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Fairshake-backed Democrat Shri Thanedar loses Detroit primary despite $2M+ spend

CoinDesk reports Fairshake said its spending on Thanedar was its biggest Michigan and Washington primary commitment on Tuesday, while other PAC-backed candidates won multiple contests.

Reported · Written up by our desk · Regulation

CoinDesk reports Fairshake, the crypto industry’s leading political action committee, spent more than $2 million supporting U.S. Representative Shri Thanedar in Detroit, but he lost his Democratic primary to progressive challenger Donavan McKinney.

Fairshake’s campaign effort failed to keep an incumbent ally in the House, even as the outlet says the Detroit result was one of the rare setbacks for the PAC on a night when several other PAC-backed candidates won primaries in both Michigan and Washington.

Thanedar had co-sponsored the industry’s Digital Asset Market Clarity Act, and CoinDesk notes he had been active in other crypto legislation. His opponent drew endorsements from Senator Bernie Sanders and progressive Michigan Senate candidate Abdul El-Sayed, who also won his primary.

CoinDesk adds that Fairshake spending on Thanedar represented the super PAC’s biggest financial commitment among the primaries conducted on Tuesday across Michigan and Washington, but the PAC’s spending prevailed in five other primaries, mostly backing incumbents. The outlet also notes a prior large commitment in Illinois, where Fairshake spent more than $10 million in an effort to unseat Lt. Gov. Juliana Stratton in a Senate bid.

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