A political action committee (PAC) disclosed it had raised millions of dollars to support pro-crypto candidates in the 2026 midterm elections, with the 2024 United States elections closing in less than 48 hours.
In a November 4 notice, the Fairshake PAC disclosed receiving $48 million in contributions from Coinbase, a cryptocurrency exchange, and Andreessen Horowitz, a venture capital firm. This sum was in addition to the $30 million the committee had “in the bank.”
Brian Armstrong, the CEO of Coinbase, announced a $25-million donation to Fairshake on October 30, and the PAC reported receiving $23 million from Andreessen Horowitz.
“We have observed a significant change in the perspectives of both parties regarding blockchain and cryptocurrency,” stated a spokesperson for Fairshake.
“We look forward to continuing our strategy of supporting candidates on both sides of the aisle who believe in advancing American innovation, creating jobs, and working together to pass responsible regulation.”
The crypto industry in an election year
The 2024 US elections have witnessed the allocation of millions of dollars from crypto industry advocates to PACs such as Fairshake and its affiliates Defend American Jobs and Protect Progress to support Democratic and Republican candidates through media buys.
The Ohio Senate campaign, in which Republican Bernie Moreno attempts to unseat Democrat Sherrod Brown, the chair of the Senate Banking Committee, received some of the most substantial expenditures.
It is uncertain whether Republicans will retain control of the House of Representatives or the Senate beginning in 2025, given the anticipated exceptionally close results in numerous elections and the fact that Election Day is on November 5. Many pollsters regard the presidential contest between Vice President Kamala Harris and Donald Trump as a coin toss.
The Republican campaign has made last-minute appeals to single-issue voters, and both Vice President Harris and Trump have pledged to support the crypto industry if elected.
Social media platforms are also replete with misinformation regarding the policies of the two candidates and the election.
Michael Saylor, the executive chair of MicroStrategy, disseminated a fabricated quotation from Trump on October 30, advocating for modifying Bitcoin taxes.
