Crypto Leaders Already Have $140 Million For the US Midterms

Fairshake, a pro-crypto Super PAC, announced today that it has $140 million for the US midterms. This represents several months of preparation, culminating in one final push.

The US Congress is holding its ‘Crypto Week’, where leaders are contemplating three pro-industry bills. The midterms are very far away, but these bills will be up for a vote soon. Fairshake may be attempting a big initiative to see the proposals become law.

Crypto Donors Are Preparing For the US Midterms

This is a hot moment for pro-crypto regulation in US politics, and interested parties are trying to ensure that the industry can secure as many wins as possible.

To that end, Fairshake, an influential pro-crypto Super PAC, announced today that it has stockpiled $140 million for next year’s midterm elections.

“Fairshake is stronger than ever as we remain focused on our mission of building lasting support for crypto and blockchain innovation. We are building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country,” said Josh Vlasto, a spokesperson for the group.

However, although $140 million is a huge sum of money, Fairshake has been building its midterm war chest for several months now. Last November, it held $103 million in reserve, and this only increased to $116 million by January.

In other words, the group’s fundraising has apparently slowed down. Before last year’s general election, Fairshake spent $40 million in less than a month, but it took nine months of donations to match this amount for the midterms.

To be clear, this is a huge sum, but why is the Super PAC announcing its stockpile now?

One possible explanation is related to Congress’ Crypto Week, which is currently ongoing. Over the next few days, legislators will review key crypto-related bills, including a new stablecoin framework.

In fact, procedural voting for these regulations is beginning today, making this a particularly relevant moment:

In other words, there’s a clear implication here. Fairshake is interested in these bills, and it’s prepared to assist pro-crypto Congresspeople in the midterms.

Politico reports that it received a recent major funding push from several key industry firms, including Coinbase, Ripple, and a16z.

Still, it’s not certain how Fairshake money will play out in the midterms. In a recent Senate hearing on the CLARITY Act, Senator John Kennedy derailed the conversation with a heated exchange about crypto campaign contributions.

It’s possible that the industry’s political influence could become controversial with the electorate.

Moreover, we’ve already seen one candidate angle for Fairshake money, although his election is a full year before the midterms. Eric Adams recently cast himself as a pro-crypto candidate for NYC mayor, hoping to receive substantial industry support.

So far, Adams’ opponents haven’t discussed crypto much, and Zohran Mamdani is currently leading in the polls. This race could prove a valuable bellwether for Fairshake’s potential impact on the midterms.

For now, though, the midterms are far away, but Fairshake is here now. The US political situation could change dramatically in the next year and a half, and it’s hard to predict how voters will react.

Today, however, these Crypto Week bills are very pressing. If Fairshake can persuade Senators to continue supporting them today, these bills could become law quite soon.