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First major push in the general election contests

In the U.S., the Fairshake-led crypto PAC network said it will, for the first time in this election cycle, mount broad support in general-election House races. With less than a month to go before the November midterm elections, the network said it is allocating funds to 32 sitting lawmakers.

The backing list includes 19 Republicans and 13 Democrats. The spending plan stands out as a move to preserve the pro-crypto bloc in Congress ahead of elections that will determine which party controls the House of Representatives and the Senate.

Fairshake said it has set aside at least $1 million for six candidates. The Democrats are Janelle Bynum of Oregon, Steven Horsford of Nevada and Derek Tran of California; the Republicans are French Hill of Arkansas, Bill Huizenga of Michigan and Bryan Steil of Wisconsin. The amounts planned for the other 26 candidates were not disclosed.

Key figures from the campaign war chest

  • Cash on hand in the network’s accounts as of early September: $120.4 million
  • Spending on 57 primary and special elections in this cycle: $71 million
  • Races won by supported candidates: 53

Political influence and financial muscle of crypto companies

According to records from the Federal Election Commission (FEC), Fairshake and its two affiliated super PACs, Protect Progress and Defend American Jobs, entered September with strong cash positions. Protect Progress generally supports Democrats, while Defend American Jobs backs Republicans.

Among the network’s backers are Coinbase, Ripple and the venture capital firm Andreessen Horowitz. Fairshake also spent about $30 million this election cycle on the campaign against Democratic Senate candidate Sherrod Brown in Ohio. In 2024, the network spent about $40 million to help defeat Brown.

Why the CLARITY Act stalemate matters for markets

The new spending push came weeks after the CLARITY Act, the crypto industry’s key market-structure bill, failed to advance in the Senate. That leaves the sector’s biggest legislative priority unresolved, with a major share of the decision on how crypto assets will be regulated in the U.S. now pushed to the next Congress.

The industry supports the bill because it would create clearer rules for token issuance and trading, shift oversight of many digital assets from the Securities and Exchange Commission to the Commodity Futures Trading Commission, and reduce the risk of securities-law enforcement actions.

Lawmakers who could shape the next Congress

All 32 candidates backed by Fairshake voted in favor of the CLARITY Act when the House passed it by 294 to 134 in July 2025. Those supported include French Hill, chair of the House Financial Services Committee, its vice chair Bill Huizenga and Bryan Steil, who leads the digital assets subcommittee.

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