Crypto PAC Fairshake Holds $141 Million for 2026 Elections

Fairshake, a US-based political action committee (PAC) backed by contributions from cryptocurrency companies including Coinbase and Ripple Labs, reported holding $141 million in assets to be used to influence upcoming elections. This substantial sum is earmarked for political activities aimed at shaping the outcomes of key races.

In a statement released on Tuesday, Fairshake disclosed that it had raised approximately $52 million in the first half of 2025, with a notable contribution of $25 million from Coinbase. This latest influx, combined with the $109 million raised since November 2024, positions the PAC with more funds than it expended during the last US election cycle. The PAC's financial muscle has already been deployed, with over $2 million spent to back candidates in special congressional elections held in 2025 for three House seats in Virginia and Florida.

Fairshake's influence extends beyond recent elections. The PAC played a pivotal role in the 2024 US elections, spending over $130 million on media campaigns to support "pro-crypto" candidates or oppose "anti-crypto" ones. This strategic spending likely swayed the outcomes of crucial races, underscoring the growing impact of cryptocurrency-backed political contributions.

Formed in 2023, Fairshake did not participate in the 2022 midterm elections. During that period, many crypto industry donations were directed by former FTX CEO Sam Bankman-Fried, who was later indicted for fraud. Fairshake's emergence marks a shift in the industry's political strategy, focusing on direct support for candidates through a dedicated PAC.

The 2024 election results gave Republicans a narrow majority in both the House of Representatives and the Senate, with 270 lawmakers considered "pro-crypto" by advocates. Fairshake's approach for the 2026 midterm elections is expected to mirror its past strategies, potentially widening the partisan gap on crypto legislation. Republican House leaders are currently pushing for three pieces of crypto-related legislation, including the GENIUS Act, which aims to regulate payment stablecoins. Donald Trump has directed all members of his party to support this bill, including the two House members from Florida who won their special elections with backing from crypto PAC money: Randy Fine and Jimmy Patronis.

If Fairshake's efforts in 2026 are successful, they could provide Trump and Republicans with a broader margin for enacting their legislative agenda, including bills to regulate digital assets. The PAC's continued involvement in US politics highlights the growing influence of the cryptocurrency industry on electoral outcomes and legislative decisions.