Crypto group wades into Virginia special election
The special election in Virginia to replaced the late Rep. Gerry Connolly (D-Va.) is getting $1 million worth of attention via broadcast TV ads, courtesy of the crypto PAC Protect Progress.
Why it matters: Crypto funds had an outsized impact on congressional elections in the 2024 election and the groups have pushed on into each of the three special elections that have come up this year.
The latest: Protect Progress will use its funds to support Democratic candidate James Walkinshaw, the former chief of staff for Connolly.
The ad is expected to look similar to the other ads it has placed, largely designed to increase name recognition rather than to push the digital asset agenda.
This will be the first this year in which the Fairshake-linked PACs have backed a Democrat.
The network of organizations already has more than $100 million ready to deploy through the next congressional election.
Background: Connolly received an F from Stand With Crypto, a grassroots group that tracks statements and votes from lawmakers related to digital assets. He consistently voted against legislation supported by the industry, such as last year's version of the market structure legislation.
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