for the 2026 midterms. The crypto sector is deepening its political involvement to influence legislation and regulations. As a result, the advocacy group Stand With Crypto reported that more than 270 “pro-crypto” candidates won in the 2024 U.S. elections. This success further illustrates the industry's political ambitions.