A crypto-backed group, primarily funded by major players in the cryptocurrency industry, has amassed \$141 million to influence the upcoming US elections. This substantial sum is intended to support candidates who favor policies that are friendly to the crypto industry and blockchain innovation.
The political action committee (PAC), known as Fairshake, along with its affiliated super PACs, Protect Progress and Defend American Jobs, aims to shape the regulatory landscape for digital assets by backing pro-crypto candidates and opposing those critical of the industry. According to Fairshake, it raised \$52 million in the first half of 2025, which adds to the \$109 million it has raised since Election Day in November 2024.
Fairshake's mission is to promote stability, innovation, and growth in blockchain technology by supporting candidates committed to establishing the United States as a central hub for cryptocurrency and blockchain innovation. The PAC is focused on fostering a regulatory environment that promotes innovation and growth in the crypto sector. Josh Vlasto, a spokesperson for the PAC group, stated that Fairshake is building an aggressive, targeted strategy to ensure pro-crypto voices are heard in key races across the country.
The crypto industry views political spending as a crucial strategy to gain influence in Congress. The industry's largest corporate spenders, including Coinbase, Ripple, and Andreessen Horowitz, have contributed significantly to pro-crypto super PACs. In the 2024 election cycle, crypto PACs contributed \$119 million, which was more than one-third of all corporate political spending. This level of financial involvement is a significant increase compared to previous elections, signaling the industry's determination to shape policy.
Fairshake's activities in the 2024 elections demonstrated the potential impact of crypto-backed funding. The PAC and its affiliates spent \$135 million supporting industry allies and opposing crypto critics. This spending played a role in several key races, including the Ohio Senate race where Republican Bernie Moreno, a crypto enthusiast, defeated incumbent Democrat Sherrod Brown, who chaired the Senate Banking Committee and advocated for strict crypto regulations. Fairshake also targeted Katie Porter, a California Democratic Senate primary candidate, spending over \$10 million to oppose her bid.
The influx of crypto money into politics has sparked debate about the role of corporate spending in elections. Proponents argue that it is a legitimate way for the industry to advocate for its interests and educate voters. Critics, however, raise concerns about the potential for undue influence and the prioritization of corporate interests over public interests.
Despite concerns, crypto firms are doubling down on their political efforts. Coinbase, for example, donated \$25 million to Fairshake in the first half of 2025. Ripple CEO Brad Garlinghouse has emphasized the importance of engaging with policymakers to create a balanced regulatory environment. According to Garlinghouse, the actions of the SEC and its chair, Gary Gensler, were a major reason for starting Fairshake.
As the 2026 midterm elections approach, Fairshake and other crypto-backed PACs are poised to play a significant role. The industry's financial resources and strategic focus on key races could have a lasting impact on the future of crypto regulation and innovation in the United States.
