Summary
- Cointelegraph reported that Michigan Congressman Shri Thanedar, an incumbent who received heavy backing from the crypto industry, lost his Democratic primary.
- Thanedar promoted crypto-friendly policies and received more than $2 million in advertising support from a super PAC backed by Coinbase and XRP.
- Donovan McKinney won support by criticizing the crypto industry's political donations as "lobbying for corporate interests."
Forecast Trend Report by Period
Rep. Shri Thanedar of Michigan, an incumbent U.S. congressman backed by heavy spending from the crypto industry, lost his Democratic primary, Cointelegraph reported on August 5.
In the Democratic primary for Michigan's 13th Congressional District, progressive challenger Donovan McKinney defeated Thanedar with 51.9% of the vote.
Thanedar promoted crypto-friendly policies and received more than $2 million in advertising support from a super PAC backed by Coinbase and XRP.
McKinney, by contrast, won support by criticizing political money from the crypto industry as "lobbying for corporate interests," the report said.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.