Crypto Super PAC Fairshake Targets 32 Congress Members, Six Each Receive $1 Million
The crypto super PAC Fairshake and its affiliated organizations announced that they will support 32 incumbent Congress members in the 2026 U.S. midterm elections, including 19 Republicans and 13 Democrats. Six of them are each allocated $1 million, totaling at least $6 million. The amounts for the remaining 26 members have not been disclosed.
The Democrats receiving $1 million each are Janelle Bynum from Oregon, Steven Horsford from Nevada, and Derek Tran from California. The Republicans are French Hill from Arkansas, Bill Huizenga from Michigan, and Bryan Steil from Wisconsin. This funding is for election expenditures, not direct donations to campaign accounts. Spokesperson Geoff Vetter stated that support is based on crypto policy positions, not party affiliation.
All 32 voted in favor of the CLARITY Act, which passed the House in July 2025 with a vote of 294 to 134. The bill aims to clarify the federal regulatory division of digital assets. The Senate failed to advance a broader market structure bill in September 2026, leaving the industry's main legislation pending. Hill is the chair of the House Financial Services Committee, Huizenga is the vice chair, and Steil leads its digital assets subcommittee.
Major funders of Fairshake include Coinbase, Ripple Labs, and Andreessen Horowitz. CNBC reported that the network and its two affiliated organizations had approximately $120.4 million in cash as of September. Other reports indicate that advertising expenditures for the 2026 cycle are expected to exceed $100 million, with at least $30 million targeting the Ohio Senate race against Sherrod Brown. The midterm election date is November 3.
The Republican list also includes Tom Emmer, Jason Smith, and Frank Lucas, while the Democratic list includes Pete Aguilar, Josh Gottheimer, Sarah McBride, and Terri Sewell. The selection criteria were not based on seat safety but rather on whether they voted in favor of the CLARITY Act and whether the next Congress might encounter the bill.
The buyers are exchanges, stablecoin companies, and venture capitalists making independent expenditures through super PACs, while the sellers are the current incumbents' re-election ad spots from both parties. This is a seat lock following the bill's stagnation in the Senate. Money flows from the industry to House Financial Services-related seats. The committee chair, vice chair, and digital assets subcommittee head benefit from the ads, while those who voted against and the targeted opponent in Ohio face pressure.
Source: Public Information
ABAB AI Insight
Fairshake is funded by Coinbase, Ripple, and Andreessen Horowitz for the 2024 cycle, using independent expenditures to advocate for crypto positions rather than aligning by party. After the House passed the CLARITY Act 294 to 134 in 2025, the list directly reflects those who voted in favor. The Senate stalled the market structure bill in September 2026, and on October 5, they preemptively bought ad space for the next House committee positions.
The $120.4 million cash has not been distributed across the 32 seats. The disclosed $6 million is concentrated on Hill, Huizenga, Steil, and three Democratic supporters. Hill oversees the Financial Services Committee, and Steil leads the digital assets subcommittee, which is the entry point for the bill's reintroduction. At least $30 million is reserved for Sherrod Brown in Ohio, indicating a split budget between Senate blockers and House procedural leaders.
The approach is similar to how banks and energy companies use super PACs to secure committee chairs, and it aligns with Fairshake's strategy to limit spending to a few key primaries in 2024. The difference this time is the public listing of bipartisan supporters to avoid the market structure bill being framed as a partisan issue. The industry is in a phase of legislative control, and exchanges want to ensure that the next Congress includes the CLARITY Act in its agenda.
The essence is pricing seats before regulatory changes. The bill's text is already written, but it is stalled in the Senate and the next committee. Independent expenditures do not go into candidates' accounts but can buy ads to tie votes in favor with re-election. Cash is still available, and only the first tranche has been disclosed; the amounts for the remaining 26 seats can still be adjusted based on election conditions.
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When the bill is stalled in voting, money is first locked to seats.
The chair position is worth more than party affiliation.
The disclosed expenditures set the pricing for the agenda.