Crypto PAC Funds 32 Lawmakers for Midterms
Fairshake, a pro-crypto PAC, announces $1 million checks to 32 lawmakers, including key financial services committee members.
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Fairshake, a pro-cryptocurrency political action committee (PAC), has announced its plan to financially support over two dozen lawmakers in the upcoming midterm elections. The PAC, which has spent over $93.8 million in total disbursements and $13.26 million on independent expenditures as of August 31, will provide $1 million each to 19 Republicans and 13 Democrats. All 32 lawmakers supported the Clarity Act, a key piece of legislation aimed at establishing a regulatory framework for the cryptocurrency sector.
Support for Key Committee Members
Fairshake will provide financial backing to prominent members of the House Financial Services Committee, including House Democratic Caucus Chairman Pete Aguilar, Democratic New Jersey Rep. Josh Gottheimer, Republican Majority Whip Tom Emmer, and Republican Arkansas Rep. French Hill. The PAC will also support Democratic Reps. Janelle Bynum of Oregon, Steven Horsford of Nevada, and Derek Tran of California. Hill, along with Reps. Bryan Steil of Wisconsin and Bill Huizenga of Michigan, will each receive $1 million from the PAC.
Fairshake, the big crypto-industry super PAC, announces a bipartisan list of 32 lawmakers it’s supporting in the midterms: https://t.co/CXBXEatgnC
The Clarity Act, which would split oversight of the cryptocurrency industry between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), failed to advance in the Senate on September 15 after a 49 to 50 vote. The legislation faced opposition from both parties, with Democrats demanding an ethics provision to crack down on former President Donald Trump’s potential profits from his family’s crypto businesses. Republican Sen. Josh Hawley of Missouri, along with other Republicans and Democrats, voted against the bill, citing concerns over the impact on local community banks.
Fairshake, which is primarily funded by crypto companies including Coinbase and venture capitalist firm Andreesen Horowitz, has spent $30 million to oppose former Democratic Ohio Sen. Sherrod Brown, who lost to Republican Ohio Sen. Bernie Moreno in November 2024. The crypto industry has invested at least $206 million into super PACs and hybrid PACs to support pro-crypto candidates in the 2026 election cycle.
Industry and Banking Advocacy
Several organizations, including Digital Chamber, Coinbase, and the Blockchain Association, lobbied for the Clarity Act. In contrast, banking groups such as JP Morgan Chase, the American Banking Association, and the Community Bankers Association opposed the bill. The legislation, which aimed to provide consumer protections and regulate the use of cryptocurrency for traditional financial assets, remains a top priority for the crypto industry.
Source: Daily Caller
