Crypto Buys Congress

The Overnight Superpower

In the span of a single election cycle, the cryptocurrency industry went from a marginal political player to one of the most powerful spending forces in American politics. The vehicle: Fairshake PAC, a bipartisan super PAC backed by the biggest names in crypto.

Fairshake spent $133 million on the 2024 elections, according to FEC filings and tracking by researcher Molly White. Its candidates won at a 91% rate in the general election — a success rate that has made every member of Congress take notice.

The Strategy: Bipartisan Spending

Unlike most super PACs, Fairshake spent on both sides of the aisle. The PAC backed crypto-friendly Democrats and Republicans alike, spending $10 million+ on individual Senate races. This bipartisan approach gave the crypto industry allies in both parties — making it harder for either party to pursue aggressive regulation.

The 91% Win Rate

Of the candidates Fairshake backed in the 2024 general election, 91% won their races. While some of these candidates would likely have won regardless, the number sends a powerful signal: opposing the crypto industry carries a political cost, and supporting it comes with well-funded backing.

The First Loss

Fairshake's first major defeat came in the March 2026 Illinois primary, where the PAC spent over $10 million backing a candidate who ultimately lost. The defeat raised questions about whether crypto money is as invincible as the industry claimed — but with $193 million still in its war chest, Fairshake remains one of the most formidable spending operations in American politics.

Policy Wins

The spending has produced tangible policy results:

• Crypto-friendly legislation: Multiple bills advancing in Congress that would create favorable regulatory frameworks
• Favorable appointments: Crypto-sympathetic regulators named to key positions
• SEC enforcement pullback: Significant reduction in cryptocurrency enforcement actions
• Stand With Crypto: Coinbase-backed grassroots advocacy arm mobilizing voter support

The $193M War Chest

By early 2026, Fairshake's war chest had grown to $193 million for the midterm elections. This represents one of the largest single-industry political spending pools in American history, giving the crypto lobby enormous leverage over every member of Congress facing reelection.

Sources

• Federal Election Commission: Fairshake PAC filings (2023-2026)
• Molly White: Crypto political spending tracker
• OpenSecrets: Cryptocurrency industry political spending reports
• Bloomberg: "Crypto's $133M election spending" (2024)
• The Wall Street Journal: "Fairshake's first loss in Illinois" (March 2026)