Cryptocurrency money is making a big splash in Maryland's primary elections. A political action committee called Protect Progress has poured more than $5.5 million into supporting Adrian Boafo, the former campaign manager and handpicked successor of retiring Rep. Steny Hoyer (D-Md.), according to a report in The Washington Post.
Boafo is running in the Democratic primary for Maryland's 5th Congressional District, and Protect Progress — a group that backs Democrats who support clear crypto regulations — is going all in. The primary is Monday, and Boafo is the frontrunner on the prediction market Polymarket, which runs on the Polygon (POL) network.
Boafo's crypto credentials are solid. During his time in the Maryland House of Delegates, he introduced a bill to protect cryptocurrency from state-level regulation and pushed for a law to study policies friendly to the industry. That's exactly the kind of record that gets crypto PACs excited.
But not everyone is thrilled. His opponents, including former Prince George's County executive Rushern Baker, have criticized the flood of outside money. "Special interests don't spend that kind of money expecting nothing in return," Baker said. Boafo didn't immediately return a request for comment, and Protect Progress also hasn't responded.
Protect Progress is part of a larger crypto PAC ecosystem. In the 2024 federal elections, it spent a total of $34.5 million backing Democratic candidates. Its war chest was fueled by big names in crypto: Coinbase (COIN) contributed $2.5 million, and Ripple added $1.5 million. Coinbase has been especially active — CEO Brian Armstrong personally donated $1 million to another PAC called Fairshake, while Coinbase itself chipped in $24.5 million. Fairshake has raised $85 million overall, with Armstrong and Coinbase accounting for about a third of that total.
The Maryland primary is a test case for how crypto money can influence local races. If Boafo wins, it'll be a clear signal that the industry's political strategy is working — and that candidates who embrace crypto can expect generous support.
