Crypto-backed Super PAC reports raising $78M for 2026 midterm efforts

With polls in the 2024 United States elections closing in less than 48 hours, a political action committee (PAC) has already announced millions of dollars raised to support pro-crypto candidates in the 2026 midterms.

In a Nov. 4 notice, the Fairshake PAC reported it had received $48 million in contributions from cryptocurrency exchange Coinbase and venture capital firm Andreessen Horowitz, in addition to the $30 million the committee had “in the bank.”

“We have seen a transformational shift in how both parties look at crypto and blockchain,” said a Fairshake spokesperson, adding:

“We look forward to continuing our strategy of supporting candidates on both sides of the aisle who believe in advancing American innovation, creating jobs, and working together to pass responsible regulation.”

Influence of the crypto industry in an election year

The 2024 US elections have seen millions of dollars from crypto industry advocates funneled through PACs like Fairshake and its affiliates Defend American Jobs and Protect Progress to support Democratic and Republican candidates through media buys.