Crypto industry political action committees ramped up spending in the final weeks before the Nov. 3 U.S. midterm elections, with the three main groups together deploying nearly $170 million and broadly favoring Republican candidates. Fairshake and its affiliated organizations accounted for $154 million of that total and still held $56 million for the next election cycle. Digital Freedom Fund, backed mainly by the Winklevoss twins, spent more than $8 million this month to try to block Democratic Senate wins in Ohio, Texas, and Iowa. Fellowship Fund, which has close ties to Tether, first spent $3.8 million on Republican candidates and later directed $600,000 to Democratic candidates, including $300,000 for New York Representative Ritchie Torres. Even with that Republican tilt, the industry has framed its political spending as bipartisan and focused on backing candidates seen as friendly to crypto. Fairshake’s main financial backers include Coinbase, Andreessen Horowitz (a16z), and Ripple Labs, according to CoinDesk.
Crypto industry political action committees stepped up spending in the final weeks before the Nov. 3 U.S. midterm elections, and the overall push leaned toward Republican candidates.
The three main crypto PACs spent nearly $170 million in total. Fairshake and its affiliated groups accounted for $154 million of that amount, while keeping another $56 million available for the next election cycle.
How the major crypto PACs deployed funds
Digital Freedom Fund, backed mainly by the Winklevoss twins, spent more than $8 million this month. Its focus was on blocking Democratic candidates from winning Senate seats in Ohio, Texas, and Iowa.
Fellowship Fund, which has close ties to Tether, had earlier spent $3.8 million on Republican candidates. It later directed another $600,000 to Democratic candidates, including $300,000 in support of New York Representative Ritchie Torres.
Industry positioning and backers
Even though the PACs broadly leaned Republican, the industry has continued to describe the spending as bipartisan, with the stated goal of supporting candidates viewed as friendly to crypto.
Fairshake’s main financial backers include Coinbase, a16z, and Ripple Labs.
According to CoinDesk, the crypto industry’s nearly $170 million in political spending made it one of the most active sectors in political funding during this U.S. congressional election cycle.
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