Crypto PACs Spend $2.7M on House Races

Affiliate entities of Fairshake, a prominent organization primarily funded by Andreessen Horowitz, Coinbase, and Ripple Labs, reported significant advertising expenditures, making them influential Crypto PACs. These funds supported candidates perceived as favorable to digital asset policies in the lead-up to the country's midterm elections.

Filings with the US Federal Election Commission (FEC) on Saturday indicated combined spending of $2.7 million by the Defend American Jobs and Protect Progress PACs. These Fairshake affiliates reported outlays for media and direct mail to back both Democratic and Republican candidates vying for US House of Representatives seats in 2026.

Specific expenditures included over $76,000 for House Majority Whip Tom Emmer, $73,000 for House Agriculture Committee Chair Glenn Thompson, $512,000 for California Representative Pete Aguilar, and $500,000 for New Jersey Representative Josh Gottheimer.

The FEC reports followed Fairshake's earlier announcement of its intention to endorse an additional 32 House candidates for 2026. This plan included allocating $1 million in supportive media to six of these candidates. While none of these six were part of the recent Defend American Jobs and Protect Progress expenditures, several incumbents, including Emmer, Aguilar, Gottheimer, and Thompson, were on the broader endorsement list.

As of August, a Fairshake representative stated the Crypto PACs held $122 million in cash reserves. This capital is part of a midterm election strategy aimed at increasing the number of pro-crypto candidates in Congress. This strategy also involves opposing the election of former banking committee chair Sherrod Brown in Ohio's Senate race, with at least $30 million earmarked for media buys. Brown, during his tenure, voted against numerous bills considered beneficial to the crypto industry.

All candidates who received support from Fairshake's spending previously voted in favor of the Digital Asset Market Clarity (CLARITY) Act in 2025. This bill sought to establish market structure rules for the cryptocurrency industry, including granting the Commodity Futures Trading Commission (CFTC) increased authority for oversight and enforcement. The bill passed the House with bipartisan support but did not advance past a procedural vote in the Senate in September.

Stand With Crypto, a Coinbase-initiated group that assesses lawmakers based on their crypto-related statements and voting records, issued a warning after the CLARITY Act's failure. The group indicated that candidates who did not support advancing such legislation could face repercussions in the midterms. This organization aims to mobilize crypto-focused US voters in the upcoming election, mirroring its efforts in the 2024 races.