Fairshake-linked political action committee (PAC) affiliates reported new campaign spending aimed at federal primaries in several states, according to Federal Election Commission (FEC) filings reviewed as of Thursday. The disclosures include more than $1.5 million spent on media backing House and Senate candidates in Florida, Alaska and Wyoming, after a related primary loss in Michigan on Tuesday.

The latest expenditures were filed by two Fairshake-affiliated groups—Defend American Jobs and Protect Progress—each aligned with the broader push for U.S. crypto market-structure legislation. Many of the candidates supported in the new filings have voting records in favor of the Digital Asset Market Clarity (CLARITY) Act and other related proposals.

Key takeaways

• FEC filings show Fairshake PAC affiliates spent a combined more than $1.5 million on political media in Florida, Alaska and Wyoming after a Michigan primary loss.
• Defend American Jobs reported over $500,000 for Alaska’s Aug. 18 at-large GOP primary and comparable spending in Florida’s 16th district.
• Protect Progress reported more than $50,000 on Florida’s 23rd district, supporting incumbent Representative Lois Frankel.
• The spending reflects how Fairshake-aligned groups are using election cycles to reward or reinforce crypto-related legislative voting records.

Fairshake affiliates ramp up media buys for Aug. 18 primaries

FEC filings as of Thursday indicate that Defend American Jobs and Protect Progress spent together more than $1.5 million on media related to federal contests in Florida, Alaska and Wyoming. The figure is tied to primary elections scheduled for Aug. 18 in multiple states.

In Alaska’s at-large congressional district, Defend American Jobs reported spending more than $500,000 on media supporting the re-election of Representative Nick Begich. In Florida, the same group spent about $500,000 backing Republican candidate Sydney Gruters in Florida’s 16th district.

For Wyoming’s political calendar, the reported spending also references a contest connected to the state’s upcoming Senate vacancy. Protect Progress-affiliated activity backed Representative Harriet Hageman, a candidate now running for the soon-to-be-vacant Senate seat currently held by Cynthia Lummis. Like Alaska and Florida, Wyoming’s primary is also listed as occurring on Aug. 18.

Michigan defeat follows heavy pre-election spending

The new disclosures come immediately after Protect Progress-supported activity appeared to backfire in Michigan’s 13th Congressional District. On Tuesday, Democratic incumbent Shri Thanedar lost a primary to State Representative Donavan McKinney, according to earlier coverage from Cointelegraph.

In connection with that Michigan race, Protect Progress previously reported spending more than $2 million on media supporting Thanedar. Thanedar’s current term in Congress ends in January 2027, making the outcome consequential for the district’s future representation.

While the FEC numbers in the Michigan race indicate substantial investment, the primary result underscores that large independent political spending does not guarantee electoral success—particularly in competitive districts where local dynamics and voter preferences can override national legislative alignment.

Who the PAC backs: CLARITY and GENIUS voting records in focus

Beyond the election cycle’s tactical spending, the disclosures highlight a recurring theme in U.S. crypto politics: PACs and advocacy-aligned groups appear to target candidates based on their legislative history. The filing-related reporting notes that Begich, Frankel and Hageman voted in favor of the GENIUS Act and the CLARITY Act during their time in Congress.

On the Democratic side, Protect Progress reported spending more than $50,000 to support the re-election of Lois Frankel in Florida’s 23rd district. Frankel’s voting alignment with GENIUS and CLARITY places her within the group of lawmakers that crypto-aligned backers have previously tried to reinforce with campaign support.

By contrast, the reporting indicates that Gruters did not appear to have made public statements about crypto or blockchain in the same manner as some other candidates, with one exception: she reportedly supported the crypto market structure bill in a questionnaire response conducted by the advocacy organization Stand With Crypto.

Those distinctions matter because they show how crypto-aligned groups may weigh both formal voting records and documented position statements when deciding where money goes—an approach that can help explain variations in spending patterns across candidates and parties.

Why these filings could matter for the 2026 cycle

The most important implication of these disclosures may be less about the immediate primaries and more about how lawmakers understand what their votes mean electorally. While it remained unclear as of Thursday whether the U.S. Senate would hold a vote on the CLARITY Act before a month-long recess, the pattern of independent spending suggests crypto-aligned groups are preparing for a broader political push heading into the 2026 midterms.

All 435 House seats are up for election in 2026, and 33 Senate seats are also on the ballot. As a result, how members vote on crypto market-structure legislation can potentially influence whether candidates face better or worse chances of receiving aligned support.

In January, Stand With Crypto said its “primary goal” for 2026 was to get crypto market-structure legislation through Congress. Earlier reporting also indicates the organization’s community director, Mason Lynaugh, told Cointelegraph in November that lawmakers’ votes on relevant bills could affect their re-election chances. Stand With Crypto reportedly rates candidates on a scale ranging from “strongly supports crypto” to “strongly against crypto,” using voting records and public statements—inputs that PACs and advocacy groups may use when deciding how to allocate resources.

Taken together, the new FEC filings show Fairshake-affiliated groups continuing to convert legislative alignment into campaign strategy, while also reacting quickly after electoral setbacks in earlier races.

With multiple primaries scheduled for Aug. 18 and the 2026 midterm picture already taking shape, readers should watch whether candidates’ crypto-related legislative histories translate into measurable primary outcomes—and whether subsequent disclosures show a shift in spending priorities after the Michigan result.

Criminals stole more than $30 million through physical attacks on crypto holders in the first half of this year, putting the year on pace to surpass the record $58 million stolen in 2025.

In a Chainalysis report released Thursday, the blockchain analytics firm said that 46 violent crypto-related incidents had been documented globally through late June, up from 40 during the same period in 2025. The incidents include kidnappings, home invasions and hostage situations, collectively known as “wrench attacks.” 

The findings suggest wrench attacks are increasing, expanding the risks facing crypto holders beyond custody and asset management to their physical safety, homes and families.

According to the report, only 12 of the 46 attempts resulted in payment, giving attackers a 26% success rate, down from 49% in 2025. However, the report acknowledged that known cases likely understate the scale of the problem, as many attacks go unreported. 

Chainalysis said the “tradecraft tends to be amateur at the point of violence, but professional at both ends,” with victims often selected through data leaks, social media or insider information before low-skilled crews carry out the attacks.

Success rate of crypto wrench attacks by year. Source: Chainalysis

France remains wrench attack hotspot

According to Chainalysis, France recorded 30 publicly known incidents by midyear, compared with 19 throughout 2025. The report noted that French authorities have counted more than 70 incidents, indicating the actual total may be substantially higher.

Related: Spain arrests suspect in 2025 kidnapping of Ledger co-founder

In July, Interior Minister Laurent Nuñez put the first-half count at 77 kidnappings, extortions or attempted extortions, up from 45 in all of 2025. In response, the government has introduced a rapid-alert and protection system and promised greater intelligence-sharing and coordination with the crypto industry.

Chainalysis said in the Thursday report that the alleged misuse of French tax records was the likeliest driver of the surge. A French tax official allegedly accessed and sold information about crypto investors to criminals, while a separate breach at crypto tax-reporting company Waltio reportedly exposed data belonging to about 50,000 users.

Onchain activity also showed varying levels of sophistication. Some attackers sent stolen funds directly to centralized exchanges, while others used bridges, decentralized exchanges and laundering services. Chainalysis said the most advanced cases showed links to broader criminal networks.

Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?

Bitcoin miners’ pivot into artificial intelligence and high-performance computing (HPC) is reshaping their business models, but investors are no longer rewarding new infrastructure deals with the same enthusiasm they once did, suggesting the market has become more discerning as AI hosting strategies move into the mainstream.

According to new analysis by Blocksbridge Consulting published in TheEnergyMag’s Miner Weekly, the market reaction to AI infrastructure announcements has weakened significantly over the past two years. Reviewing 25 AI and HPC infrastructure deals announced between June 2024 and August 2026, the report found that the average announcement-day stock move fell from roughly 24% for the earliest deals to about 10% for the most recent ones. Median gains also dropped by roughly half over the same period, even as the size and value of the contracts increased.

The report found that annualized revenue per contracted megawatt has edged higher over time, indicating that AI hosting agreements are becoming more lucrative. However, as such deals become increasingly common, investors appear to be placing greater emphasis on execution, financing and long-term profitability than on headline contract values alone.

AI infrastructure deals are becoming more valuable, but less market-moving. Source: TheEnergyMag

That shift is evident in how the market has responded to major announcements. Core Scientific’s initial hosting agreement with CoreWeave sent its shares up more than 40%, while Applied Digital’s first CoreWeave lease gained nearly 49% and TeraWulf’s first Fluidstack deal surged almost 60%.

More recent mega-deals have drawn a much more muted response. TeraWulf’s 401-megawatt lease with Anthropic lifted its shares by about 5%, CleanSpark’s $6.6 billion AI hosting agreement gained nearly 9%, and Bitdeer’s new Tydal contract briefly pushed the stock up roughly 12% before those gains disappeared by the market close.

Related: Crypto Biz: Is the AI-to-crypto rotation underway?

Bitcoin mining stocks reflect cooling AI enthusiasm

The performance of Bitcoin mining stocks that have embraced AI and high-performance computing workloads also reflects the market’s cooling enthusiasm. 

TheEnergyMag’s TEM AI Infrastructure Growth Index, which tracks publicly traded companies developing AI data center and digital infrastructure businesses, is down roughly 28.5% from its June peak, suggesting investors have become more cautious even as AI infrastructure demand remains strong.

While the TEM AI Infrastructure Growth Index remains sharply higher over the past year, its momentum has slowed in recent months. Source: TheEnergyMag

The slowdown mirrors a broader pullback in AI infrastructure stocks, with the Philadelphia Semiconductor Index falling nearly 17% from its July peak.

Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards

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Bitcoin fell below $65,000 on Thursday after stronger-than-expected U.S. jobless claims data reinforced concerns that the Federal Reserve could keep interest rates elevated.

Bitcoin price rejected near $65,000

According to data from crypto.news, Bitcoin (BTC) price traded at $64,384.27 at press time, marking a 0.69% decline over the previous 24 hours. The pullback followed another unsuccessful attempt to break through the $64,800–$65,000 resistance zone.

BTC had recovered from approximately $62,400 earlier in the week and briefly tested the upper end of its recent range. However, buyers failed to secure a daily close above $65,000, allowing sellers to regain control near the psychological level.

The rejection pushed Bitcoin toward $64,000, which has emerged as its nearest short-term support. Holding that level would keep the latest recovery structure intact, while a sustained break below it could expose the lower part of the range.

Bitcoin has remained sensitive to U.S. economic releases because stronger data can reduce expectations for monetary easing. Higher interest rates generally make yield-bearing assets more attractive relative to risk assets such as cryptocurrencies.

US jobless claims beat expectations

The latest labor data showed that seasonally adjusted initial unemployment claims reached 199,000 during the week ending Aug. 1, according to the U.S. Department of Labor.

Claims increased by 1,000 from the previous week’s revised reading of 198,000 but remained below the 204,000 expected by economists. The lower-than-forecast figure pointed to continued resilience in the U.S. labor market.

The four-week moving average fell to 198,750, down 4,500 from the revised average of 203,250 recorded a week earlier. This measure helps smooth weekly volatility and provides a clearer view of the underlying trend.

Continuing claims rose by 24,000 to 1.801 million for the week ending July 25. Meanwhile, the insured unemployment rate remained unchanged at 1.2%.

Taken together, the figures showed that layoffs remained limited, although the increase in continuing claims suggested that some unemployed workers were taking longer to find new positions.

Fed expectations weigh on Bitcoin

A resilient labor market could give the Federal Reserve more room to maintain restrictive monetary policy or consider further rate increases if inflation remains elevated.

That possibility matters for U.S. crypto investors because expectations for higher rates can lift Treasury yields and strengthen the dollar. Both developments can reduce demand for non-yielding and higher-risk assets, including Bitcoin.

However, weekly unemployment claims represent only one part of the Fed’s policy outlook. Officials will also consider inflation, payroll growth, wages and consumer spending before making their next decision.

Bitcoin’s decline following the claims release therefore reflects shifting rate expectations rather than a confirmed change in Federal Reserve policy. Upcoming economic data could quickly alter the market’s interpretation.

Bitcoin must reclaim $65,000

Bitcoin now needs to close above the $64,800–$65,000 area to confirm renewed upward momentum. A successful breakout could allow buyers to extend the recovery that began near $62,400.

Until then, the repeated rejection leaves BTC trading within a defined range. The $64,000 level provides immediate support, followed by the recent swing low near $62,400 if selling pressure increases.

Traders will watch upcoming U.S. inflation and employment releases for further clues about the Fed’s path. A softer set of economic figures could revive expectations for lower rates, while continued labor market strength may keep Bitcoin’s recovery capped below $65,000.