As Washington prepares for a pivotal vote on US crypto legislation, the fairshake pac has quietly assembled one of the largest war chests in the industry’s political history.
Fairshake PAC amasses $193 million for 2026 midterm election cycle
The crypto-focused political action committee Fairshake closed 2025 with $193 million in total fundraising, positioning the group as a major force as Congress weighs landmark digital asset rules and the 2026 US midterms come into view.
According to CNBC, the figure combines money raised by Fairshake and its affiliated committees, including Democrat-aligned Protect Progress and Republican-backed Defend American Jobs. This structure allows the network to support candidates across party lines, which it argues is essential to building durable support for crypto policy in Washington.
Moreover, the influx of capital gives the PAC a powerful platform to shape debate around rules affecting Bitcoin, stablecoins and broader crypto markets at a time when regulation is high on Congress’s agenda.
Ripple, Coinbase and a16z drive Fairshake fundraising surge
Two major checks in the second half of last year sharply boosted Fairshake’s total. Blockchain company Ripple donated $25 million, while venture capital firm Andreessen Horowitz, through its crypto arm a16z, added $24 million.
Earlier in 2025, crypto exchange Coinbase had already contributed $25 million. Shortly before that donation became public, Fairshake disclosed it had accumulated $141 million, underscoring how quickly its fundraising ramped up.
However, the committee’s fundraising strength also highlights how aggressively the industry is willing to spend to influence regulation that could define the future of US crypto trading and custody.
The latest haul nearly matches what Fairshake raised over the entire 2024 election cycle. Federal Election Commission data show the PAC spent about $195 million last cycle backing candidates viewed as supportive of digital assets. That spending wave coincided with Congress passing initial “rules of the road” legislation for stablecoins, which industry advocates cited as proof their lobbying muscle was growing.
Congress weighs broader US crypto market bill
Attention in Washington has now shifted to a more comprehensive crypto market structure bill that lawmakers have been negotiating for months. Part of the proposal is due for its first vote this week in the Senate Agriculture Committee, a key venue because of its oversight of the CFTC.
By contrast, a parallel section of the package overseen by the Senate Banking Committee has been delayed amid ongoing disputes over investor protections, market oversight and the role of the SEC. That said, industry groups continue to press for clarity on when and how tokens are categorized as securities or commodities.
Commenting on the PAC’s rapid growth, crypto media outlet Unchained wrote on Twitter: “The crypto industry is gearing up early for 2026. Fairshake, crypto’s main PAC, says it now holds ~$193M for the midterm elections — already more than last cycle. New money includes $25M from Ripple and $24M from a16z, on top of $25M from Coinbase.”
Escalating competition among crypto-backed political groups
During the 2024 federal elections, Fairshake reported more than $130 million in media buys. It used that spending to boost candidates it labeled “pro-crypto” and to target those it viewed as hostile to the sector’s growth.
Moreover, the PAC was among the largest crypto-backed spenders last cycle, but it is no longer alone. A growing number of industry-linked political vehicles emerged in 2025, signaling intensifying political crypto donations across the board.
Entities tied to exchanges Gemini and Crypto.com disclosed a combined $21 million donation to a pro-Donald Trump super PAC. Separately, Gemini co-founders Cameron Winklevoss and Tyler Winklevoss sent $21 million worth of Bitcoin to the Digital Freedom Fund PAC.
Crypto exchange Kraken also committed $2 million to pro-crypto political efforts. However, these contributions flow into a crowded and fragmented landscape, raising questions about how effectively the industry can coordinate its message ahead of 2026.
Fairshake has already begun deploying funds in the new cycle. It spent more than $2 million in 2025 on special House elections in Virginia and Florida, testing its messaging and media strategies in competitive races.
Regulatory outlook: momentum and risk for US crypto legislation
A major push to create a unified regulatory framework for digital assets in the United States may now run into election-year headwinds. In a recent note, TD Cowen warned that rising political risk could delay the broad crypto market structure bill currently moving through Congress.
TD Cowen’s Washington Research Group said the legislation is increasingly likely to pass in 2027 rather than 2025, with full implementation potentially slipping to 2029. Analysts argued that Senate Democrats may be reluctant to back the bill ahead of the 2026 midterms, especially if control of Congress appears up for grabs.
Moreover, the bank suggested leadership might prefer to postpone controversial decisions until after the elections, when there is greater clarity on which party holds key committee gavels and the White House.
That said, industry advocates view the current Congress as a critical window to lock in clearer rules for exchanges, stablecoin issuers and token projects, even if final implementation stretches into the next decade.
The fairshake pac will likely remain central to that effort, using its $193 million war chest to support candidates aligned with its policy goals and to oppose those pushing for stricter crackdowns on crypto activity.
In sum, Fairshake’s fundraising power, combined with parallel efforts by other crypto-linked PACs, underscores how deeply digital asset interests are now embedded in US campaign finance as the 2026 midterms approach.