Fairshake Crypto Super PAC Raises $200M Ahead of US Midterms

Crypto-focused Super PAC Fairshake has $193 million in cash as of the end of 2025. The Super PAC spokesperson, Josh Vlasto, reportedly disclosed this ahead of the January 31 deadline for reporting.

According to Vlasto, the Super PAC is prepared to deploy its funds strategically. It will back pro-crypto politicians in the upcoming midterm elections. At the same time, it will work to oppose candidates who take an anti-crypto stance.

He said:

Ripple, Coinbase, and Others Donated Most of the Funds

Fairshake’s massive war chest comes from major crypto companies that have pumped millions into it. Two major donations fueled the surge. Ripple contributed $25 million. Andreessen Horowitz added $24 million in the second half of last year.

As of the first half of 2025, Fairshakes had $141 million in its own report, after receiving $25 million from Coinbase. The publicly listed exchange has now donated $50 million to Fairshake since the 2024 elections.

Interestingly, the $193 million includes donations to its affiliated PACs, the Democrat-focused Protect Congress and the Republican-focused Defend American Jobs.

The super PAC, which supports crypto industry-friendly candidates, was a major player in the 2024 elections. It spent around $195 million during that election cycle, helping more than 50 candidates win congressional seats.

It also opposed several anti-crypto candidates, spending up to $40 million to help defeat Senator Sherrod Brown. Senator Brown was the head of the Senate Banking Committee at the time and staunchly anti-crypto.

Its support for pro-crypto candidates has already proven fruitful for the industry, as Congress passed the GENIUS Act to regulate stablecoins.

Crypto PACs Ready for Midterms as CLARITY Act Stalls

Meanwhile, Fairshake’s disclosure arrives at a critical moment. The Senate is deliberating the CLARITY Act, one of the most pivotal pieces of crypto legislation. This timing underscores the growing intersection of political influence and regulatory decision-making in the industry.

The crypto market structure bill has already faced multiple setbacks, with bipartisan consensus proving tough to reach on key issues.

The Senate Agriculture Committee is expected to have a markup vote on the bill on Thursday. However, the Senate Banking Committee has not communicated a new date for its markup. Disagreements over pending issues, such as ethics and stablecoin yield, remain unresolved.

With the CLARITY Act stalling and the 2026 midterm elections approaching, there are concerns that the bill will be delayed. Such a delay could prove fatal to the proposed legislation, especially if Democrats control Congress.

According to Polymarket, the odds of Democrats winning the House of Representatives at 79% while the Senate odds are 36%. The Democrats controlling the House alone might be enough to derail the bill.

Unsurprisingly, other pro-crypto PACs are planning to spend on the elections. Fellowship PAC said in September that it has $100 million in commitments to support the crypto-friendly candidates.

Another super PAC, the Digital Freedom Fund, focuses solely on supporting pro-crypto Republicans. It recently received $21 million in contributions. The funds came from Gemini exchange founders Tyler and Cameron Winklevoss.