Saikat Chakrabarti, a founding engineer at Stripe and former chief of staff to Rep. Alexandria Ocasio-Cortez, lost his bid for California's 11th Congressional District on Tuesday, receiving only 15% of votes as Scott Wiener and Connie Chan advanced to the general election. Chakrabarti, a progressive who advocated for a ban on congressional stock trading and criticized "tech oligarchs and crypto billionaires," was outspent by a PAC called Abundant Future, which opposed him with $65,200. Ripple co-founder Chris Larsen contributed $100,000 to that PAC and $7,000 to Wiener's campaign. The outcome highlights the growing influence of crypto money in politics, as Fairshake and other pro-crypto PACs have spent heavily to support friendly candidates. Chakrabarti had also expressed support for central bank digital currencies (CBDCs), a stance opposed by many in the crypto industry.

Key facts

• Saikat Chakrabarti received 15% of votes, losing to Scott Wiener and Connie Chan.
• Ripple co-founder Chris Larsen donated $100,000 to a PAC opposing Chakrabarti.
• A pro-crypto PAC called Fairshake raised nearly $300 million during the election season.
• Chakrabarti spent $10 million of his own money on the campaign.
• He expressed support for central bank digital currencies (CBDCs).