Fairshake War Chest Swells 37% to $193 Million
Crypto-backed political action committee Fairshake disclosed it holds $193 million in cash on hand, positioning itself as a major financial force ahead of the 2026 U.S. midterm elections. The total represents a 37% increase in its holdings since July 2025. This growth was fueled by substantial new contributions, including $25 million from Ripple Labs and $24 million from venture capital firm a16z. These funds add to a $25 million donation made by cryptocurrency exchange Coinbase in 2025, underscoring a concerted effort by industry heavyweights to influence policy.
Industry Mobilizes Millions for Political Influence
The accumulation of funds by Fairshake is part of a broader, multi-million dollar campaign by the crypto industry to support favorable candidates and legislation. Fairshake previously spent over $130 million on media buys during the 2024 federal elections. The trend has accelerated, with other major players entering the political arena. In January, entities linked to exchanges Gemini and Crypto.com contributed $21 million to a Super PAC supporting Donald Trump. Separately, Gemini's co-founders, Cameron and Tyler Winklevoss, sent $21 million in Bitcoin to the Digital Freedom Fund PAC, while Kraken committed $2 million to other groups, indicating a widespread strategy to gain political leverage.
PAC Spending Targets Key 2026 Senate Races
Fairshake plans to deploy its considerable resources to oppose candidates it deems hostile to digital assets while backing those it considers "pro-crypto." The PAC's spokesperson, Josh Vlasto, affirmed the mission is to "oppose anti-crypto politicians and support pro-crypto leaders." The spending is expected to target key congressional races that could shape the future of U.S. financial regulation. Among the contests receiving scrutiny are former Ohio Senator Sherrod Brown's campaign to retake a seat and attorney John Deaton's challenge against incumbent Elizabeth Warren, both pivotal races for the crypto industry's legislative agenda.
