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Home CRYPTO

Crypto PAC Fairshake Raises $78M to Boost Pro-Crypto Candidates in 2026 Midterms

by Sham
November 5, 2024
in CRYPTO, FINANCE, POLITICS
Reading Time: 3 mins read
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  • The pro-crypto super PAC Fairshake has raised $78 million for the 2026 midterm elections, with major contributions from Coinbase ($25 million), Andreessen Horowitz ($23 million), and Ripple Labs ($50 million).
  • These crypto companies and individuals are donating to Fairshake with the goal of getting pro-crypto legislation passed in the US, such as comprehensive market structure laws for digital assets and a law to govern stablecoins.
  • Fairshake was one of the top-spending PACs in the 2024 election cycle, and its crypto-backed spending was effective, with 36 out of 42 primary races won by the candidate supported by the crypto industry.

The cryptocurrency industry is making a big political play ahead of the 2026 midterm elections. Major companies like Coinbase and Andreessen Horowitz have funneled tens of millions of dollars into the pro-crypto and bipartisan super PAC Fairshake. In total, Fairshake has raised around $170 million this cycle.

JUST IN: 🇺🇸 Pro-crypto PAC Fairshake has already raised $78 million from major crypto players like Coinbase and a16z for the 2026 U.S. midterms pic.twitter.com/oDMyOwzRK2

— BlockNews.com (@blocknewsdotcom) November 5, 2024

Coinbase’s Contributions

Coinbase, the largest US cryptocurrency exchange, has contributed over $75 million to Fairshake so far. This includes a new $25 million donation announced last week. “We know we need to have pro-crypto legislation passed in this country,” said Coinbase CEO Brian Armstrong during the company’s recent earnings call.

coinmarketcap.com

Andreessen Horowitz’s Support

Venture capital firm Andreessen Horowitz has given $70 million to Fairshake to date. On Monday, general partner Chris Dixon published a note explaining the company’s latest $23 million contribution. “We’re committed to supporting policymakers irrespective of party affiliation who will work to establish a practical regulatory framework that protects consumers while allowing the industry to grow,” Dixon wrote.

Other Major Donors

Payments company Ripple Labs has donated around $50 million to Fairshake as well. A spokesperson said Ripple intends to remain heavily involved in Washington DC lobbying efforts for years to come. Individual donors like Coinbase CEO Brian Armstrong ($1 million) and the Winklevoss twins ($5 million) have also made contributions.

Fairshake’s Spending and Impact

In total, Fairshake has spent approximately $135 million this election cycle targeting House and Senate races. An analysis by the nonprofit Public Citizen found that crypto-backed PAC money has been highly effective, with supported candidates winning 36 out of 42 primaries that saw crypto spending.

What the Crypto Industry Wants

According to Chris Dixon and others, the crypto industry’s top policy priorities are establishing comprehensive digital asset market structure legislation and a regulatory framework for stablecoins. “Many industries come to DC asking to roll back rules and we have come to DC asking to establish them,” Dixon wrote. The industry hopes this political spending will help build a Congress of pro-crypto legislators.

Tags: Andreessen HorowitzCoinbasecryptocurrencyPAC Fairshake
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