Political attack ads are taking on a different energy this primary cycle, thanks to big bucks from national super PACs backing cryptocurrency.

Why it matters: The surge of attack ads is turning Illinois' primary increasingly negative, even when the attacks are unrelated to digital currency.

The big picture: The Fairshake political action committee (PAC) is a pro-crypto lobbying group that targets congressional candidates who may favor stringent regulations on cryptocurrency and other digital banking policies.

• Heading into the midterms, Fairshake's war chest stands at nearly $200 million.

Zoom in: With several Illinois congressional races expected to be competitive, Fairshake is spending heavily to weaken candidates it believes could oppose crypto-friendly legislation.

State of play: Since the 2024 election, when Fairshake-backed candidates won by overwhelming margins, lawmakers have passed a major stablecoin bill and confirmed industry-friendly regulators to key posts, including the Securities and Exchange Commission.

Yes, but: This cycle, Fairshake's ads in Illinois don't mention cryptocurrency.

• Instead, one commercial links Democratic Senate candidate Juliana Stratton to convicted former Illinois House Speaker Mike Madigan.

Between the lines: The Stratton campaign has seized on the spending to attack opponent Raja Krishnamoorthi, accusing him of benefiting from a "MAGA super PAC."

• "Right now, there have been over $7 million in [scheduled ad buys] made across the state against Juliana by Fairshake," a Stratton spokesperson told Axios. "It is their largest investment in any race across the country."

Reality check: Fairshake is not backing Krishnamoorthi. The group doesn't formally support candidates.

By the numbers: Fairshake has spent hundreds of thousands on Chicago media buys this cycle, airing ads on local television stations such as Fox 32 and ABC 7.

• We reached out to Fairshake for comment, but they did not respond.

The bottom line

Large PACs spent more than $18 million on four Illinois congressional races last month, according to Federal Election Commission filings.

Why it matters: Spending by special interest groups dwarfs that of individual donors and underscores the nationalization of congressional elections, whose focus is drifting away from local issues.

Zoom in: Many of the PACs bear names like Elect Chicago Women or Think Big that don't reflect their backers, including the pro-Israel lobbying group the American Israel Public Affairs Committee (AIPAC), crypto firms and artificial intelligence industry groups.

Of note: Axios left a message for Sean Mulka, listed as treasurer of Stronger Illinois, to inquire about its donors but did not hear back by press time.

Props to Chicago political consultant Frank Calabrese for crunching these numbers, which Axios double-checked against Federal Election Commission data.

Go deeper

The Democratic National Committee announced Monday that Chicago was one of five frontrunners to host the 2028 Democratic National Convention.

Why it matters: Hosting back-to-back conventions would bring another massive economic windfall — and another week of security perimeters, protests and downtown disruption.

The intrigue: It's hard to argue with the success of the last political convention, but it still raises the question of whether Chicagoans want to do it all over again.

What do you think? Take our poll on whether we should host the 2028 DNC here and we'll publish the results.

💭 Monica's thought bubble: It's not fair to hog the DNC spotlight twice in a row. I say give it to another city.

💭 Carrie's thought bubble: I have just one question: "What's in it for me (Chicago)?"

💭 Justin's thought bubble: Just as long as Beyoncé or Taylor Swift (or both) show up for real this time.

What's next: Democratic Party leaders plan to visit the five finalists this spring to evaluate logistical and operational considerations for hosting such a large event. The Democratic convention will be held Aug. 7–10, 2028.

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⚖️ DHS Secretary Kristi Noem told the Senate Judiciary Committee yesterday she was not "familiar with the details" of an immigration officer shooting Marimar Martinez in Chicago last fall. (Tribune)

🏳️‍🌈 Chicago's 55th annual Pride Parade hits the streets on June 28 with the theme "Free to Be Proud," organizers announced yesterday. (Block Club)

• Lollapalooza also revealed its return to Grant Park July 30–Aug. 2. (NBC 5)

🏈 Chicago Bears center Drew Dalman announced his retirement from the NFL at the age of 27. The Pro Bowl lineman was entering his second year of a three-year contract worth $42 million. (ESPN)

👋🏽 Hey, it's Monica!

I recently hopped on over to Chinatown for a secret "Fortune Hour" snack.

The spot: Nine Bar, tucked in the back of Moon Palace, 215 W. Cermak Rd.

The hours: 5 to 6pm, Sunday–Thursday.

The vibe: Like a groovy, Asian speakeasy full of hip young cocktail enthusiasts.

• Ranked among best new bars in the world by Timeout.

The bites: Decadent crab rangoon ($5), crispy spring rolls ($6) and mapo hot fries ($7).

The drinks: $5 beers, $9 classic cocktails, $9 sake bombs and $20 bottles of soju.

Perfect pair: A cold Tsingtao and mapo waffle fries, topped with pickled Fresno chiles, spicy mayo and pork chili sauce.

Nine word review: Zesty chow, cool drinks and an even cooler vibe.

More Happy Hour Hops

Our inboxes were flooded with reader emails, all delivering the correct answer about where this photo was taken: The Chicago Board of Trade at LaSalle and Jackson.

Zoom in: This image shows the Art Deco building under construction, which was completed in 1930.

• When it opened, it was Chicago's tallest building, a distinction it held until 1965.
• CBOT was named a Chicago landmark in 1977.
• The 44-story building is crowned with a 31-foot statue of the Roman goddess Ceres. The figure has no face, because designers didn't think anyone would ever see it.

The intrigue: The original Chicago Board of Trade opened in 1880 in the same location but was razed in 1929 to accommodate the new building.

If you go: You can see images of the original trading floors in the CBOT museum located in the building's lobby.

• And if you want to drink like the traders used to, head over to Ceres Cafe.

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