Written by Turner Wright, Staff Writer. Reviewed by Robert Lakin, Staff Editor.
Written by Turner Wright, Staff Writer.
Reviewed by Robert Lakin, Staff Editor.
Crypto-backed Republican candidate wins Indiana congressional primary
Latest NewsPublishedMay 6, 2026
Representative James Baird won the Republican primary for Indiana’s 4th district on Tuesday after receiving an endorsement from Donald Trump and supportive spending from a crypto-backed PAC.
Republican Representative James Baird won Indiana’s 4th Congressional District primary on Tuesday after receiving backing from Donald Trump and crypto-linked political action committees.
as reported by filings with the US Federal Election Commission, the Defend American Jobs PAC spent about $514,000 on advertising supporting Baird’s reelection campaign. The PAC is affiliated with Fairshake, a crypto-backed committee funded by companies including Coinbase and Ripple Labs.
Baird won Tuesday’s Republican primary in Indiana’s 4th Congressional District with more than 60% of the vote, defeating challenger Craig Haggard and other candidates.
Beginning with his first term, in January 2019, Baird consistently supported legislation considered favorable to the crypto industry, including the GENIUS stablecoin act and the market structure bill, the CLARITY Act.
Source: NBC News
as reported by filings with the US Federal Election Commission (FEC), the Defend American Jobs political action committee (PAC) spent about $514,000 on media to support Baird. The PAC is affiliated with Fairshake, a committee backed by crypto companies including Coinbase and Ripple Labs that spent more than $130 million to influence the 2024 US elections.
“Representative Baird has been a proven leader for pro-job, pro-consumer, and pro-innovation policies in Congress,“ a Fairshake spokesperson told Cointelegraph before the primary. “We’re proud to support leaders committed to responsible regulation that ensures the US remains the global leader in innovation.”
Baird, who also received an endorsement from Donald Trump, reportedly thanked the US President following his primary win. Trump’s ties to the crypto industry have come under increased scrutiny as lawmakers in the Senate consider the CLARITY Act, with many calling for ethics provisions on digital assets before a potential vote.
Related: Americans distrust crypto, AI as industry super PACs flood midterms, poll finds
Fairshake, which reported holding $193 million as of January, is expected to spend millions of dollars in support of candidates it considers “pro-crypto” in the 2026 US midterm elections, as well as “oppose anti-crypto politicians” through media and ads. As of Wednesday, the PAC and its affiliates have spent about $10 million for races in Illinois and Texas in 2026.
Stablecoin yield compromise could advance market structure bill
Last week, US Senators Thom Tillis and Angela Alsobrooks revealed that they had finalized the text of the CLARITY Act to include a compromise on stablecoin yield, one of the provisions at issue for the banking and crypto industries.
Although the Senate Banking Committee had not scheduled a markup on the bill as of Wednesday, many expect the stablecoin deal to advance the market structure legislation, which had been stalled in the chamber for months.
Magazine: Guide to the top and emerging global crypto hubs: Mid-2026
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