Pro-crypto super political action committees have built a war chest of nearly $200 million ahead of the 2026 midterm elections, with initial spending already shaping primary outcomes. Fairshake, the industry's flagship super PAC, held more than $193 million in cash as of late January, making it one of the best-funded super PACs entering the cycle.

The cryptocurrency sector has directed at least $288 million toward the 2026 contests so far, including contributions to candidates, non-crypto PACs and direct super PAC funding, surpassing its $130 million spend in the full 2024 cycle. Fairshake and affiliates account for much of the unspent $221 million held by pro-crypto super PACs. Major donors include Coinbase, which contributed $56 million, Ripple with $48 million and Andreessen Horowitz at $24 million.

Fairshake claimed an 80% success rate in 68 races during 2024, including 90% in general elections, by focusing on close contests in the final weeks. The group now targets 28 federal battlegrounds, prioritizing candidates on financial oversight committees and those showing pro-crypto records. While bipartisan, spending has leaned Republican, with two-thirds of 2024 outlays going to GOP candidates.

Early action focused on primaries. In Illinois, crypto interests poured $8.6 million into congressional races, led by Fairshake's $5.2 million in attack ads against Lt. Gov. Juliana Stratton's U.S. Senate bid and opposition to state Rep. La Shawn Ford. The PAC also boosted U.S. Rep. Raja Krishnamoorthi with indirect support. Fairshake spent $10 million on ads labeling Stratton part of the "Madigan machine."

The PAC notched first primary victories earlier this month. Incumbent Rep. French Hill (R-Ark.) won his district's Republican primary with 77% after receiving over $400,000 from Fairshake. Jessica Steinmann took 70% in Texas's 8th District Republican primary following $750,000 in backing. Other wins included Chris Gober and Trever Nehls in Texas and Tim Moore in North Carolina. Fairshake opposed Rep. Al Green (D-Texas), who advanced to a runoff after $1.5 million in ads against him.

Industry leaders view the midterms as pivotal for legislation like the stalled Clarity Act, which requires a Senate vote by July. Blockchain Association CEO Summer Mersinger said, "This is the biggest legislative agenda that crypto has ever seen." Solana Policy Institute's Colin McLaren added that spending targets key placements to advance industry interests.