- Stratton defeats pro-crypto Krishnamoorthi in Illinois Democratic Senate primary.
- Crypto has a a $221 million war chest to deploy in the 2026 election cycle.
Voters have handed pro-crypto politicians the first setback in the 2026 elections.
Illinois Lieutenant Governor Juliana Stratton defeated pro-crypto Representative Raja Krishnamoorthi in the Democratic Senate primary on Tuesday, despite industry super public accounts committee Fairshake spending nearly $10 million to oppose her.
In deep-blue territory Illinois, that primary victory all but guarantees Stratton a Senate seat in November. For crypto’s political machine, which boasted near-perfect results in 2024, the result is a setback.
Stratton, endorsed and financially supported by the state’s governor JB Pritzker, prevailed in a contest that became a referendum on outside influence as much as policy as corporate donations became a hot-button issue.
Her victory also reflects the counterweight of local political machinery and clout. Pritzker endorsed her within a day of her entry into the race and contributed at least $5 million to a super PAC backing her. He campaigned alongside her in Chicago’s South Side in the final stretch. The race doubled as a test of his influence as he is said to be eying a potential 2028 presidential bid.
Stratton’s office did not immediately reply to a request for comment from DL News about her stance on the digital assets industry.
The Illinois vote came as crypto is increasingly becoming a crucial element in the 2026 election cycle. Not only has the industry already deployed $271 million into votes this year, according to donations data tracked by crypto researcher Molly White, but Democrats increasingly attack President Donald Trump over his links to the crypto industry.
‘Tough fights’
The industry still notched big wins on Tuesday. Fairshake-backed candidates Donna Miller, Melissa Bean and Nikki Budzinski prevailed in House primaries.
The PAC invested roughly $560,000 to support Bean and under $84,000 for Budzinski, while spending around $800,000 opposing a rival in Illinois’ 2nd District, White’s data.
“We’re proud to take on tough fights at this critical moment for American innovation and consumers,” Fairshake spokesperson Geoff Vetter said in a statement, CoinDesk reported. “Tonight, Illinois voters have elected more pro-crypto members of Congress and we are just getting started in our nationwide fight for American innovation.”
The crypto industry has $221 million to spend in upcoming races this year, according to White’s data.
What’s fairshake?
Fairshake, backed by Coinbase, Ripple Labs and venture capital heavyweights Marc Andreessen and Ben Horowitz, attempted to steer the race with formidable firepower.
The PAC had more than $191 million in cash on hand at the end of January. In Illinois, it deployed almost $10 million in ads attacking Stratton, framing her as hostile to digital assets and innovation.
Still, the money was not enough. For crypto, the implications extend beyond Illinois.
The industry has become an increasingly powerful force in Washington. It has advocated for pro-crypto legislation such as the Genius Act and the Clarity Act as well as forregulatory clarity for digital assets and stablecoins. In 2024, it helped defeat vocal critic Senator Sherrod Brown in Ohio, a result Republicans openly credited to crypto-funded ads.
But the Illinois race also exposed friction inside the Democratic coalition. Stratton and her allies cast Fairshake’s spending as an attempt to “buy” a Senate seat. Senator Elizabeth Warren rallied for her, warning that Illinois would test whether crypto super PACs could shape midterms nationwide.
Senator Tammy Duckworth voiced concern about replacing retiring Senator Dick Durbin with someone “deeply compromised.”
Prior to the election, Krishnamoorthi rejected the notion that he would be beholden to the industry and highlighted his support for regulation that prevents fraud while allowing innovation.
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com.
