The cryptocurrency industry is mobilizing significant financial resources to influence the upcoming 2026 U.S. midterm elections, with the political action committee (PAC) Fairshake disclosing it holds $193 million in cash on hand as of January. This represents a 37% increase since its last disclosure in July.
Major contributions fueling this war chest include a $25 million donation from Ripple Labs, $24 million from venture capital firm Andreessen Horowitz (a16z), and an additional $25 million from cryptocurrency exchange Coinbase in 2025. Fairshake spokesperson Josh Vlasto stated the PAC is "united behind our mission with Fairshake continuing to oppose anti-crypto politicians and support pro-crypto leaders."
Fairshake has a proven track record of political spending, having deployed more than $130 million on media buys during the 2024 U.S. federal elections to support pro-crypto candidates and oppose those deemed anti-crypto. The PAC was also active in 2025, spending over $2 million on special congressional elections in Virginia and Florida.
The announcement comes as the U.S. Senate Agriculture Committee prepares for a crucial hearing on a major crypto market structure bill. Industry insiders expect the bill to advance along partisan lines without Democratic support, highlighting the high-stakes regulatory environment. Vlasto emphasized the PAC's goal is to "protect consumers, cultivate American innovation, and open up the financial system to more Americans."
Fairshake is not the only crypto-backed entity in the political arena. The Fellowship PAC announced in September it had $100 million in commitments to support pro-crypto candidates aligned with former President Donald Trump's digital assets agenda. Additionally, entities tied to exchanges Gemini and Crypto.com disclosed contributing $21 million to a Super PAC supporting Trump in January, with Gemini founders Cameron and Tyler Winklevoss personally sending $21 million in Bitcoin to the Digital Freedom Fund PAC in August. Crypto exchange Kraken also committed $2 million to related PACs.
Key political races under scrutiny include former Ohio Senator Sherrod Brown's attempt to retake a Senate seat and lawyer John Deaton's 2026 Senate run. Brown, who previously led the Senate Banking Committee, was defeated in 2024 with Fairshake's involvement.
