More than $27 million in outside spending has flooded into New York’s congressional primaries, with AI-focused super PACs leading the charge in what’s become the most expensive primary battle of the 2026 cycle. The money is flowing into a single district, NY-12, where the fight over AI regulation has turned a local Democratic primary into a national proxy war.

The race and the money

The June 23 NY-12 Democratic primary has become ground zero for a clash between AI companies and safety advocates. At the center is state Assemblymember Alex Bores, a supporter of the Raise Act, which would impose safety requirements on AI developers.

That stance made Bores a target. Leading the Future, a super PAC formed in 2025, has directed approximately $8 million specifically against his campaign. The group counts Andreessen Horowitz among its backers. OpenAI co-founder Greg Brockman is also listed as a supporter.

On the other side, counter-groups like Public First Action have matched or exceeded that spending to prop up Bores. The result is a spending arms race that has pushed total outside expenditures in New York’s congressional primaries past $27 million when factoring in contributions from crypto-affiliated donors and other groups.

The crypto connection

During the 2024 cycle, crypto-backed super PACs like Fairshake became the largest corporate political spenders in America, pouring hundreds of millions into congressional races to elect candidates sympathetic to the industry’s regulatory preferences. Crypto PACs notched wins in multiple competitive primaries, and the resulting Congress has proven notably friendlier to digital asset legislation. Now AI companies are running the same play, often with the same cast of characters. Andreessen Horowitz was a major contributor to Fairshake and is now backing Leading the Future.

Why this race matters beyond New York

The NY-12 primary on June 23 marks the first major contest featuring head-to-head AI PAC spending.

The Raise Act would place safety requirements on AI developers. For companies in a16z’s portfolio, that principle could reshape the economics of an industry still in its growth phase.

What this means for crypto investors

There is also a regulatory contagion risk. If the Raise Act or something like it gains momentum despite the spending, it could establish a template for technology oversight that gets applied to blockchain projects next. Decentralized AI networks, on-chain compute marketplaces, and AI-powered DeFi protocols all sit in the regulatory gray zone that these races will help define.

Traders watching the June 23 primary should pay attention to the margin, not just the outcome. A narrow loss for Bores might still encourage other lawmakers to pursue similar legislation, while a blowout against him would send a clear signal about the cost of crossing tech’s donor class.