Crypto PACs enter final stretch of US midterm elections with over $95 million in cash on hand

October 21 - According to Politico, federal campaign finance filings released on Tuesday show that the cryptocurrency industry's main Super PAC organization still held over $95 million in funds as of the end of September.

These funds provide ample financial support for the political action committee network, enabling it to continue supporting crypto industry allies in the final stretch before the 2026 U.S. midterm elections. The organization, named Fairshake, has major funding sources including cryptocurrency companies Coinbase, Ripple, and venture capital giant Andreessen Horowitz. It is currently unclear whether the organization will deploy all remaining funds or reserve some for the 2028 election cycle.

The Fairshake network consists of three affiliated political action committees: Fairshake, Defend American Jobs, and Protect Progress, dedicated to supporting crypto-friendly candidates from both parties. In this election cycle, the organization's largest political expenditure came from the Republican-aligned Defend American Jobs. The organization spent $45 million to support Republican Senator Jon Husted while targeting former Senator Sherrod Brown. Brown, during his previous tenure as Chairman of the Senate Banking Committee, had been critical of the crypto industry. Additionally, the organization made smaller expenditures to support 32 crypto-friendly incumbent House members.