Crypto PAC Fairshake Amasses $140 Million for Midterm Elections

Fairshake, a cryptocurrency-backed super PAC, is entering the upcoming midterm elections with a substantial financial advantage, having amassed over $140 million. This significant war chest is poised to influence critical industry-friendly legislation scheduled for a House vote. The PAC network, which includes Fairshake, Protect Progress, and Defend American Jobs, collectively spent $135 million during the 2024 election cycle. This spending aimed to support lawmakers aligned with the crypto industry's agenda while targeting critics.

The political spending has already shown its impact, helping to remove significant obstacles for the crypto sector’s policy goals. For instance, former Senate Banking Chair Sherrod Brown lost his reelection to crypto supporter Bernie Moreno, who benefited from over $40 million in PAC spending. The PACs also boosted crypto proponents in numerous key House and Senate races, including competitive contests in California, Alabama, Arizona, and Virginia.

Since last November, the PAC network has raised an additional $109 million, ramping up efforts as the House prepares to vote on a landmark crypto market structure bill. The legislation, known as the CLARITY Act, aims to create a formal regulatory framework for digital assets, dividing oversight between securities and commodities regulators. Republicans leading the bill seek bipartisan support to secure its passage in the Senate, where 60 votes are required.

Created by a handful of crypto companies in 2023, Fairshake supports candidates committed to securing the United States as the home to innovators building the next generation of the internet. The PAC also pushes for a clearer regulatory and legal framework for the blockchain sector. Major donors behind Fairshake include venture capital firm Andreessen Horowitz, and crypto giants Coinbase and Ripple. Coinbase recently contributed $25 million, with Ripple Labs, Uniswap Labs, and crypto entrepreneur Robert Leshner also backing the effort.

Coinbase’s chief policy officer, Faryar Shirzad, emphasized the company's commitment to fighting for consumer protections and financial empowerment for digital asset holders. Fairshake spokesperson Josh Vlasto stated, “We are building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country.”

A non-profit affiliated with the PACs, the Cedar Innovation Foundation, called the CLARITY Act “the most important vote members will take this Congress.” As lawmakers prepare for the vote, some Democrats weigh opposition to the broad bill but may support a narrower stablecoin-focused measure expected to reach the president’s desk soon. The crypto super PACs, however, are primarily focused on the outcome of the larger legislation as they plan their 2026 spending strategies.