Fairshake, a US-based political action committee (PAC) backed by contributions from cryptocurrency companies including Coinbase and Ripple Labs, reported holding $141 million in assets to be used to influence upcoming elections.In a statement released on Tuesday, Fairshake said it had raised about $52 million in the first half of 2025, with $25 million from Coinbase.
This total, including its $109 million raised since November 2024, had the PAC holding more funds than it spent on congressional races in the last US election cycle.Coinbases chief legal officer on the contribution to Fairshake.
Source: Paul GrewalThe PAC, through its affiliates Defend American Jobs and Protect Progress, has already spent more than $2 million to support candidates in special congressional elections in 2025 for three House seats in Virginia and Florida.
Fairshake spokesperson Josh Vlasto told Cointelegraph the PAC was always evaluating races now and into 2026 for its opportunities to spend.Tha PAC likely played a role in influencing the outcome of crucial races during the 2024 US elections after spending more than $130 million on media to support pro-crypto candidates or oppose anti-crypto ones.Formed in 2023, Fairshake had no role in the 2022 midterm elections, when many crypto industry donations to candidates were directed by former FTX CEO Sam Bankman-Fried, who was later indicted for fraud.Though Fairshake did not appear to have directly supported US President Donald Trumps campaign, the then-presidential candidate received contributions from other figures in the industry, including Gemini co-founders Cameron and Tyler Winklevoss, executives at Ripple Labs, and Kraken co-founder Jesse Powell.Related: Crypto firms double down on influencing US elections via PACs in 2026The 2024 election gave Republicans a slim majority in the House of Representatives and the Senate both chambers have 270 lawmakers who advocates consider to be pro-crypto.
Fairshake has suggested that it intends to adopt the same approach for the 2026 US midterm elections, potentially widening this partisan gap when voting on crypto legislation could continue to be an issue.As of Tuesday, Republican House leaders are looking to pass three pieces of crypto-related legislation for payment stablecoins, market structure and central bank digital currencies.
Trump directed all members of his party to support the stablecoin bill, called the GENIUS Act, including the two House members from Florida who won their special elections with backing from crypto PAC money: Randy Fine and Jimmy Patronis.If Fairshakes efforts in 2026 are successful, they could give Trump and Republicans a wider margin for error when enacting their legislative agenda, including bills to regulate digital assets.Magazine: Crypto voters are already disrupting the 2024 election and its set to continue