Crypto-aligned PACs hold $95 million for U.S. elections

The Fairshake political action committee (PAC) and its affiliates, Defend American Jobs and Protect Progress, held more than $95 million at the end of September. These groups, backed by major industry players including Coinbase, Ripple, and Andreessen Horowitz, are preparing for the 2026 U.S. midterm elections by supporting candidates who favor cryptocurrency industry policies.

Protect Progress recently disclosed $362,000 in media spending to support incumbent Democrat Aisha Wahab in California’s 14th congressional district. This follows Wahab’s victory in an August special election to succeed Eric Swalwell. Both Wahab and her primary challenger, Melissa Hernandez, had previously signaled alignment with the crypto industry.

In Ohio, the Defend American Jobs committee has spent $46.6 million on media advertising to support Republican Senator Jon Husted and oppose former Senator Sherrod Brown. This spending has already exceeded the group's initial $30 million plan for the race. Fairshake has also identified 32 incumbent House candidates for potential support, with plans to allocate $1 million each to six of them.