The cryptocurrency industry is rapidly consolidating its political influence, amassing a colossal “war chest” for upcoming elections. A prominent super Political Action Committee (PAC) group, Fairshake, has disclosed new fundraising data, revealing it will enter the next midterm elections with more than $140 million in its coffers. This massive sum underscores the industry’s strategic approach to overtly using political spending to advance its agenda on Capitol Hill and significantly influence legislative outcomes.
Fairshake’s Growing Financial Power
Fairshake, along with its affiliated super PACs, Protect Progress and Defend American Jobs, raised an impressive $52 million in the first half of 2025 alone. This adds to an already substantial pool of crypto campaign cash, which is poised to be deployed against lawmakers who oppose the industry’s policy goals and in favour of those who support them. Since the 2024 campaign ended, this PAC network has raised $109 million, demonstrating a clear doubling down on their political engagement.
The primary funders behind Fairshake include major players in the crypto and venture capital space, notably Andreessen Horowitz, Coinbase, and Ripple. Coinbase, the largest U.S. crypto exchange, contributed $25 million to Fairshake’s latest fundraising haul. Other significant contributors include Ripple Labs, Uniswap Labs, and crypto entrepreneur Robert Leshner.
Impact on Legislative Landscape and Election Outcomes
The substantial spending by this PAC network in the 2024 campaigns played a direct role in removing perceived “roadblocks” to the industry’s policy agenda. A notable example is the defeat of former Senate Banking Chair Sherrod Brown, a known crypto sceptic, in his Ohio re-election campaign. Brown lost to Republican Bernie Moreno, a crypto enthusiast who benefited from over $40 million in crypto PAC spending. The PACs also actively supported industry allies in numerous other House and Senate races across the country, including critical contests in California, Alabama, Arizona, and Virginia.
The current fundraising haul coincides with crucial legislative efforts in the House, where landmark crypto bills are being considered. These bills aim to legitimise digital assets as mainstream financial products and establish new regulatory frameworks for the sector. Josh Vlasto, a spokesperson for Fairshake, emphasised their mission to build “lasting support for crypto and blockchain innovation” and confirmed an “aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country.” Coinbase’s chief policy officer, Faryar Shirzad, stated that “crypto is already woven into America’s financial fabric” and reiterated the company’s commitment to “fighting for the consumer protections and financial empowerment” that digital asset owners deserve.
The top legislative priority for Fairshake’s major donors is a GOP-led crypto market structure bill, known as the CLARITY Act, which seeks to create a first-ever crypto regulatory regime by dividing oversight between securities and commodities regulators. While Republicans aim to garner bipartisan support for this bill to enhance its viability in the Senate, concerns regarding the Trump family’s business entanglements in crypto could impact Democratic votes. However, the crypto super PACs have signalling that the vote breakdown on this broader bill will be a primary factor in how they deploy their considerable funds in the 2026 midterm elections, potentially spending millions against lawmakers who do not support their agenda.
