The crypto industry’s political machine hit a wall in Illinois this week, as millions spent by Fairshake failed to sway Democratic primary voters. The losses marked a rare and early stumble for one of the most powerful political spenders in modern US election history.
Fairshake and its affiliated political action committees (PACs) flooded Illinois races with nearly $20 million, backing candidates seen as friendly to light-touch crypto regulation. Voters largely didn’t bite.
Stratton Survives Crypto Assault
The sharpest rebuke came in the Democratic Senate primary on Tuesday, where Lt. Gov. Juliana Stratton defeated her rivals despite Fairshake spending over $10 million against her.
Stratton won the nomination to succeed retiring Sen. Dick Durbin, becoming the most expensive target of the crypto PAC’s Illinois campaign. She walked away victorious.
Fairshake and its affiliate Protect Progress also poured millions into boosting Stratton’s main rivals, US Reps. Raja Krishnamoorthi and Robin Kelly. Neither prevailed.
In Illinois House primaries, State Rep. La Shawn Ford won his race despite nearly $2.5 million in crypto spending against him. In the days leading up to his victory, Ford sent a cease-and-desist order to the PAC, demanding it stop disseminating political attack ads against him.
Fairshake did see a few wins, however.
Cook County Commissioner Donna Miller prevailed after the PAC spent over $800,000 against her progressive rival, state Sen. Robert Peters. Former representative Melissa Bean and incumbent representative Nikki Budzinski also secured victories.
All three are labeled “strongly supportive of crypto” on the Coinbase-backed NGO Stand With Crypto’s politician scoreboard.
A Stumble for a Usually Dominant Force
The Illinois results stand in stark contrast to Fairshake’s recent and well-documented track record of reshaping Congress. In the 2024 cycle, the PAC nearly $140 million across congressional races, toppling high-profile crypto skeptics like former Senate Banking Committee chair Sherrod Brown.
It also helped bury Katie Porter’s California Senate bid with over $10 million in outside spending. The PAC then entered 2026 with a staggering $193 million war chest, one of the largest in the country.
However, the results in Illinois suggest that Fairshake’s core formula is not as bulletproof as its 2024 results implied. The PAC’s approach of running ads that barely reference crypto drew fierce pushback from rival campaigns and voters alike.
Public opinion on crypto regulation remains deeply unsettled among Democratic primary voters, and that uncertainty appears to be creating openings for candidates the industry opposes.
