Crypto Money Falls Short as Stratton Wins Illinois Senate Primary

• Juliana Stratton defeated crypto-backed Raja Krishnamoorthi despite $10 million in PAC support.
• Fairshake’s strategy of heavy spending and attack ads failed in the high-profile Senate race.
• Crypto-backed candidates saw mixed results, winning smaller races but losing key contests.

Illinois Lieutenant Governor Juliana Stratton won the Democratic Senate primary, defeating Representative Raja Krishnamoorthi despite heavy crypto-backed spending.

Krishnamoorthi received close to $10 million in support from crypto super PAC Fairshake. The group focused its spending on attack ads against Stratton rather than direct promotion.

Interestingly, Fairshake typically backs candidates in races it expects to win, helping it claim a high success rate in 2024.

Illinois is rated a “Solid Democratic” state, meaning Stratton is now the clear favorite to win the general election and take the Senate seat in 2027.

Stratton Wins With Political Backing, Not Crypto Support

Stratton secured backing from Illinois Governor J.B. Pritzker and ran as the most progressive candidate among the top contenders. She defeated a crowded field of 11 candidates, including Krishnamoorthi and Representative Robin Kelly.

Her campaign focused on raising the federal minimum wage to $25 and eliminating Immigration and Customs Enforcement. Krishnamoorthi, who finished second, called for party unity after the result.

Crypto alignment did not help his campaign. Stand With Crypto, a Coinbase-linked non-profit advocacy group, gave him an “A” rating, while Stratton received an “F” due to limited engagement with crypto policy.

Mixed Results for Crypto PAC Influence

Fairshake’s broader strategy delivered mixed results across Illinois races. Three crypto-backed candidates won their primaries, i.e., Donna Miller in Illinois’ 2nd District, Melissa Bean in the 8th, and Nikki Budzinski in the 13th.

The PAC spent around $560,000 supporting Bean, under $84,000 backing Budzinski, and also deployed funds through affiliates. However, it failed in key contests. Fairshake spent nearly $2 million opposing La Shawn Ford in the 7th District, but Ford still won.

Political Control Still Outweighs Crypto Capital

Large spending did not guarantee outcomes, especially in high-profile races. The Illinois result shows the limits of cryptocurrency in major elections. Even with $10 million in backing, Krishnamoorthi could not overcome traditional political support and voter alignment.

At the same time, crypto groups are expanding their influence. Fairshake continues to deploy capital nationwide and frame elections around innovation and regulation.

This comes as the GENIUS Act of 2025 pushed stablecoins into the core of the payment system while leaving Bitcoin outside regulated payment rails.

Stablecoins now account for 93.2% of blockchain transaction volume, with 217 million monthly transactions compared to Bitcoin’s 12 million.

Related: Australian Senate Committee Submits Bill Backing Crypto Licensing