Crypto PAC Fairshake Loses $10M Bet on Illinois Senate Primary After Stratton Victory

Crypto-focused super PAC Fairshake spent over $10 million opposing Illinois Lt. Gov. Juliana Stratton in this week's Democratic Senate primary, its largest loss in U.S. races to date, according to a summary of the group's activity. A Fairshake affiliate directed millions into negative ads against Stratton and support for two rivals, equal to more than 5% of funds reportedly available for congressional contests this year, while Stand With Crypto graded Stratton an "F" on digital asset issues. In other Illinois races, Fairshake deployed nearly $2.5 million against La Shawn Ford in the 7th District House primary, which he said featured misleading and defamatory claims, but the PAC also backed winning House candidates Donna Miller, Melissa Bean and incumbent Nikki Budzinski. Backed primarily by Coinbase, a16z and Ripple, Fairshake has highlighted a $193 million election-season war chest and says supporting pro-crypto policies or opposing crypto and "American innovation" can each draw millions in campaign spending, after it and its affiliates helped 53 candidates win congressional seats in 2024 while losing in five races.