Losing a race is unusual for the crypto industry's political action committee, Fairshake, which has a dominant record in the past two congressional elections. However, the Illinois primaries this week marked its biggest-ever setback, with Lt. Gov. Juliana Stratton winning her Democratic primary despite the PAC spending over $10 million to oppose her.
Stratton, likely to become the next senator due to Illinois' Democratic lean, received an 'F' grade from crypto advocacy group Stand With Crypto. Despite this, she has no significant personal record on crypto policy, except for her involvement in the state's industry-opposed regulatory regime.
Fairshake spokesman Geoff Vetter stated that the loss was a unique circumstance, noting that Stratton had substantial financial backing. The PAC will continue to focus on supporting pro-crypto candidates and making opposition to innovation costly.
President Donald Trump's demand for a new voter-ID law could complicate the progress of the crypto industry's Clarity Act, which aims to establish a market structure for cryptocurrencies.