With the U.S. election just one day away, cryptocurrency companies are already investing tens of millions of dollars in the upcoming 2026 cycle. Pro-cryptocurrency, bipartisan super PAC Fairshake and its affiliates have raised $78 million for the 2026 midterm elections, the committee said on Monday.
The $78 million includes more than $30 million raised, as well as an additional $48 million in new commitments from centralized cryptocurrency exchanges Coin library and companies such as Silicon Valley venture capital fund Andreessen Horowitz.
Earlier on Monday, Chris Dixon, a16z general partner and head of the fund’s cryptocurrency book, said: posted a note Explain why the company donated an additional $23 million to Fairshake.
“Whatever happens in the 2024 election, we are committed to supporting policymakers, regardless of party, as they work to create a practical regulatory framework that protects consumers while allowing the industry to grow,” the letter reads.
Dixon added that “supporting PACs like Fairshake is just a critical part of the strategy needed to achieve our larger policy goals,” and a16z will continue to meet with policymakers on both sides of the aisle to provide support for the industry.
All told, a16z has donated $70 million to Fairshake as the VC looks to support the PAC’s larger mission of building a Congress filled with pro-crypto lawmakers.
On Wednesday, Coinbase announced it would donate an additional $25 million to Fairshake.
Coinbase, the largest cryptocurrency exchange in the United States, has been sued by the U.S. Securities and Exchange Commission for allegedly engaging in unregistered securities sales. It is one of Fairshake’s biggest contributors this cycle. The exchange has donated more than $75 million to Fairshake and its affiliated PACs.
“We know we need to pass pro-cryptocurrency legislation in this country,” Coinbase Chief Executive Brian Armstrong said during the company’s third-quarter earnings call. Shares plummeted 15% after the company reported revenue and profit missed targets.
Ripple Labs is another major political donor this cycle, having donated approximately $47 million to Fairshake. CNBC did not immediately receive a response for comment on whether the company would donate to the 2026 midterm elections.
Fairshake told CNBC it raised about $170 million during the cycle and paid out about $135 million.
Much of the organization’s funding can be traced to Coinbase, Andreessen Horowitz, and Ripple Labs. The remaining balance comes from corporate and individual donors. For example, Coinbase CEO Brian Armstrong donated $1 million, while the Winklevoss twins donated $5 million.
Fairshake, launched last year by a consortium of cryptocurrency companies, was one of the highest-spending PACs of 2024, even compared to oil companies and banks, which have historically been important political donors. Nearly half of all corporate money flowing into elections came from the cryptocurrency industry, It is reported From the nonprofit watchdog group Public Citizen.
Fairshake’s spending, which targets House and Senate races in the 2024 cycle, is effective. Public Citizen’s report found that of the 42 primaries that attracted cryptocurrency-backed super PAC funding, 36 were won by candidates backed by the cryptocurrency industry.
Fairshake’s corporate and individual donors want U.S. encryption laws
Dixon and others say they are seeking comprehensive market structure legislation for digital assets, as well as laws governing stablecoins, tokens pegged to the value of real-world assets and now almost synonymous with U.S. dollar-pegged tokens.
“While many industries came to Washington to demand that the rules be rolled back, we came to Washington to demand that these rules be enacted,” Dickson wrote in Monday’s post.
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