The crypto-focused political action committee Fairshake closed 2025 with $193 million in fundraising, arming the group with a sizable war chest as Congress prepares to vote on landmark cryptocurrency legislation and the 2026 US midterms begin to take shape.
Key Takeaways:
- Fairshake raised $193 million, strengthening its influence ahead of US crypto legislation and the 2026 midterms.
- Donations from Ripple, a16z and Coinbase powered the fundraising surge.
- New crypto-backed PACs are intensifying competition in US political spending.
The total combines funds raised directly by Fairshake and its affiliated committees, including Democrat-aligned Protect Progress and Republican-backed Defend American Jobs, according to CNBC.
The structure allows the network to support candidates across party lines, a strategy it says is aimed at building broad support for digital asset policy in Washington.
Ripple, a16z and Coinbase Fuel Fairshake’s Fundraising Surge
Two large donations in the second half of last year pushed the tally sharply higher.
Blockchain firm Ripple contributed $25 million, while venture capital heavyweight Andreessen Horowitz added $24 million through its crypto arm, a16z.
Earlier in 2025, Coinbase donated $25 million, shortly before Fairshake disclosed it had already accumulated $141 million.
The fundraising figure nearly matches what Fairshake collected during the entire 2024 election cycle.
Federal Election Commission data show the PAC spent about $195 million last cycle, backing candidates it viewed as supportive of digital assets.
That spending coincided with Congress passing initial “rules of the road” legislation for stablecoins, a development the industry has pointed to as evidence of its growing influence.
Attention has now shifted to a broader digital asset bill that lawmakers have been negotiating for months.
Part of the proposal is scheduled to receive its first vote this week in the Senate Agriculture Committee, while a parallel section under the Senate Banking Committee has been delayed amid ongoing disagreements.
Fairshake reported spending more than $130 million on media buys during the 2024 federal elections, promoting candidates it labeled “pro-crypto” and targeting opponents it considered hostile to the sector.
While it was among the largest crypto-backed spenders last cycle, it now faces a more crowded field.
Several industry-linked PACs emerged in 2025. Entities associated with exchanges Gemini and Crypto.com disclosed a combined $21 million donation to a pro-Trump super PAC, while Gemini co-founders Cameron and Tyler Winklevoss separately sent $21 million worth of Bitcoin to the Digital Freedom Fund PAC.
Crypto exchange Kraken also committed $2 million to pro-crypto political efforts.
Fairshake has already tested the waters in 2025, spending more than $2 million on special House elections in Virginia and Florida.
US Crypto Market Bill Faces Delay as 2026 Midterms Loom
A major push to establish a unified regulatory framework for digital assets in the United States could stall as lawmakers turn their focus to the 2026 midterm elections, according to a warning from TD Cowen.
The bank said growing political risk may slow progress on the sweeping crypto market structure bill now moving through Congress.
TD Cowen’s Washington Research Group said the legislation is increasingly likely to pass in 2027 rather than this year, with full implementation potentially slipping to 2029.
Analysts warned that Senate Democrats may hesitate to support the bill ahead of elections that could reshape control of Congress, opting instead to delay key decisions until after the vote.
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