White House rejects anti-weaponization fund; crypto PACs spend $3M

Acting Attorney General Todd Blanche informed a House panel that the White House has decided against resurrecting its proposed $1.8 billion 'anti-weaponization' compensation fund, following significant pushback. Blanche stated definitively that the administration is 'not moving forward with the fund, period.' This news coincides with primary elections in California and Iowa. Separately, an affiliate of a political action committee backed by crypto companies, Fairshake, has ramped up spending on ads. The affiliate Protect Progress spent about $3 million combined to support Democratic candidates in House races across California and New Jersey. Another affiliate, Defend American Jobs, spent over $411,000 to support Republican Senator Mike Rounds' reelection bid in South Dakota. While residents of California, Iowa, Montana, New Jersey, New Mexico, and South Dakota are voting in Congressional primaries today, the cryptocurrency industry is reportedly more focused on the Maryland primaries scheduled for June 23, where Protect Progress is expected to engage in significant spending.