Crypto-Backed PACs Flood US Elections With $130M in 2024 Campaigns
A powerful crypto-backed political group has poured millions into US elections this year. Fairshake PAC, funded by firms like Ripple Labs and Coinbase, spent roughly $130 million during the 2024 cycle. Its focus remains on candidates who push for clearer regulations around digital currencies.
The group’s latest spending targeted key races in Georgia, Alabama, and Kentucky, with a strong record of success so far. Fairshake PAC directed about $20 million toward three US primary elections. In Alabama’s Senate race, the group spent around $5 million on ads supporting Barry Moore. All candidates backed by the PAC either won outright or moved on to runoffs.
Beyond Fairshake, affiliated groups like Defend American Jobs and Protect Progress also played a role. Protect Progress previously spent about $2 million to back Yadira Caraveo in her House primary. These organisations supported both Republican and Democratic candidates, depending on their stance on crypto policies.
The PAC entered the current election cycle with roughly $193 million available. Looking ahead, crypto-linked Super PACs now plan to spend about $271 million during the 2026 midterms. Their strategy centres on shaping policy by backing lawmakers who favour structured crypto regulation. Fairshake PAC’s heavy spending has already influenced primary outcomes in multiple states. With a war chest of nearly $200 million and plans for even larger investments in 2026, the group’s financial clout will likely remain a major factor in upcoming elections. The focus stays on candidates willing to advocate for clearer rules in the crypto industry.
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