• Fairshake lost a key Illinois race despite spending over $10M.
  • The loss marks its biggest setback, though it still won other races.

The crypto industry’s political group, Fairshake, has suffered its first major setback after spending more than $10 million to support a candidate in Illinois. The group tried to defeat Juliana Stratton in the Democratic primary, but she won. The loss stands out for Fairshake, which has built a strong track record in recent election cycles.

What Fairshake Tries

Fairshake is a super PAC backed by major crypto companies like Coinbase, Ripple, and venture firm Andreessen Horowitz. Its goal is to support pro-crypto politicians and oppose anti-crypto politicians. The firm spent millions on ads against Stratton and supported her opponents by using 5% of its titak funds for this race.

Major cryptocurrency companies like Coinbase, Ripple, and venture capital firm Andreessen Horowitz support Fairshake. It has become a major player in American political expenditures pertaining to digital assets since 2024. In the most recent election cycle, Fairshake and its affiliates supported 53 winning candidates and only lost five. Fairshake’s spending power serves as a signal to legislators outside of elections.

Fairshake is expected to continue spending heavily in elections and support pro-crypto candidates. Despite receiving negative ratings from crypto advocacy groups, Stratton’s future stance on crypto remains unclear. A spokesperson for Fairshake described the Illinois result as a one-off outcome. Despite the setback, Fairshake is expected to remain a key player in upcoming elections and in shaping U.S. crypto policy.

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