Crypto political action committee (PAC) Fairshake has raised more than $140 million in preparation for the 2026 U.S. midterm elections, according to reporting published on Tuesday by Politico. One key purpose of the funds will be wooing Democrats to support three pivotal pieces of crypto legislation that will be debated in Congress this week.
A press release published by Arkansas House Republican French Hill on July 3 says the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the Anti-CBDC Surveillance State Act, and the CLARITY Act are all up for debate during what he dubbed “Crypto Week,” which kicked off on Monday.
The Genius Act seeks to establish a federal framework for stablecoins. The Anti-CBDC Surveillance State Act will prevent the U.S. Federal Reserve from creating a central bank digital currency (CBDC). The Clarity Act will determine regulatory jurisdiction over specific digital assets. Politico says Fairshake is mostly concerned with the Clarity Act, and politicians, particularly Democrats, who support the bill will be rewarded in the upcoming midterms, while those who oppose it will be targeted.
“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.
The PAC played a critical role in the 2024 elections. According to Opensecrets, a research site that tracks lobbying in U.S. politics, Fairshake spent more than $40 million during the 2024 election 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.
“Californians aren’t fooled: Shadowy crypto billionaires don’t want a strong voice for consumers in the Senate,” Porter wrote on X. “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.”
(California Democrat and crypto critic Katie Porter called the Senate primary election “rigged” after losing in March 2024. Fairshake spent more than $10M in targeted ads against Porter. / Politico)
Porter, a staunch critic of the crypto industry, later accused the election of being “rigged” and described crypto super PACs and companies such as Coinbase as entities that “weaken” American democracy.
Coinbase, Ripple, and venture capital firm Andreessen Horowitz are the largest donors to Fairshake. During the 2024 election cycle, the companies contributed $68.5 million, $67 million, and $45 million, respectively to the PAC, according to Opensecrets.
Bitcoin.com reached out to Vlasto for comment, but he had not responded at the time of publication.
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