The cryptocurrency-focused political action committee (PAC) Fairshake has amassed over $140 million in preparation for the 2026 U.S. midterm elections, according to a report published Tuesday by Politico. One key purpose of the funds will be wooing Democrats to support three pivotal pieces of crypto legislation that will be debated in Congress this week, dubbed “Crypto Week” by the U.S. House of Representatives.
Key Bills Under Debate During Crypto Week
A press release published by Arkansas House Republican French Hill on July 3 states that the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the Anti-CBDC Surveillance State Act, and the CLARITY Act are all up for debate during what he called “Crypto Week,” which began on Monday. The GENIUS Act aims to establish a federal framework for stablecoins. The Anti-CBDC Surveillance State Act would prevent the U.S. Federal Reserve from creating a central bank digital currency (CBDC). The CLARITY Act would determine regulatory jurisdiction over specific digital assets.
According to Politico, Fairshake is primarily concerned with the CLARITY Act. Politicians — particularly Democrats — who support the bill will be rewarded in the upcoming midterms, while those who oppose it will be targeted. “We are building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country,” said Fairshake spokesman Josh Vlasto.
Proven Influence in the 2024 Elections
Fairshake played a critical role in the 2024 elections. According to Opensecrets, a research site tracking lobbying in U.S. politics, Fairshake spent more than $40 million during the 2024 election cycle. Notably, California Democrat Katie Porter lost in the Senate primary on March 5, 2024, after Fairshake spent over $10 million in targeted ads against her. Porter wrote on X: “Californians aren’t fooled: Shadowy crypto billionaires don’t want a strong voice for consumers in the Senate. They fear people who call out corporate greed, so they’re spending millions on dishonest dark-money ads against me. Their ads will never stop me from fighting for YOU.” Porter, a staunch critic of the crypto industry, later accused the election of being “rigged” and described crypto super PACs and companies such as Coinbase as entities that “weaken” American democracy.
Major Donors and Future Strategy
Opensecrets data shows that Coinbase, Ripple, and venture capital firm Andreessen Horowitz (a16z) are the largest donors to Fairshake. During the 2024 election cycle, the companies contributed $68.5 million, $67 million, and $45 million respectively to the PAC. Bitcoin.com reached out to Vlasto for comment, but he had not responded at the time of publication.
Fairshake’s massive war chest signals the crypto industry’s intention to shape U.S. policy through political donations, especially during a critical legislative window. As “Crypto Week” unfolds, the fate of the GENIUS Act, Anti-CBDC Act, and CLARITY Act will be closely watched by the industry.