House Race Advertising Surge: Crypto-Focused PACs Deploy $2.7M as Midterm Elections Approach
In its latest push to broaden congressional influence, Fairshake has thrown support behind 32 House contenders, with a notable focus on legislators who supported the CLARITY Act.
Associated organizations linked to Fairshake, the United States political action committee (PAC) primarily financed through contributions from investment banking firm Cantor Fitzgerald, digital currency exchange Coinbase and Ripple Labs, have disclosed expenditures totaling millions of dollars in advertising purchases to back candidates they view as supportive of pro-cryptocurrency asset legislation, with the nation's midterm elections approaching in less than 30 days.
Federal Election Commission (FEC) filings released on Saturday revealed a total of $2.7 million in media-related spending by Protect Progress and Defend American Jobs PACs. These two organizations affiliated with Fairshake documented expenses for media campaigns and direct mail production efforts designed to bolster both Democratic and Republican contenders seeking US House of Representatives positions in 2026.
Among the documented spending were amounts exceeding $76,000 allocated for House Majority Whip Tom Emmer, $73,000 designated for House Agriculture Committee Chair Glenn Thompson, $512,000 earmarked for California Representative Pete Aguilar and $500,000 set aside for New Jersey Representative Josh Gottheimer.
These FEC disclosures came just days after Fairshake revealed its intention to back an additional 32 House candidates in 2026, with six among them slated to each benefit from $1 million in favorable media coverage. The six candidates mentioned for the $1 million support were not part of the Protect Progress and Defend American Jobs expenditure reports, though several sitting members of Congress appeared on the endorsed list, including Emmer, Aguilar, Gottheimer, and Thompson.
According to a Fairshake spokesperson in August, the PAC maintained $122 million in available cash as part of its strategic approach to the midterm elections, with the goal of increasing the number of "pro-crypto" representatives in Congress. This comprehensive strategy encompasses efforts to prevent the reelection of former banking committee chair Sherrod Brown in Ohio's Senate contest, with no less than $30 million designated for media purchases. During his tenure, Brown emerged as one of the prominent Democrats who cast votes against numerous pieces of legislation deemed beneficial to the cryptocurrency sector.
Crypto market structure bill to be a factor in 2026 midterms?
Each candidate receiving Fairshake financial support had cast votes in favor of the Digital Asset Market Clarity (CLARITY) Act in 2025, legislation designed to establish market structure regulations for the digital currency industry, including provisions that would grant the federal commodities regulator, the Commodity Futures Trading Commission, expanded authority for oversight and regulatory enforcement. The legislation achieved passage in the House with support from both political parties but ultimately fell short during a procedural vote in the Senate during September.
Stand With Crypto, a campaign initiated by Coinbase that evaluates lawmakers and political figures according to their public positions and voting histories concerning the cryptocurrency industry, issued a warning following the unsuccessful CLARITY vote that candidates who didn't work to advance the legislation might experience "consequences" during the midterm elections. The organization is working to rally crypto-focused American voters for the approaching election, employing similar tactics to those used during the 2024 electoral contests.