What Happened to Fairshake PAC?

Fairshake PAC emerged in March 2023 as a formidable political action committee, founded by leading entities within the cryptocurrency industry, including Coinbase, Ripple Labs, and Andreessen Horowitz. Its primary mission is to secure the United States as a hub for blockchain innovation by electing candidates committed to establishing clear regulatory and legal frameworks for digital assets. The PAC was formed partly in response to what Ripple Labs CEO Brad Garlinghouse described as the Securities and Exchange Commission's aggressive approach to cryptocurrency regulation.

In its initial phase, Fairshake quickly amassed a substantial war chest. By December 2023, it announced having $78 million for the 2024 election cycle. Major contributions poured in, with Coinbase providing $93.5 million, Ripple Labs $45 million, and Andreessen Horowitz contributing $33.5 million from its co-founders, Marc Andreessen and Ben Horowitz, by December 2024. The PAC also established affiliated groups, Protect Progress (supporting Democrats) and Defend American Jobs (supporting Republicans), to execute its bipartisan strategy.

The 2024 election cycle marked Fairshake's significant entry into political spending. It spent approximately $195.8 million, making it one of the largest single-issue PACs. The PAC achieved a remarkable success rate, with 33 out of 35 primary contests going its way and over 90% of its supported candidates winning in the general election. Its spending often focused on opposing perceived anti-crypto candidates, such as Katie Porter and Jamaal Bowman, through character attack ads that often did not explicitly mention cryptocurrency.

Transitioning into the 2026 midterm election cycle, Fairshake continued its aggressive fundraising and spending. By January 2026, Fairshake and its affiliates reported a war chest of over $193 million, surpassing its 2024 spending. This figure includes fresh contributions, with Ripple adding another $25 million in February 2026, bringing its total to $50 million. The PAC's strategy for 2026 includes targeting candidates on key congressional committees overseeing financial markets and advocating for legislation like the Digital Asset Market Clarity (CLARITY) Act, which passed the House in July 2025 but stalled in the Senate.

Throughout 2026, Fairshake has actively intervened in numerous primary races. In March 2026, it spent approximately $2.5 million opposing La Shawn Ford and $10 million opposing Juliana Stratton in Illinois Democratic primaries. It also spent $5 million to support Republican Barry Moore in Alabama's U.S. Senate primary, often highlighting endorsements from figures like Donald Trump in its ads. In May 2026, Fairshake supported candidates like Jasmine Clark in Georgia and Barry Moore (AL) and Andy Barr (KY) with millions in advertising. The PAC continued its streak of primary victories in August 2026, with Fairshake-backed candidates winning in Michigan and Washington.

As of August 18, 2026, Fairshake remains a dominant and well-funded player in the U.S. political landscape. Its latest FEC filings as of June 30, 2026, show it has received nearly $137 million in the 2026 election cycle and holds about $127 million cash on hand. The PAC's continued substantial spending and strategic interventions underscore the cryptocurrency industry's concerted effort to shape regulatory outcomes and elect a Congress favorable to its interests, making it a critical entity to watch in the upcoming November midterms.