The Crypto Industry and US Elections

The political committee Fairshake, backed by the cryptocurrency industry, has accumulated $193 million ahead of the 2026 US midterm elections. This is 37% more than in July last year, largely thanks to major donations from leading industry players. The amount is impressive – and shows that the crypto industry is ready to spend tens of millions to shape the political landscape in its favor.

According to Fairshake spokesperson Josh Vlasto, the largest donors were Ripple Labs ($25 million), venture fund a16z ($24 million), and the Coinbase exchange ($25 million). These funds helped the committee accumulate resources for media support and political campaigns, although official data from the Federal Election Commission has not yet confirmed the exact amount. “Ahead of the midterm elections, we are united by our mission – Fairshake supports leaders who stand for digital assets and counters critics of the crypto industry,” Vlasto emphasized.

In 2024, Fairshake spent more than $130 million on media, supporting candidates it considered “crypto-friendly” and opposing their rivals. The strategy for 2026, judging by statements, will be similar – only the scale may be even larger. A PAC, or political action committee, operates under strict oversight by the Federal Election Commission, raising and distributing funds to support or oppose candidates and legislative initiatives.

Fairshake is far from the only player.

In 2025, new structures linked to the crypto industry emerged. Gemini and Crypto.com contributed $21 million to a committee supporting Donald Trump.

Gemini co-founders Cameron and Tyler Winklevoss personally transferred $21 million in bitcoin to the Digital Freedom Fund committee. The Fellowship, which supports candidates in favor of innovation and digital assets, reported having $100 million, while the Kraken exchange allocated $2 million to Freedom Fund and America First Digital.

Beyond financing, Fairshake is actively running media campaigns. In 2025, the committee spent more than $2 million supporting candidates in special congressional elections in districts in Virginia and Florida. The bulk of spending is expected closer to November 2026.

Among races potentially interesting to the crypto community are the attempt by former Ohio senator Sherrod Brown to return to the Senate after his defeat in 2024, as well as the candidacy of lawyer John Deaton, who represents XRP holders and is again running for the Senate after losing to Elizabeth Warren.

From an analytical perspective, the concentration of political investments by the crypto industry in the hands of a few major players resembles the strategy of technology giants in the early 2000s. At that time, Microsoft, Google, and other companies invested heavily in lobbying following antitrust proceedings.

Today, Fairshake’s volumes – $193 million – are comparable to the annual lobbying budgets of the entire pharmaceutical industry. The paradox is that an industry that positioned itself as an alternative to traditional financial institutions is now integrating into the very same influence mechanisms it once opposed. In effect, crypto companies are buying political influence rather than investing in technological development or regulatory compliance. In summary,

Fairshake and other crypto committees demonstrate that the digital asset industry does not intend to remain on the sidelines of American politics. Money that once went into technological innovation is now actively directed toward building political alliances. And this means that the crypto community of 2026 may influence US policy no less than traditional industries with decades-long lobbying budgets.