Key highlights:
- Fairshake has accumulated more than $193 million to support pro-crypto candidates ahead of the 2026 US midterm elections.
- Major crypto firms including Ripple, Coinbase, and a16z are driving the funding surge through multimillion-dollar donations.
- The crypto industry is increasingly using political spending to shape regulatory outcomes and election results.
Fairshake, a cryptocurrency-backed political action committee (PAC), has raised more than $193 million ahead of the 2026 US midterm elections, marking a 37% increase since July of last year. The funding surge reflects growing efforts by the crypto industry to influence political outcomes and regulatory policy.
According to Fairshake spokesperson Josh Vlasto, the bulk of the new funding comes from major industry players. Ripple Labs contributed $25 million, venture capital firm Andreessen Horowitz (a16z) added $24 million, and Coinbase donated another $25 million in 2025 alone.
By January, these contributions helped push Fairshake’s total fundraising above $193 million. The final figure has not yet appeared in official filings with the US Federal Election Commission.
How crypto money is shaping elections
During the 2024 election cycle, Fairshake spent more than $130 million on media campaigns, backing candidates it viewed as supportive of cryptocurrency while opposing those seen as unfavorable to the industry. The committee plans to maintain a similar strategy in upcoming elections, according to Vlasto.
Political action committees like Fairshake raise and spend funds to support or oppose political candidates, ballot initiatives, and legislation. Their activities are regulated under federal election law and overseen by the Federal Election Commission.
Fairshake is not alone in its efforts. Several crypto-related political committees were launched in 2025 as industry leaders intensified their focus on Washington.
Entities linked to Gemini and Crypto.com contributed a combined $21 million in January to a committee supporting US President Donald Trump. Gemini co-founders Cameron and Tyler Winklevoss also personally donated $21 million in bitcoin to the Digital Freedom Fund in August.
Meanwhile, a separate PAC known as The Fellowship, which supports candidates advocating for innovation and cryptocurrency, reported $100 million in funding as of September. Kraken donated $2 million to the Freedom Fund and America First Digital during the same period.
Looking toward 2026
In 2025, Fairshake spent more than $2 million on advertising to support candidates in special congressional elections for three House seats in Virginia and Florida. The committee is expected to significantly increase spending as the November 2026 midterms approach.
Races likely to draw attention from the crypto community include former Ohio Senator Sherrod Brown’s attempt to regain his Senate seat after losing in 2024, as well as another Senate bid by attorney John Deaton, known for representing XRP holders, following his previous loss to Senator Elizabeth Warren.
Crypto’s expanding political influence
The concentration of political spending within the crypto industry increasingly mirrors the lobbying strategies adopted by major technology firms in the early 2000s. At that time, companies like Microsoft and Google ramped up political engagement in response to regulatory and antitrust pressure.
With Fairshake alone controlling $193 million, current funding levels rival the annual lobbying budgets of entire traditional industries. Rather than focusing solely on product development or regulatory compliance, crypto firms are investing heavily in political influence.
The shift highlights a growing paradox: an industry founded on decentralization and independence from traditional financial systems is now deeply embedded in the political structures it once sought to disrupt.
Source:: $193M and Counting: How Crypto Money Is Targeting the 2026 Elections