Republican treasurer's primary marked by personal attacks, allegations of fraud – Image for illustrative purposes only (Image credits: Unsplash)
Nevada voters face a sharply divided Republican primary for state treasurer this June, where two candidates have shifted focus from policy differences to mutual accusations of misconduct and personal misconduct. The contest pits policy analyst Drew Johnson against financial executive Jeff Carter for the open seat vacated by term-limited Treasurer Zach Conine. Whoever prevails will confront a Democratic primary winner in November and assume oversight of state investments, unclaimed property records, bond issuances, and programs that support college scholarships and disability savings accounts.
Two Candidates With Contrasting Paths to the Race
Drew Johnson has lived in Nevada for nearly a decade and previously ran for Clark County Commission in 2022 and for Congress in 2024. His background centers on conservative policy work, including founding a think tank in Tennessee and serving as an analyst for the National Taxpayers Union. Jeff Carter, 64, relocated to Nevada from Illinois in 2020 after a career as a trader at the Chicago Mercantile Exchange and has never sought elected office before. The two men have staked out opposing views on the treasurer’s core duties. Johnson views the role as primarily administrative and has questioned whether Carter’s trading experience prepares him for the position’s broader responsibilities. Carter has described the job as technical rather than policy-driven, arguing that day-to-day investment decisions should take precedence over broader administrative tasks.
Personal Exchanges Escalate the Campaign
Tensions moved beyond policy disagreements in January when Johnson accused Carter of attacking his wife, Sarah, over her advocacy against transgender girls competing in women’s sports. Carter responded to one of Johnson’s social media posts by suggesting that some families claim to have paid a price in the debate even when they do not have children. Johnson interpreted the comment as a direct reference to his wife’s infertility. Carter later denied any intent to target Johnson’s family and described the exchange as an attempt by his opponent to manufacture drama for political advantage. The episode marked one of several personal clashes that have defined the race in recent months.
Fraud Complaint and Cryptocurrency Connections
In April, Carter’s attorneys filed a complaint with the Federal Election Commission alleging that Johnson submitted false campaign finance reports by omitting stock purchases and a mortgage liability. Johnson dismissed the filing as a political tactic and attributed the reporting gap to the time required for a transaction to clear. Johnson has also highlighted Carter’s past association with LGBCoin, a cryptocurrency tied to the anti-Biden slogan “Let’s Go Brandon.” Carter was named in a 2022 class-action lawsuit that accused creators of artificially inflating the coin’s value, though he was later dropped from the case. Carter has stated he had no involvement in the project. The coin itself drew a House ethics investigation.
Competing Plans for Scholarships, Housing, and Investments
The candidates differ on several issues that directly affect Nevada residents. The Millennium Scholarship program, which has supported more than 177,000 students since its creation, faces funding shortfalls from declining tobacco settlement revenue. Johnson has proposed automatically returning small amounts of unclaimed property to owners and directing remaining funds toward the scholarship. Carter has called the current structure unsustainable and opposed using unclaimed property for that purpose, instead favoring legislative changes to create a more stable funding mechanism. Both candidates have noted that the State Infrastructure Bank, established in 2017 to support affordable housing and other projects, has received limited legislative funding. Johnson wants to direct more resources to rural and mining communities that he believes have been overlooked. Carter has described the bank as functionally bankrupt and questioned whether it should finance projects such as homeless shelters that may not generate returns for reinvestment. On state investments, both men have criticized the 2022 decision to divest from assault weapon manufacturers. Johnson has said he would prioritize safe returns regardless of the investment type and has explored allowing residents to pay taxes and fees with gold. Carter has emphasized maximizing returns on assets and increasing transparency in the state’s portfolio. The following table summarizes their positions on three major topics:
| Issue | Drew Johnson | Jeff Carter |
|---|---|---|
| Millennium Scholarship | Return unclaimed property to owners and direct surplus funds to the program | Overhaul the program through legislative action rather than using unclaimed property |
| State Infrastructure Bank | Expand projects in rural and northern mining communities | Limit use to projects that generate returns; increase transparency on property ownership |
| State Investments | Focus on safe returns and consider gold payments for taxes and fees | Prioritize return on assets and public transparency in the portfolio |
Fundraising and Outlook for the June Primary
Carter reported raising $222,800 in the first quarter of 2026, including a $70,300 personal loan, and holds more than $192,000 in cash on hand. Johnson reported more than $7,600 raised and nearly $32,000 in cash. Johnson has secured endorsements from the Washoe Republican Party and previously received support from President Donald Trump in his 2024 congressional bid. The primary outcome will shape how Nevada manages its financial operations and supports key public programs in the years ahead. With both the Republican and Democratic contests remaining competitive, the general election will determine who ultimately fills the treasurer’s office.
