Progressive groups are opening a vicious new front in the fight over crypto legislation , targeting Sen Kirsten Gillibrand as she tries to broker a compromise on the CLARITY Act, which has unresolved issues on its ethics provisions. Why it matters: The blistering — and deeply personal — attack from Indivisible, Demand Progress and the Revolving Door Project complicates already delicate negotiations. - It's also a warning shot to Democrats: Progressive groups are prepared to make support for the bill politically painful, even if it means another bruising intraparty fight over one of the crypto industry's top legislative priorities. - "Senator Kirsten Gillibrand, chair of the Democratic Senatorial Campaign Committee (DSCC), is a prime…
AI companies, the cryptocurrency industry and pro-Israel groups are spending like never before to sink their least favorite members of Congress and congressional candidates. Why it matters: The volume cannot be ignored. It's the kind of spending that can kill careers and stop political movements in their tracks. - Pro-Israel groups spent nearly $8 million to oust GOP Rep. Thomas Massie in Kentucky's 4th District, helping to fuel the most expensive House primary in American history. - Crypto-aligned Protect Progress was by far the largest spender in Texas' 18th District, pouring nearly $5 million into unseating longtime Rep. Al Green (D-Texas) in favor of freshman Rep. Christian Menefee (D-Texas). By the numbers: Eight of the 12 top…
Republicans have delivered major wins for the crypto industry in Washington — and they're increasingly frustrated that its biggest political spender isn't stepping up for them in the midterms. Why it matters: Crypto now commands the biggest political war chest of any industry in America — and how it deploys that cash could help decide the November elections. Zoom out: The pro-crypto Fairshake super PAC has a massive $165 million. - But the organization — which receives the bulk of its funding from Coinbase, a cryptocurrency exchange company — has yet to announce which races it will target. - That has infuriated Republicans, who have promoted pro-crypto legislation including the CLARITY Act, which would define how digital assets…
Illinois Lt. Gov. Juliana Stratton has won the Democratic primary for the U.S. Senate seat being vacated by Dick Durbin , the retiring minority whip, AP projects . Why it matters: Stratton leaned on support from Gov. JB Pritzker and other high-profile Democrats to overcome rival Rep. Raja Krishnamoorthi's sizable fundraising advantage . By the numbers: Democratic Senate candidates spent more than $50 million on political ads, with Krishnamoorthi spending roughly twice as much as any other candidate. - Outside groups also poured money into the race. Super PACs backed by cryptocurrency interests spent nearly $10 million in attack ads against Stratton. - Stratton, who had said she would not accept super PAC money, did receive millions from…
Data: AdImpact; Chart: Axios Visuals Democrats will learn whether money talks in 2026 in the Illinois Senate primary Tuesday in a race that will almost certainly determine who replaces Sen. Dick Durbin (D-Ill.). Why it matters: Rep. Raja Krishnamoorthi is hoping the better-funded candidate emerges victorious in Illinois, just like in Texas this month, when state Rep. James Talarico beat Rep. Jasmine Crockett, 52%–46%. - Krishnamoorthi has vastly outraised — and outspent — his two primary opponents: Lt. Gov. Juliana Stratton and Rep. Robin Kelly. The intrigue: Two outsized presences have added a layer of intrigue to the race. Fairshake, a crypto PAC, has spent $7.7 million on TV ads, according to AdImpact. The group, which played…
A crypto-backed super PAC plans to spend $1.5 million against Mr. Green, a member of the House Financial Services Committee who has expressed concerns about cryptocurrency.