The cryptocurrency-focused political action committee (PAC) Fairshake has raised more than $140 million in preparation for the 2026 U.S. midterm elections, according to a report published Tuesday by Politico. The funds are primarily intended to sway Democrats to support three pivotal pieces of crypto legislation that will be debated this week during what House Republicans have dubbed “Crypto Week.”
Three Key Bills Under Debate
A press release from Arkansas House Republican French Hill, dated July 3, outlines the bills on the docket: the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which establishes a federal framework for stablecoins; the Anti-CBDC Surveillance State Act, which would prevent the Federal Reserve from issuing a central bank digital currency (CBDC); and the CLARITY Act, which clarifies regulatory jurisdiction over specific digital assets. “Crypto Week” kicked off on Monday.
Politico reports that Fairshake is most focused on the CLARITY Act. The PAC plans to reward lawmakers—particularly Democrats—who support the bill in the upcoming midterms, while targeting those who oppose it. “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.
Fairshake’s Track Record in 2024
Fairshake played a critical role in the 2024 elections. According to OpenSecrets, a research site tracking lobbying, the PAC spent more than $40 million during the 2024 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, a vocal critic of the crypto industry, 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.” She later accused the election of being “rigged” and described crypto super PACs and companies like Coinbase as entities that “weaken” American democracy.
Major Donors
The largest donors to Fairshake include Coinbase ($68.5 million contributed in the 2024 cycle), Ripple ($67 million), and venture capital firm Andreessen Horowitz ($45 million), according to OpenSecrets. Bitcoin.com reached out to Vlasto for comment but had not received a response at press time.