The crypto industry’s most powerful political action committee ran into a surprising roadblock in Michigan on Tuesday, despite a record-breaking spend. Fairshake, the leading crypto PAC, poured $2 million into a Detroit-area Democratic primary only to see its preferred candidate fall short. According to the original report, the loss marks a rare setback for a fundraising machine that has dominated primary season. Yet the defeat did little to slow the broader trend: across multiple districts, candidates backed by crypto donors advanced, setting the stage for a Congress with more industry allies than ever before.

A Record Spend That Wasn’t Enough

The Detroit race tested the limits of campaign cash in a district where local dynamics…