Pro-crypto political action committee Fairshake and its affiliate PACs have more than $193 million in cash on hand heading into the 2026 midterms.
Why it matters: That's nearly $60 million more than the group spent in 2024, when it poured more money into races than any other single-issue PAC — a clear signal from the industry that it plans to have a big hand in reshaping the next House and Senate.
By the numbers: Fairshake's war chest — reported at $140 million last July — includes a $25 million contribution from Coinbase last year and new infusions of $25 million and $24 million from crypto firm Ripple and venture capital firm a16z, respectively, according to a statement.
State of play: Since the 2024 election, where Fairshake-backed candidates won elections by overwhelming margins , lawmakers have passed a major stablecoin bill and confirmed industry-friendly regulators to key posts including the Securities and Exchange Commission .
The biggest issue on the table now for the crypto industry is a broader market structure bill — crucial to ending a long-running ambiguity over whether digital assets are regulated by the SEC or the Commodity Futures Trading Commission.
Friction point: Coinbase recently withdrew its support from a version of the bill being considered by the Senate Agriculture Committee, arguing that late additions to the legislation contained "fatal flaws." That triggered a delay in a scheduled markup, now expected this week.
One point of contention is a standoff with the traditional banking industry, which has pushed to disallow non-banks from offering stablecoin rewards, arguing that they will compete against bank deposits.
Democrats are also pushing amendments to add ethics requirements for senior officials, amid continued anger over the Trump family's expanding crypto business.
What they're saying: "With the midterms approaching, we are united behind our mission with Fairshake continuing to oppose anti-crypto politicians and support pro-crypto leaders," spokesperson Josh Vlasto said in a statement.
"The time is now to protect consumers, cultivate American innovation and open up the financial system to more Americans."