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Crypto-backed political action committees (PACs) are gearing up for the 2026 US midterm elections, with industry-funded groups signaling plans to expand their influence as debates over digital asset regulation intensify on Capitol Hill.
Fairshake, the cryptocurrency industry-backed PAC, disclosed on Wednesday holding $193 million in cash on hand ahead of this year’s US midterm elections. In an announcement shared with Cointelegraph, Fairshake spokesperson Josh Vlasto said the PAC had received $25 million from Ripple Labs and $24 million from a16z in addition to a $25 million contribution from cryptocurrency exchange Coinbase in 2025.
According to Vlasto, these donations contributed to Fairshake having more than $193 million in cash on hand as of January, about a 37% increase since it last disclosed its holdings in July. At the time of publication, the $193 million figure was not publicly available in filings with the Federal Election Commission.
“With the midterms approaching, we are united behind our mission with Fairshake continuing to oppose anti-crypto politicians and support pro-crypto leaders,” said Vlasto. “The time is now to protect consumers, cultivate American innovation, and open up the financial system to more Americans.”
Fairshake reported that it had spent more than $130 million on media buys supporting candidates it considered “pro-crypto” and opposing “anti-crypto” ones in the 2024 US federal elections. Vlasto told Cointelegraph in January 2025 that the PAC was “keeping [its] foot on the gas” for elections that year and beyond.
Related: If history repeats itself, will the US Congress become more pro-crypto in 2026?
A PAC is an organization that raises and spends money to support or oppose political candidates, ballot initiatives or legislation. PACs are regulated by federal election law and overseen by the Federal Election Commission.
Vlasto is a spokesperson for the Fairshake PAC, its two affiliates, Defend American Jobs and Protect Progress, as well as the AI-focused Leading the Future PAC and its affiliate, Think Big. He also speaks for the Cedar Innovation Foundation, a dark money group tied to the crypto industry. So-called dark money groups don’t disclose their donors.
Fairshake is not alone in attempting to influence US elections through crypto money
While Fairshake was one of the biggest crypto-backed spenders in 2024, several PACs with ties to the industry launched in 2025.
Entities tied to cryptocurrency exchanges Gemini and Crypto.com disclosed contributing $21 million, likely a reference to Bitcoin ($BTC)’s total supply cap, to a Super PAC supporting US President Donald Trump in January. Gemini co-founders Cameron and Tyler Winklevoss also personally sent $21 million in $BTC to the Digital Freedom Fund PAC in August.
The Fellowship PAC, a committee that claimed to back “pro-innovation, pro-crypto” candidates, said it had $100 million as of September. Crypto exchange Kraken also committed $2 million to Freedom Fund PAC and America First Digital in September as part of the “fight for crypto in the United States.”
Fairshake, for its part, spent more than $2 million on media buys to support candidates in special congressional elections for three House seats in Virginia and Florida in 2025. However, based on Vlasto’s statements, the PAC is likely to step up spending closer to the 2026 elections in November.
Some of the races under scrutiny from many crypto users or those in the industry may include former Ohio Senator Sherrod Brown running to retake a seat in the Senate after his 2024 loss to Bernie Moreno, and John Deaton, a lawyer who often represents XRP holders. Deaton announced another Senate run in 2026 after his 2024 loss to incumbent Elizabeth Warren.
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