Key insights:
- Fairshake disclosed $193 million cash on hand, up 37% since its July 2025 filing.
- Ripple, Coinbase, and a16z contributed a combined $74 million during 2025.
- The PAC spent over $130 million backing pro-crypto candidates in the 2024 elections.
Crypto PAC Fairshake reported holding $193 million in cash ahead of the 2026 U.S. midterm elections. The disclosure highlighted how crypto-backed political groups continued expanding their influence as regulatory debates intensified in Washington. The PAC confirmed the figure in a statement shared with Cointelegraph on Wednesday.
The funding increase came as lawmakers prepared for renewed discussions on digital asset oversight. Industry players appeared to position themselves early for elections that could shape stablecoin rules, enforcement authority, and market structure legislation. Fairshake’s latest disclosure showed that crypto money remained active well before the campaign peak.
Why Crypto PAC Fairshake’s Cash Position Drew Attention
Crypto PAC Fairshake said its cash on hand rose by about 37% since its last disclosure in July 2025. The increase reflected accelerated fundraising during a year marked by regulatory uncertainty and heightened political engagement from crypto firms. The PAC framed the timing as deliberate.
Josh Vlasto, a spokesperson for Fairshake, said the group aimed to influence key congressional races tied to crypto policy. He described the strategy as focused on countering lawmakers perceived as hostile to digital assets. The PAC said it planned to stay active throughout the election cycle.
The $193 million figure had not yet appeared in filings with the Federal Election Commission at publication time. Fairshake disclosed the number directly to Cointelegraph instead. Federal law requires PACs to report donations and spending, though filings can lag public announcements.
Industry Donations Drove the Funding Surge
Fairshake said major crypto firms accounted for most of the new inflows during 2025. Ripple Labs contributed $25 million, while venture firm Andreessen Horowitz added $24 million. Cryptocurrency exchange Coinbase also donated $25 million during the same period, according to the PAC.
The combined $74 million in disclosed contributions helped lift Fairshake’s total cash holdings above levels seen in prior cycles. Vlasto said the donations reflected alignment among crypto companies ahead of regulatory fights. He said the PAC planned to deploy funds strategically rather than immediately.
“With the midterms approaching, we are united behind our mission,” Vlasto said. He added that Fairshake would oppose candidates it labeled anti-crypto while backing those it viewed as supportive. The PAC framed its goal as protecting consumers and promoting U.S.-based innovation.
Fairshake’s Recent Spending Showed an Escalating Strategy
Fairshake spent more than $130 million on media buys during the 2024 U.S. federal elections. The PAC supported candidates it classified as pro-crypto and opposed others it viewed as unfavorable. Those efforts placed Fairshake among the largest crypto-backed political spenders that year.
In January 2025, Vlasto told Cointelegraph that the PAC was “keeping its foot on the gas.” That posture appeared unchanged based on the latest funding disclosure. Fairshake also spent more than $2 million supporting candidates in special House elections during 2025.
Those races included contests for three congressional seats in Virginia and Florida. While the spending amounts were smaller than in 2024, they signaled continued engagement outside major election cycles. Fairshake suggested spending would increase closer to November 2026.
Crypto-Linked PACs Expanded Beyond Fairshake
Fairshake was not the only crypto-backed group preparing for the midterms. Several PACs tied to exchanges and industry figures launched or expanded during 2025. The activity suggested a broader push by crypto firms to shape political outcomes.
Entities linked to Gemini and Crypto.com disclosed contributing $21 million to a Super PAC supporting U.S. President Donald Trump in January. The figure appeared to reference Bitcoin’s supply cap of 21 million coins. The disclosure drew attention across crypto and political circles.
Gemini co-founders Cameron and Tyler Winklevoss also sent $21 million worth of Bitcoin to the Digital Freedom Fund PAC in August. The Fellowship PAC separately reported holding $100 million as of September. Crypto exchange Kraken committed $2 million to Freedom Fund PAC and America First Digital.
Fairshake’s Network Included Multiple Political Groups
Vlasto represented not only Fairshake but also its affiliates Defend American Jobs and Protect Progress. He also spoke on behalf of the AI-focused Leading the Future PAC and its affiliate, Think Big. These groups shared overlapping leadership and messaging.
Vlasto also represented the Cedar Innovation Foundation, a dark-money organization tied to the crypto industry. Such groups did not disclose donors publicly under current rules. Their involvement added another layer to crypto’s political footprint.
PACs operated under federal election law and under the Federal Election Commission’s oversight. Dark money groups followed different disclosure standards. Together, they formed a complex ecosystem around crypto-funded political activity.
Races and Regulatory Stakes Moved Into Focus
Several upcoming races attracted attention from crypto advocates and donors. Former Ohio Senator Sherrod Brown announced plans to seek a return after losing his seat in 2024. Brown had previously clashed with crypto firms over regulation.
John Deaton also announced another Senate run in 2026 after losing to Senator Elizabeth Warren in 2024. Deaton frequently represented XRP holders in legal disputes. His candidacy drew interest from parts of the crypto community.
Fairshake did not name specific candidates it planned to support. However, its funding position suggested early preparation for contested races tied to digital asset policy.
What Comes Next for Crypto PAC Fairshake
Crypto PAC Fairshake entered the 2026 election cycle with one of the largest war chests disclosed so far. The PAC positioned itself to influence debates over stablecoins, enforcement authority, and consumer protections. Regulatory outcomes remained uncertain.
Fairshake said it would scale spending as the midterms approached. The next Federal Election Commission filings may clarify how aggressively crypto-backed money shaped the race. For now, the $193 million figure signaled intent rather than execution.