Fairshake backs 32 House candidates after crypto bill stalls

Fairshake plans to support 32 House candidates from both parties in November’s midterm elections, directing $1 million in spending to six of them as the crypto industry seeks to revive legislation stalled in the Senate, according to the Associated Press report.

The spending runs through Fairshake, a crypto-focused super PAC. The Federal Election Commission says super PACs can pay for independent political activity, but cannot use those funds for direct or coordinated contributions to federal candidates. In practice, the group can finance its own election messaging about candidates; it does not hand the candidate’s campaign a donation. The FEC’s guide to super PACs explains the rule.

Who gets the six $1 million commitments?

Three Democrats and three Republicans are each set to receive $1 million in planned spending. Fairshake plans to support Reps. Janelle Bynum of Oregon, Steven Horsford of Nevada and Derek Tran of California on the Democratic side. The Republican recipients are Reps. French Hill of Arkansas, Bryan Steil of Wisconsin and Bill Huizenga of Michigan.

The full slate has 19 Republicans and 13 Democrats. All 32 supported the industry-backed CLARITY Act, which passed the House but stalled in the Senate. Fairshake has not disclosed how much it plans to spend on the other 26 House candidates, so the six commitments do not show the total cost of the slate.

What does the Senate setback have to do with the spending?

The bill aimed to establish a federal regulatory framework for digital assets and divide oversight between federal regulators. Senate Democrats blocked it in September. Opponents raised concerns that it did not adequately address President Donald Trump’s crypto investments, the AP reported.

Fairshake soon pledged nearly $30 million against Democratic Senate candidate Sherrod Brown in Ohio, who is challenging Republican Sen. Jon Husted. Brown had faced nearly $40 million in crypto spending in 2024, when he lost to Republican Bernie Moreno. The House commitments are a separate part of the group’s election activity.

How much more could Fairshake spend?

Fairshake and its affiliated PACs reported about $120 million in cash on hand at the end of August. The group has not said whether it will spend more in House or Senate races before November. That leaves the disclosed $6 million in House commitments as a partial picture of the group’s plans, rather than a budget for all 32 races.

Fairshake spokesperson Geoff Vetter described the group as issue-focused and said it backs candidates who support crypto in both parties. The spending gives the industry a way to support lawmakers who backed its bill while it looks to the next Congress for another chance to advance a federal market-structure framework.

Sources

• the Associated Press report — apnews.com
• guide to super PACs — fec.gov