By Ripple, Coinbase, a16z, Gemini fuel $193m Fairshake crypto PAC push
Fairshake and allied crypto PACs have raised $193m from Ripple, Coinbase, a16z and others as Congress wrangles over U.S. digital asset rules ahead of the 2026 midterms.
Summary
- Fairshake and its affiliates amassed $193m by end‑2024 to back pro‑crypto candidates in 2025–2026.
- Ripple, Coinbase, a16z, Gemini, Crypto.com and Kraken anchor a multi‑million‑dollar industry lobbying push.
- TD Cowen now sees comprehensive U.S. digital asset legislation slipping to 2027–2029 amid election politics.
Fairshake, a cryptocurrency-focused political action committee, raised $193 million by the end of 2024, positioning the group ahead of congressional votes on digital asset legislation and the 2026 U.S. midterm elections, according to CNBC.
Fairshake shakes up the crypto PAC landscape
The total includes funds raised directly by Fairshake and its affiliated committees, Protect Progress and Defend American Jobs, which align with Democratic and Republican candidates respectively. The structure enables the network to support candidates across party lines, according to the organization.
Ripple, a blockchain firm, contributed $25 million in the second half of 2024, while venture capital firm Andreessen Horowitz donated $24 million through its cryptocurrency division, a16z. Coinbase provided $25 million earlier in 2024, shortly before Fairshake disclosed it had accumulated $141 million.
The fundraising figure approaches what Fairshake collected during the entire 2024 election cycle. Federal Election Commission data show the PAC spent approximately $195 million during the last cycle supporting candidates it identified as favorable to digital assets. That spending period coincided with Congress passing initial legislation establishing regulatory guidelines for stablecoins.
A broader digital asset bill currently under negotiation in Congress is scheduled to receive its first vote this week in the Senate Agriculture Committee, while a parallel section under consideration by the Senate Banking Committee has been delayed amid ongoing disagreements, according to reports.
Fairshake reported spending more than $130 million on media purchases during the 2024 federal elections, promoting candidates it labeled “pro-crypto” and targeting opponents it considered hostile to the sector. The PAC now faces competition from several industry-linked political action committees that emerged in 2024.
Entities associated with cryptocurrency exchanges Gemini and Crypto.com disclosed a combined $21 million donation to a pro-Trump super PAC, according to reports. Gemini co-founders Cameron and Tyler Winklevoss separately donated $21 million worth of Bitcoin to the Digital Freedom Fund PAC. Cryptocurrency exchange Kraken committed $2 million to pro-crypto political efforts.
Fairshake spent more than $2 million on special House elections in Virginia and Florida in early 2025, according to the organization.
TD Cowen warned that efforts to establish a unified regulatory framework for digital assets in the United States could stall as lawmakers shift focus to the 2026 midterm elections. The bank’s Washington Research Group said the legislation is increasingly likely to pass in 2027 rather than 2025, with full implementation potentially delayed until 2029. Analysts stated that Senate Democrats may hesitate to support the bill ahead of elections that could reshape control of Congress.
