Consensus guarantees today, focus on two properties: Consistency and Liveness. Consistency requires that all nodes eventually agree on the same set and sequence of transactions, while liveness ensures the system continues to process new transactions. What they do not address is whether the agreed-upon transaction order totally reflects fairness.

In public blockchains, transaction ordering has direct economic consequences. The order in which transactions execute determines who captures value and who pays the cost, particularly as validators, block builders, or sequencers can exploit their privileged role in block construction for financial gain. This practice is known as maximal extractable value (MEV) and includes the profitable frontrunning, backrunning, and sandwiching of transactions. Prima facie, there is no obvious way to prevent MEV extracting practices because block proposers hold unilateral power over transaction ordering, and no protocol rule inherently constrains how they exercise that power.

To address this, transaction order-fairness has been proposed as a third essential consensus property. A protocol is transaction order-fair if no participant can systematically bias transaction ordering beyond what objective network conditions and protocol rules imply. By limiting how much power a block proposer has to reorder transactions, fair-ordering protocols move blockchains closer to being transparent, predictable, and MEV-resistant.

However, even this intuitive idea of fairness encounters a structural limit. In an asynchronous distributed system, there is no globally defined reception order because each node observes messages at different times, and no shared clock exists. Therefore, no protocol can guarantee execution strictly according to a single universal arrival sequence. This limitation follows from the basic constraints of distributed consensus under asynchronous communication, not from any particular design choice.

The Condorcet Paradox and the Impossibility of Perfect Fairness

The most intuitive and strongest notion of fairness is called Receive-Order-Fairness (ROF). It simply means “first-come, first-served.” ROF dictates that if most nodes receive transaction A before transaction B, then A should be processed before B.

That sounds simple and fair. However, the problem is that nodes do not all see transactions at the exact same time. Messages travel at different speeds. Some computers might receive A first. Others might receive B first. Because of this, it is impossible to guarantee perfect “first-come, first-served” fairness unless every node can communicate instantly with no delays. In real networks, that never happens.

There is also a deeper problem called the Condorcet paradox. This idea comes from voting theory. It shows that even when each person (or node in this case) has a clear and consistent order in their own mind, the group as a whole can end up with a loop that makes no sense.

For example:

• Most nodes see A before B
• Most nodes see B before C
• Most nodes see C before A

This produces a majority preference cycle (A→B→C→A), meaning no single ordering satisfies the majority view across all pairs. The network cannot construct one sequence that matches what most nodes observed first.

Because perfect ROF is unachievable under these conditions, practical systems adopt some weaker fairness guarantees as outlined in the sections below.

Hashgraph’s Fairness Model: Graph of Hashes,  Median Timestamps, and aBFT Consensus

Hedera, which employs the hashgraph algorithm, approaches the fairness problem through a directed acyclic graph (DAG) of cryptographically linked events. It is a leaderless consensus algorithm that operates in a fully asynchronous setting and achieves Asynchronous Byzantine Fault Tolerant (aBFT). Under this model, honest nodes eventually reach agreement on the same transaction log even under unbounded message delays. Consensus ordering emerges from network-wide observation through a virtual voting process: the order is calculated collectively by nodes rather than assigned by a designated block producer.

When a node receives a transaction, it packages it into a message called an event and gossips it to peers. When another node creates a subsequent event, it records the hash of the events it has already seen and digitally signs the new event. This provides cryptographic proof that the node had seen prior events before signing the new one. The hashgraph, therefore, enforces causal order: once a node publishes an event, the ancestry embedded in that event proves which transactions preceded it.

This linkage can be represented as an edge in the DAG. If one event is a direct or indirect ancestor of another, a downward path exists between them in the graph, and the protocol provides a cryptographic guarantee that the ancestor event was created first. Transactions connected by such paths are ordered according to their causal relationships in the graph. When two events have no ancestor relationship, they are concurrent, and the protocol resolves their relative order through the round-received mechanism. Each event is assigned a round based on when a supermajority of nodes, defined as more than two-thirds, can be shown to have strongly seen it through the DAG structure. Events assigned to earlier rounds are ordered first.

For events that share the same round-received, the protocol uses median timestamps to determine ordering. Each node records a local timestamp when it first receives an event. The consensus timestamp assigned to an event is the median of the timestamps reported across the node set. This timestamp is not derived from arbitrary local clocks in isolation. It is constrained by the gossip ancestry preserved in the hashgraph: a node cannot claim to have received an event before its causal predecessors without producing a detectable inconsistency in the DAG.

Under the standard aBFT assumption that fewer than one-third of nodes are Byzantine, the median falls on an honest timestamp or between two honest timestamps, which prevents adversarial nodes from shifting the median beyond a bounded range.

The Condorcet paradox can still apply to concurrent events, specifically those with no ancestor relationship in the DAG, where different nodes may observe them in different orders. The DAG structure eliminates this ambiguity for causally linked events: no contradictory causal paths can exist because each event’s ancestry is cryptographically fixed at creation. Because gossip propagation typically causes new events to become descendants of prior events within fractions of a second, most transactions fall into clear causal chains. The remaining concurrent events are resolved through round-received assignment and median timestamps as described above.

However, the hashgraph’s fairness guarantees have a bounded adversarial surface. A node still determines when to gossip an event, which events to relay first, and how long to delay relaying. These choices reshape the first-seen patterns that feed into median timestamp computation. The DAG cannot misrepresent the causal order it records, but it can be strategically shaped by gossip behavior before that order is recorded.

BOF Protocols: Fairness Through Batch Aggregation

BOF protocols define a “block” as the set of transactions forming a single Condorcet cycle, and then order these blocks fairly while ignoring the ordering inside the block. The BOF criterion was first introduced by Mahimna Kelkar et al. (2020) in “Order-Fairness for Byzantine Consensus,” which formalized the Aequitas family of protocols. In Aequitas, BOF requires that if a γ-fraction of nodes observe block (b) before block (b′), then no honest node may output (b) after (b′). The γ-fraction is the proportion of nodes that must agree on a block ordering for that ordering to be considered “fair” and enforced by the consensus protocol.

For BOF, if the fairness predicate indicates that a transaction tx should precede tx′, then tx cannot appear in a later block than tx′. When the fairness relation becomes cyclic, the protocol collapses the entire strongly connected component into a single block, because BOF treats that block, not the individual transaction, as the atomic fairness unit. Under γ-BOF, the only forbidden outcome is placing tx′ in a strictly earlier block than tx when a directed constraint tx→tx′ exists. The protocol permits both transactions to appear in the same block and places no restrictions on their ordering inside that block.

For example, Figure 2 below, is a Condorcet cycle of 30 transactions, so they would be in a single block. Sorting by hash might place 30 before 1 in the final ordering. However, a γ-fraction of nodes observed transaction 1 before transaction 30, yet placing 30 before 1 is still considered “fair” under γ-BOF. Because 1 and 30 are in the same block, and this notion of fairness only considers the order of the blocks, not the order of the transactions within a block.

When no cycles exist, BOF coincides with the strong form of ROF. When Condorcet cycles emerge, all transactions participating in the cycle are placed into a single block, and a deterministic method, such as a hash-based rule, orders events within that batch.

The protocol proceeds through three coordinated stages to ensure consistent transaction ordering across the network: the Gossip stage, the Agreement stage, and the Finalization stage.

In the gossip stage, nodes use FIFO broadcast to disseminate transactions in the order they were locally received per sender, preserving per-sender sequence so that each peer maintains a comparable transaction view. Once gossiping stabilizes, the agreement stage begins, where nodes execute a Set Byzantine Agreement (Set-BA) protocol to reach consensus on a unified set of local orderings that will serve as the foundation for the global order. In the finalization stage, nodes construct a dependency graph that captures transaction ordering relationships. Any transactions forming a cycle within this graph are grouped into the same strongly connected component and finalized together within a block.

However, Aequitas suffers from weak liveness, as its high communication cost and strict fairness constraints require the protocol to wait for the entire Condorcet cycle before finalizing the collapsed SCC. Because Condorcet cycles can chain indefinitely, this waiting period can grow without bound. Thus, transaction delivery can be delayed for an arbitrarily long time, and creates the “freeze” risk that defines Aequitas’ weak-liveness guarantee.

Themis was introduced to solve this. It preserves the same γ-BOF property while resolving these liveness and communication issues. Like Aequitas, Themis also constructs a dependency graph and collapses SCCs during its “FairFinalize” stage. The SCCs represent the same non-transitive Condorcet cycles underlying the γ-BOF relaxation, and Themis uses the condensation graph to derive the batch structure of the final output. The key difference is that Themis does not wait for a full cycle to complete. Instead, it uses deferred ordering and batch unspooling to output SCCs incrementally while allowing new transactions to continue flowing. This preserves γ-BOF but upgrades Aequitas’ weak liveness to standard liveness, and guarantees delivery within a delay bound.

In its standard form, Themis requires each participant to exchange messages with most other nodes in the network. As the number of participants increases, the amount of communication grows rapidly, roughly proportional to the square of the network size. However, in its optimized version, SNARK-Themis, nodes use succinct cryptographic proofs to verify fairness without needing to communicate directly with every other participant. This reduces the communication load so that it grows only in direct proportion to the number of nodes, thus allowing Themis to scale efficiently even in large networks.

If a malicious proposer attempts to exploit the situation by proposing an empty block, Themis employs deferred ordering, where the partially ordered batch (B₁) is still accepted, and the final, precise order of its transactions is determined later by the next honest proposer. That proposer finalizes the order based on verifiable transaction relationships, not personal discretion. This design ensures finalization depends only on bounded network delay, not on the arbitrary behavior of the current proposer, thus closing a key liveness gap that Aequitas could not guarantee.

This structure guarantees that every transaction is both included and executed deterministically, even in the presence of conflicting arrival orders. Because Themis leverages the internal dependency graph and SCC condensation to extract a final ordering, it is resilient to adversarial manipulation. Attackers cannot simply reorder or front-run other users’ transactions once they are included in the batch. Any attempt to alter dependencies would break the verified graph consistency.

In an empirical analysis by Mahimna Kelkar et al., γ-BOF resists adversarial reordering more strongly than timestamp-based approaches in geo-distributed networks. However, it requires significantly more computational and protocol complexity, which can also be seen as a downside.

Conclusion:

Perfect fairness in transaction ordering is structurally unattainable in distributed systems that lack synchronized clocks and instantaneous communication. The Condorcet paradox ensures that majority preferences can conflict in ways no single linear order can satisfy. The real question is how to find the most realistic and useful trade-offs.

Hashgraph and BOF represent two coherent answers. Neither approach is inherently superior. Both embed fairness directly into the consensus mechanism rather than relying on trust or authority. Both approaches demonstrate that fairness is not a binary property but a spectrum of trade-offs defined by formal impossibility results. Where synchrony is unavailable, and clocks are untrusted, the choice between median-timestamp aggregation and batch-order collapsing reflects different but equally principled responses to the same underlying constraint.

[Update 14:47 UTC, June 24: Updates with comments from Binance beginning in first paragraph.]

Crypto exchange Binance is withdrawing its MiCA application with Greece’s Hellenic Capital Market Commission (HCMC) and intends to pursue authorization in another member state just days before the deadline for EU licensing.

“When we are ready to announce that Member State, we will do so publicly,” the company said in a statement on Wednesday.

Earlier, Gillian Lynch, Binance’s head of Europe and the United Kingdom, told Reuters that the exchange is “not leaving Europe” and would pursue authorization in another EU jurisdiction if its application in Greece does not move forward.

Lynch said Binance contacted other regulators but submitted a formal application only in Greece. The exchange reportedly held talks with Ireland, Latvia and Greece but encountered resistance over its past money-laundering penalties, international structure and what officials viewed as a risk-taking culture. 

The move comes days before the Markets in Crypto-Assets Regulation (MiCA) transitional period ends on July 1, a key deadline for crypto firms seeking to operate across the EU. The European Securities and Markets Authority (ESMA) said on Tuesday that crypto service providers that remain unauthorized by the deadline must take “immediate” steps to wind down their EU activities.

On June 16, Binance pushed back against an earlier Reuters report that EU regulators were preparing to reject its MiCA application, saying Greece’s Hellenic Capital Market Commission had reviewed the application and considered it compliant, subject to further review by ESMA. The exchange said at the time that it expected the process to advance toward authorization.

EU customers could see changes

In its statement, Binance said it plans to take the necessary steps before July 1 to remain “compliant with applicable requirements.”

“This means some users may be impacted, and we will communicate directly with affected users to provide clear information on next steps,” the representative said. “All user funds remain safe and secure. Our priority is to minimize disruption, provide clarity to users, and continue building a trusted and compliant digital asset ecosystem globally.”

The representative did not provide additional details.

MiCA deadline puts Binance’s European reach at risk 

On Monday, CryptoQuant analyst Maartunn told Cointelegraph that euro-denominated pairs account for about 1% of Binance’s global spot trading volume, suggesting that a European licensing setback may have a limited effect on the business.

Source: CryptoQuant

However, Binance remains a significant trading venue for European users, handling between about $100 million and $250 million in daily euro-pair volume in 2026, with occasional spikes of about $600 million. 

Binance held an estimated 18.5% share of euro-denominated spot trading during the year, placing it second behind Kraken’s 43.3% share, according to CryptoQuant’s data.

Exchanges emerge as MiCA compliance gatekeepers

Binance’s licensing difficulties could also affect token issuers, as authorized exchanges increasingly prepare and notify MiCA white papers for assets they list.

In a LinkedIn post, Ryan King, creator of the EU Crypto Register, said at least 380 of 867 white-paper entries he tracked were notified by third parties rather than token issuers. He said Kraken, LCX, OKX and Bitstamp accounted for 271 notifications, or about 31% of the total.

Related: Binance’s Yi He warns of alleged impersonation scam, CoinUp denies ties

King told Cointelegraph that the model was “symbiotic” because exchanges employ MiCA-trained compliance teams, maintain regulator relationships and retain large law firms. He added that exchanges increasingly request white papers during onboarding and may offer to prepare them, even for tokens covered by transitional arrangements. 

“They also use standard templates,” King told Cointelegraph, recalling that one exchange told a token project to “fill it in and we’ll handle the rest.”

Magazine: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers: Asia Express

Crypto-aligned political action committees (PACs) helped fund several candidates across US House and Senate primaries held on Tuesday, with multiple backers securing nominations and positioning themselves for November general-election contests. The results highlight the growing role of digital-asset industry-aligned outside spending in US electoral processes, particularly in races where candidates’ views on crypto policy and regulation are expected to matter.

According to The New York Times, a combined total exceeding $8 million in media support—attributed by reporting to PACs including Fairshake and its affiliates—was directed toward candidates considered more likely to support digital-asset-friendly approaches in the next Congress. For compliance and institutional stakeholders, the practical implication is straightforward: political outcomes can shape the regulatory runway for stablecoin policy, exchange oversight, AML/KYC implementation, and enforcement priorities.

Key takeaways

• Fairshake and affiliated PACs reported more than $8 million in combined media expenditures supporting candidates in primaries across Utah, Maryland, and New York.
• In New York, Democrat Ritchie Torres won a primary for the 15th congressional district with 71.9% of the vote.
• In Utah, Republican Blake Moore won the 2nd district primary with 57.5% of the vote.
• Protect Progress, a Fairshake affiliate, reported $5.5 million in expenditures backing Adrian Boafo, who won Maryland’s 5th district Democratic primary with about 32%.
• Not all pro-crypto-aligned candidates won, underscoring that outside spending does not guarantee nomination outcomes.

Fairshake-backed wins and reported spending

Tuesday’s primary results included wins by candidates associated with positions that crypto-aligned donors reportedly view as favorable. Reporting indicates that the largest activity came from Fairshake and its affiliates, which have been linked by industry reporting to funding from major digital-asset firms such as Coinbase and Ripple Labs.

In New York, Democrat Ritchie Torres secured the nomination for the state’s 15th congressional district, capturing 71.9% of the vote. In Utah, Republican Blake Moore won the nomination for the 2nd district with 57.5% of the vote.

Maryland’s 5th district drew particular attention from Protect Progress, described as a Fairshake affiliate. Protect Progress reported $5.5 million in spending to support Adrian Boafo. Boafo won the Democratic primary with about 32% of the vote, defeating other candidates who opposed “spending from crypto billionaires,” according to the reporting.

Fairshake spokesperson Geoff Vetter said the PAC “went big and went early,” adding that its spending was intended to move Boafo from fifth place to the nomination. For institutions tracking policy risk, the immediate takeaway is less about campaign tactics and more about the fact that these PACs are deploying substantial resources into races that could influence legislative direction—especially in areas where Congress plays a central role alongside federal regulators.

Where crypto-aligned PACs fit in the US policy process

Crypto-aligned PACs have become a notable feature of the US political landscape as digital-asset regulation has intensified. Their spending is typically framed around advancing candidates perceived as more receptive to proposals affecting markets and compliance infrastructure, including the implementation of AML/KYC regimes, the future shape of broker-dealer and custody oversight, and the treatment of stablecoins across the banking and payments ecosystem.

Fairshake previously reported having “$150 million cash on hand” in June after spending in several US state primaries, as reported by Cointelegraph. The organization’s broader strategy—supporting candidates it characterizes as “pro-crypto”—suggests a long-running approach rather than isolated election-cycle expenditures.

Other crypto-aligned PACs reported spending on 2026 candidates as well. Reporting cited Fellowship, backed by Cantor Fitzgerald and Anchorage Digital, and the Blockchain Leadership Fund, described as a hybrid PAC backed by Anchorage and Chainlink Labs. These structures matter for compliance monitoring: different PAC types and backers can affect transparency timing, donor disclosure requirements, and how political spending intersects with lobbying and regulatory advocacy.

Unresolved questions: enforcement risk and electoral uncertainty

Tuesday’s outcomes also underscored that outside spending does not automatically determine results. In New York’s 12th district, Democrat Alex Bores lost the primary to Micah Lasher.

According to reporting, Bores faced criticism from Lasher during a June debate regarding whether Bores benefited from external support, including claimed funding by Ripple Labs co-founder Chris Larsen. While such allegations are common in political contests, they also reflect a recurring concern for institutions: the visibility of crypto-related political funding can heighten reputational and regulatory sensitivities, even when legal compliance requirements are met.

From a regulatory perspective, several practical uncertainties remain. Outside spending can influence legislative priorities, but it does not alter independent federal enforcement decisions. For regulated entities—exchanges, custodians, fintechs, and banks considering crypto integration—election outcomes may shift the direction of proposed bills, but implementation still depends on agency rulemaking, judicial interpretation, and enforcement posture. Cross-border firms face additional complexity, as US policy developments can interact with non-US frameworks such as the EU’s MiCA regime and other jurisdictional approaches to stablecoins, licensing, and market conduct.

What to watch next: Colorado and Arizona primaries

Attention is likely to move to upcoming primaries in Colorado and Arizona. Colorado is scheduled to hold its primary on June 30, while Arizona’s primary is set for July 21. As of Wednesday, reporting indicated Fairshake affiliates had not disclosed significant spending in those races.

Institutional observers may view this disclosure gap as informational rather than decisive. In earlier cycles, crypto-aligned PACs have invested heavily ahead of key contests. In 2024, Fairshake and its affiliates spent more than $10 million supporting Ruben Gallego’s Senate race in Arizona and $2.1 million for Democratic Representative Yadira Caraveo in Colorado’s 8th district. Gallego won, while Caraveo lost in the November 2024 election to Republican Gabe Evans.

For compliance and policy teams, the next phase to monitor is whether reported spending increases as the Colorado and Arizona primaries near, and whether candidates endorsed by these PACs introduce or align with legislative agendas relevant to digital-asset regulation, AML/KYC implementation, and stablecoin oversight. Electoral momentum may also affect how industry stakeholders plan lobbying and regulatory engagement during periods when Congress is poised to act.

Closing perspective: The Tuesday primaries reinforce that crypto-aligned outside groups can materially shape candidate slates in races with direct relevance to digital-asset policy. The key question for the next reporting cycle is whether similar levels of disclosed spending emerge in Colorado and Arizona, and how the resulting nominations may influence legislative negotiations and regulatory priorities ahead of the November election.

Stablecore, a digital asset infrastructure provider for financial institutions, has launched an early-access program for US credit unions, a move aimed at helping smaller lenders evaluate stablecoins and other blockchain-based financial services before broader adoption. 

The program announced on Wednesday is in collaboration with Circuit, a credit union service organization (CUSO) focused on research and development, and Curql, a fintech investment collective representing more than 160 credit unions.

The initiative allows participating credit unions to test stablecoin and digital asset services, including stablecoin payments, tokenized deposits, Bitcoin (BTC), crypto on- and off-ramps and staking capabilities, before deciding whether to integrate them into their existing banking platforms.

The program builds on Stablecore’s broader effort to bring stablecoin and tokenized-asset services to US banks and credit unions through their existing core banking systems. In February, the company joined the Jack Henry Fintech Integration Network, operated by the eponymous core banking technology provider, giving Stablecore access to approximately 1,670 bank and credit union core clients.

With the latest program, credit unions managing roughly $25 billion in combined assets will be able to explore stablecoin and digital asset services.

Credit unions remain a key pillar of the US financial system, with more than 4,200 federally insured institutions nationwide. Although their numbers have declined over the years, membership and total assets have continued to grow.

Total financial assets of US credit unions, as of Q1 2026. Source: FRED

Related: Chainlink joins European and Korean bank consortia to develop FX settlement network

Credit unions move to implement GENIUS Act stablecoin rules

There are growing signs that US credit unions are increasingly preparing to adopt stablecoin services. In February, the National Credit Union Administration (NCUA), the federal regulator for federally insured credit unions, proposed a licensing framework for payment stablecoin issuers operating through credit union subsidiaries. 

Under the proposal, any payment stablecoin issuer operating through a subsidiary of a federally insured credit union would be required to obtain an NCUA license before issuing stablecoins.

The proposal focuses on the licensing process and oversight framework, with additional rulemaking on reserve requirements, capital, liquidity and risk management expected at a later date. The proposed rules were open for public comment through April 13.

NCUA proposes licensing framework for stablecoin issuers operating through credit union subsidiaries. Source: NCUA

Related: CBOE weighs converting BTC, ETH continuous futures into perpetual futures: Report

Prediction markets company Kalshi has filed a lawsuit against state officials in Illinois over legislation it says “expressly bans sports event contracts” on its platform.

In a Tuesday filing in the US District Court for the Northern District of Illinois, Kalshi alleged that Illinois Governor JB Pritzker, Attorney General Kwame Raoul, and other officials on the state’s gaming board “usurped” the authority of the US Commodity Futures Trading Commission (CFTC) over prediction markets. 

Specifically, the company alleged that legislation signed into law last week in Illinois, requiring prediction market platforms to be licensed in the state to offer sports event contracts, violated federal law. Kalshi claimed that it would be “irreparably harmed” when the law, Illinois Senate Bill 3019, takes effect on July 1.

“If Kalshi complies with the new state law by ceasing to offer its sports event contracts in Illinois, that would put Kalshi in violation of the CFTC’s uniformity requirements, harm Kalshi’s commercial interests, and require the company to implement complex and expensive technological solutions to limit access in Illinois — incurring costs that would not be recoverable when Kalshi ultimately prevails in the action,” said the complaint.

Source: PACER

The Illinois law, passed as part of a state budget package for the fiscal year 2027, included a 0.2% tax on crypto transactions and has already been heavily criticized by many in the industry. 

The legislation amended the state’s definition of an “exchange wager” to include “an agreement, contract, transaction, or swap that is offered, traded, or executed on a prediction market or exchange tied to a sporting contest or sporting event,” making prediction market companies subject to the same rules as entities offering sports betting.

Related: Mark Zuckerberg ordered Meta staff to develop moneyless prediction market: NYT

“[…] Kalshi faces similar irreparable harms if it attempts to comply with SB 3019 by offering sports events contracts in compliance with Illinois’s costly and restrictive licensing and regulatory regime,” said the company. “Nor can Kalshi avoid these harms by simply disregarding the unlawful state requirements because an enforcement action by Illinois could subject Kalshi to criminal penalties.”

Legal fights eventually headed to the Supreme Court?

Kalshi’s lawsuit was the latest in a jurisdictional fight between federal and state authorities over sports betting on prediction markets.

The CFTC, headed by Commissioner Michael Selig, has claimed exclusive authority over the companies under the Commodity Exchange Act, arguing that the platform’s event contracts are “swaps” within its jurisdiction. The agency has filed several lawsuits against state authorities over this claim, most recently in response to Kentucky’s restrictions on prediction markets.

Some experts expect that the legal battles will end up at the US Supreme Court, given the opposing claims by federal regulators and state gaming officials.

Magazine: AI is banking the unbanked in Africa… faster than crypto

Crypto-aligned political action committees (PACs) helped back multiple candidates in US congressional primaries on Tuesday, with several of those supported—spending more than $8 million in total on media in the races described—emerging as winners. The results set up new matchups for the November election and highlight how digital-asset interests are increasingly intersecting with mainstream electoral politics.

Fairshake and its affiliates were among the most active, according to disclosures referenced in the reporting. The PAC network, largely backed by major crypto companies including Coinbase and Ripple Labs, reported combined media spending of about $8 million to support candidates considered favorable to digital asset policy priorities in the next congressional session.

Key takeaways

• In New York, Democrat Ritchie Torres won the 15th district primary with 71.9% of the vote.
• In Utah, Republican Blake Moore won the 2nd district primary with 57.5% of the vote.
• Fairshake affiliate Protect Progress backed Maryland’s 5th district candidate Adrian Boafo, who won the Democratic primary with 32%.
• Not all “pro-crypto” backed candidates won, including Alex Bores in New York’s 12th district.
• Next statewide primary focus is expected to shift toward Colorado and Arizona, though no major additional spending by affiliates had been disclosed as of Wednesday.

Crypto-linked PAC spending shows up in primary results

Tuesday’s primaries for select US House and Senate races in Utah, Maryland, and New York produced wins for candidates aligned with crypto industry policy interests. One of the central players in the effort was Fairshake, a PAC and network of affiliates that has positioned itself as a key political vehicle for digital asset priorities.

According to the figures cited, the crypto-aligned PACs spent about $8 million on media across the relevant races. In New York, Ritchie Torres—supported by the described crypto-aligned efforts—secured victory in the state’s 15th congressional district primary, taking 71.9% of the vote. In Utah, Blake Moore won the Republican primary for the 2nd district with 57.5%.

Maryland offered a more closely contested outcome among the cited races. Protect Progress, a Fairshake affiliate, reported $5.5 million in expenditures supporting Adrian Boafo, who won the Democratic primary for Maryland’s 5th district with 32% against other candidates described as opposed to “spending from crypto billionaires.”

Fairshake spokesperson Geoff Vetter said the group “went big and we went early,” adding that the campaign aimed to move Boafo “from fifth place to the halls of Congress.”

Reporting also notes that Fairshake previously described having “$150 million cash on hand” in June, after earlier spending connected to state primary efforts. That prior activity included a separate round of spending referenced in earlier coverage by Cointelegraph, underscoring the PAC’s pattern of deploying resources well before election deadlines.

Where the money could matter most

The primary results matter for more than just individual contests. They reflect a strategy: using targeted advertising to shape which candidates advance to November in districts where crypto policy could become a campaign issue. PACs such as Fairshake have framed their efforts around sending lawmakers viewed as “pro-crypto,” aiming to influence legislative direction in the next Congress.

In addition to Fairshake and Protect Progress, other crypto-aligned PACs referenced as having reported support for 2026 candidates included Fellowship—backed by Cantor Fitzgerald and Anchorage Digital—and the Blockchain Leadership Fund, described as a hybrid PAC backed by Anchorage and Chainlink Labs. Together, these groups illustrate that crypto political spending is not concentrated in a single committee.

The June cash figure cited for Fairshake suggests the network has continued financial capacity to remain active beyond a single election cycle, and Tuesday’s wins may encourage further investment in competitive contests.

Some backed candidates still fell short

While several candidates aligned with crypto industry interests won Tuesday’s primaries, the picture was not uniform. Alex Bores, a Democrat running in New York’s 12th district, lost the primary to Micah Lasher.

According to the reporting, Bores faced criticism from Lasher during a June debate. Lasher alleged that Bores may have benefited from Ripple Labs co-founder Chris Larsen spending $3.5 million to support his campaign. That exchange illustrates a political tension often found in high-spending races: even when PAC-aligned candidates are competitive, opponents may attempt to shift the narrative toward donor influence and away from policy substance.

For voters, these dynamics can become a decisive factor in how campaigns are framed—especially when digital asset-related money is already in the spotlight.

Looking ahead to Colorado and Arizona primaries

Attention is expected to move to upcoming primaries in Colorado and Arizona. The reporting indicates that Colorado is scheduled for June 30 and Arizona for July 21. Fairshake affiliates had not disclosed significant spending in any races as of Wednesday, according to the account.

That timing is important. It suggests that crypto-aligned PACs may be pacing their media spending to target later or more competitive windows—or waiting for clearer signals about which candidates need reinforcement. Still, the absence of disclosed spending so far does not rule out later investment closer to those dates.

The report also contextualizes Fairshake’s prior activity in those states. In 2024, the PAC and affiliates reportedly spent more than $10 million in Arizona to support Ruben Gallego’s Senate race, and about $2.1 million to support Democratic Representative Yadira Caraveo in Colorado’s 8th district. Gallego ultimately won, while Caraveo lost in the November 2024 election to Republican Gabe Evans.

With that background, upcoming Colorado and Arizona primaries may serve as a test of whether earlier spending patterns translate into similar success—or whether PAC strategy shifts in response to local dynamics and candidate field changes.

As the next primary dates approach, readers should watch for new disclosures of PAC expenditures and for how candidates in Colorado and Arizona respond to crypto-related campaign narratives—particularly whether the same “early and aggressive” ad strategy credited in Tuesday’s races repeats or evolves.