Crypto-Backed Republican Candidate Wins Indiana Congressional Primary

A Republican US House of Representatives member running for reelection has won his party’s primary after crypto-affiliated groups contributed more than $500,000 in supportive media buys.

Representative James Baird won Tuesday's Republican primary for Indiana House District 4 with more than 60% of the vote, beating challenger Craig Haggard and others.

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.

According to 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 announced 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.

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