CHICAGO — The Democratic primary for a rare open Senate seat in Illinois on Tuesday will test the influence of two financially powerful forces in Democratic politics: the cryptocurrency industry and Illinois Gov. JB Pritzker.
A super PAC funded by crypto interests, Fairshake, has spent nearly $10 million backing Rep. Raja Krishnamoorthi, one of the leading candidates. Another super PAC funded by Pritzker — a billionaire and potential 2028 presidential candidate — and his family has shelled out even more supporting Krishnamoorthi’s top rival, Lt. Gov. Juliana Stratton.
The winner of the primary is all but certain to succeed retiring Democratic Sen. Dick Durbin, an outspoken critic of crypto, in deep-blue Illinois.
The outside spending — particularly by Fairshake — has become a flash point in the campaign, with Stratton and her allies warning that Krishnamoorthi could be beholden to the crypto industry if he wins.
“I’m deeply concerned that Senator Durbin could be replaced by someone who is deeply compromised,” said Sen. Tammy Duckworth (D-Illinois), who is supporting Stratton.
In an interview, Krishnamoorthi rejected the idea that he would be indebted to crypto interests — or anyone else — if he won and pointed out that much of Stratton’s support had come from one powerful patron.
“I don’t need to be concerned about any one person or one group of people,” Krishnamoorthi said. “I don’t need to somehow be concerned I’m going to anger somebody and therefore I shouldn’t do the right thing.”
Limited polling in the race suggests a tight primary between Krishnamoorthi and Stratton, with a third Democrat, Rep. Robin Kelly, lagging behind.
In an interview, Kelly raised concerns that both of her rivals would be accountable to their benefactors if they won.
“It’s the teapot calling the kettle black as far as what they’re accusing each other of,” Kelly said.
Pritzker, who is seeking a third term as governor this year, has provided tens of millions of dollars to Democrats in Illinois and across the country over the past decade. Still, his support for Stratton stands out.
Pritzker has donated at least $5 million to Illinois Future PAC, which has spent nearly $12 million backing Stratton — including ads arguing that Krishnamoorthi is “for sale” because of crypto and other special interests supporting him.
The full extent of Pritzker’s support for Stratton may not become clear until the latest campaign finance filings are due after the primary.
A Pritzker spokesman, Alex Gough, said in a statement that Stratton is “the only candidate standing up to the special interests trying to buy this race.”
Crypto companies and investors are an increasingly powerful political force, as businesses built around blockchain technology seek influence over how Washington regulates the industry.
Fairshake’s donors include the crypto exchange Coinbase, which lets users buy and sell bitcoin, dogecoin and other digital currencies; the crypto company Ripple Labs; and the venture capital investors Marc Andreessen and Ben Horowitz.
The super PAC had more than $191 million in cash on Jan. 31, according to campaign finance disclosures, giving it enormous firepower heading into the midterm elections.
Even some Democrats who are sympathetic to the crypto industry’s views on regulation have raised concerns about its influence on elections. Sen. Mark Kelly (D-Arizona), who voted for legislation supported by the industry last year, said he did not think it was healthy for corporations or billionaires — including Pritzker — to wield so much sway in races.
“A few individuals having this big of a say in who gets elected to office is not healthy, regardless of who they are,” Kelly said.
The crypto industry spent so much in 2024 to defeat Sen. Sherrod Brown (Ohio), the top Democrat on the Banking Committee and a crypto critic, that Sen. Tim Scott (R-South Carolina) credited the ads with playing a decisive role in the race.
“Literally, the industry put Bernie Moreno in the Senate,” Scott said last year at a crypto symposium in Wyoming, referring to the Republican who defeated Brown.
Brown, who is running again this year, has taken a more conciliatory tone toward the industry. Patrick Eisenhauer, Brown’s campaign manager, said in a statement that Brown “recognizes that cryptocurrency is a part of America’s economy” and that he would “keep an open mind towards all issues” that come before the Senate if reelected.
The Illinois primary highlights a split among Democrats in Congress over crypto.
Many Democrats voted last year for a bill known as the Genius Act, which laid out rules for digital currencies known as stablecoins. The bill, which President Donald Trump signed into law, was a rare bipartisan achievement in a deeply polarized Washington.
But Durbin and other Democrats denounced the bill, warning that it was too deferential to the industry and did nothing to prevent Trump from enriching himself and his family through crypto.
Trump debuted his own cryptocurrency shortly before taking office and has called himself the “crypto president.” He and his family have made about $1.4 billion from its recent crypto projects, according to a Bloomberg News analysis.
Stand With Crypto, an industry group that rates politicians’ records, categorizes Krishnamoorthi as a strong crypto supporter, citing his votes for the Genius Act and another bill championed by the industry, the Clarity Act.
Krishnamoorthi said in the interview that he supported crypto regulation that prevents Americans from being defrauded but still allows for innovation.
Stand With Crypto describes Kelly as “somewhat against crypto” and Stratton as “strongly against crypto.” (Pritzker signed legislation last year that the crypto industry opposed.)
Durbin, who has not endorsed a candidate in the primary to succeed him, said he was concerned about crypto’s influence in the race.
“This is an industry which I’m very worried about in terms of what they’re doing to mislead the American people,” he said.
Fairshake declined to comment on why it had decided to invest in the race. “Fairshake supports pro-crypto candidates and opposes anti-crypto politicians,” Geoff Vetter, a spokesman for the super PAC, said in a statement.
The outside spending is not the only factor shaping the primary.
Krishnamoorthi and Stratton have clashed over who is more opposed to U.S. Immigration and Customs Enforcement after the Trump administration deployed federal immigration agents to Chicago last year.
Stratton has accused Krishnamoorthi of soliciting contributions from an executive at Palantir, an ICE contractor, while Krishnamoorthi has faulted the Democratic Lieutenant Governors Association of taking contributions from another ICE contractor, the private prison company CoreCivic.
The race also reflects the state’s racial politics. Stratton or Kelly would be the sixth Black woman to serve in the Senate if one of them wins, and the presence of both of them on the ballot has raised concerns that they will split the Black vote; Krishnamoorthi would be the second Indian American senator in U.S. history.
But Stratton and her allies have highlighted Fairshake’s spending in the race’s final days, with Sen. Elizabeth Warren (D-Massachusetts), a leading crypto critic, headlining a rally for Stratton on Friday night.
Illinois is “the test case for whether or not they can buy whatever candidate they want for Senate in Illinois and many of the congressional seats,” Warren told a crowd in Chicago’s Ravenswood neighborhood.
While Warren and other Democrats have become sharply critical of billionaires’ influence in politics in the Trump era, Stratton’s supporters do not appear to be very concerned about Stratton’s billionaire backing.
“How many billionaires are supporting Raja?” Jessica Droeger, 61, said at Stratton’s rally. Pritzker is “supporting his own lieutenant governor. That’s a nonissue for me. He should be doing it.”
In an interview, Stratton drew a distinction between Pritzker and the crypto interests — some of which also contributed to Trump’s inauguration and the White House ballroom he is building — backing Krishnamoorthi.
“It’s people who are in his inner circle, people who are helping him get wealthier in the office of the presidency, people who are MAGA-aligned and those quote-unquote values that are supporting my opponent,” Stratton said. “And that’s very different than the Democratic governor of the state of Illinois.”
Theodoric Meyer reported from Washington. Scott Clement contributed reporting.
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