Fairshake, the super PAC bankrolled by crypto’s biggest players, announced Thursday it has $116 million in cash on hand, a war chest aimed at the 2026 midterm election cycle.
The fundraising total, which includes $11 million in new contributions, cements Fairshake as one of the most influential political forces in the country.
“With the midterms on the horizon, we are poised to continue backing candidates committed to advancing innovation, growing jobs, and enacting thoughtful, responsible regulation,” Fairshake said in a statement.
Major backers like Coinbase, a16z, Jump Crypto, Uniswap Labs, and Ripple Labs have doubled down on their commitment to electing pro-crypto candidates and opposing those seen as hostile to the industry. Robert Leshner of Superstate has also donated, according to the PAC.
Crypto, once dismissed as a speculative frenzy, now holds real power in President Donald Trump’s Washington. Industry-backed officials are securing spots in the president’s cabinet and across federal agencies. Lawmakers aligned with digital assets are launching probes into regulators accused of stifling innovation.
With Trump’s return to the White House and a Republican-controlled Congress, the industry is moving beyond just playing defense. Crypto-friendly policymakers are setting the agenda — working to reverse SEC enforcement actions, roll back anti-crypto banking restrictions, and push through market structure legislation for digital assets.
Coinbase, the largest U.S. crypto exchange, was sued by the Securities and Exchange Commission over claims that it engaged in unregistered sales of securities. It’s among Fairshake’s top contributors, giving more than $75 million to Fairshake and its affiliated PACs in 2024 and committing another $25 million to the 2026 midterms.
Fairshake’s largest donors also include Silicon Valley venture fund Andreessen Horowitz, which had previously pledged another $23 million to the PAC in the midterms. The fund has contributed $70 million across multiple cycles. Ripple Labs, still battling the SEC in court, is another major political donor this cycle that has given around $50 million to Fairshake. A spokesperson said the company committed $25 million both this year and last year and intends to remain a strong force in D.C. for years to come.
The impact of this money extends beyond elections. With billions in market cap and tens of millions in lobbying power, the crypto industry has positioned itself alongside Wall Street, Big Tech, and the defense sector as one of the most formidable forces in Washington. The strategy is clear: Secure allies, neutralize threats, and lock in legislative wins that will define the industry’s future.
The 2024 election
For crypto executives, investors, and evangelists, the 2024 election wasn’t just about influence — it was existential. After four years of fighting to establish legitimacy while fending off regulatory crackdowns, the industry saw it as a chance to flip the script.
Crypto-related PACs and affiliated groups pulled in over $245 million for the 2024 election cycle, according to Federal Election Commission data. Nearly half of all corporate dollars that flowed into the election came from the crypto industry, per nonprofit watchdog Public Citizen.
Stand With Crypto Alliance — the advocacy group launched by Coinbase last year — developed a grading system for House and Senate races, helping direct funds to the most pivotal battlegrounds.
They succeeded. According to Stand With Crypto, nearly 300 pro-crypto lawmakers comprise the House and Senate this session, giving the industry unprecedented sway over the legislative agenda.
The playbook for the push was simple: Raise massive sums from a handful of donors, flood battleground states with ads, and either boost pro-crypto candidates or bury their opponents. The campaign framed races in stark terms. Candidates were either with the industry or against it.
Crypto companies and executives moved fast, leveraging a sophisticated nationwide ad machine to deploy their cash with precision. They also took lessons from Big Tech’s missteps. Instead of spending hundreds of millions on lobbying after the election, the crypto industry invested heavily beforehand, ensuring that its biggest threats never made it to office in the first place.