Crypto Megadonors Play It Safe In The House

The cryptocurrency industry’s leading super PAC is gearing up to deploy millions of dollars to help allies in House races across the country — but not ones who need it most.

Of the 32 House incumbents that the Fairshake PAC network plans to support, all but four are running in races that the nonpartisan Cook Political Report says are “safe,” meaning they are unlikely to be competitive.

“It’s a lot of races that are, in a year with a big battlefield, not really part of that big battlefield,” said Andy LaVigne, director of politics and partnerships at the center-left group Third Way.

The spending approach allows the crypto industry to build a large bench of allies who it expects to go on to support its cause once in office. The tactic also helps the super PAC rack up an eye-popping winning percentage that can instill fear among members when it comes to potentially acting against crypto interests. But on net, the spending is likely to do little to impact the overall balance of power in the House, even as the possibility of Democrats returning to majorities threatens the industry’s agenda.

The list of House candidates the industry is backing did not include several prominent allies who are at risk of losing their seats, including GOP Reps. Zach Nunn of Iowa and Mike Lawler of New York and Democratic Reps. Don Davis of North Carolina and Shomari Figures of Alabama.

“One of the rules for advocacy-oriented spending is that you back your friends,” LaVigne said. “If those are people that have been strong for the industry, it is strange to see them not getting the help.”

Fairshake, funded primarily by the crypto firms Coinbase and Ripple and the venture capital giant Andreessen Horowitz, ended August with more than $120 million in the bank across the three super PACs it controls.

A spokesperson for the group pointed to a statement released earlier this week saying that “Fairshake has always been and always will be an issue-focused organization.”

“We back pro-crypto candidates who support American innovation in both parties,” said spokesperson Geoff Vetter. The statement also touted Fairshake’s record, saying: “We’ve won 53 of the 57 races we engaged in this cycle and look forward to continuing to build on the largest pro-crypto caucus in American history.”

All 32 candidates the group is backing supported an industry-friendly crypto bill known as the Clarity Act that passed the House last year before falling apart in the Senate last month.

“They’re a bit of a different type of independent spender than we’re used to seeing,” said Brendan Glavin, director of insights at OpenSecrets, which tracks campaign spending.

Outside groups “that are spending at the level that the crypto interests are prepared to spend at” are traditionally “very election focused,” he said. “And here, they’re very issue focused. So that takes away from having to focus on races that are strictly very competitive.”

Still, while the crypto PAC is spending in many safe House contests, it is taking a vastly different approach in the Senate.

Most notably, Fairshake is preparing to dump at least $30 million into the highly competitive Ohio Senate race to help block former Sen. Sherrod Brown from returning to Washington — a level of spending that dwarfs what it is doing in any individual House race. Brown previously served as chair of the Senate Banking Committee, where he was a key roadblock to industry-friendly crypto legislation and often used the perch to criticize the industry. Fairshake spent more than $40 million to help defeat him in 2024.

It is unclear if Fairshake will play in other Senate contests, but its Ohio spending began shortly after Democrats in the chamber voted down the Clarity Act last month. The group spent to help both Democrats and Republicans who signaled support for the industry during the 2024 cycle, but following the downfall of the legislation, some Democrats now fear that its spending will go against them in other big races.

The group also played a significant role in several competitive House and Senate primaries this year, including more than $6 million in spending to help Rep. Christian Menefee take down Rep. Al Green in a Texas Democratic primary, more than $12 million supporting GOP Rep. Barry Moore in the Alabama Senate primary and more than $5 million backing Adrian Boafo in a Maryland House primary.

While it’s unclear how much cash the PAC group will devote to each general election House race, it has said it plans to plow at least $1 million into six respective races that are among the most competitive of its targets.

Fairshake’s $1 million for House races include GOP Financial Services Chair French Hill’s reelection contest, which Democrats are now targeting with spending even though President Donald Trump carried the central Arkansas district by more than 15 points in 2024. The crypto PACs are also deploying $1 million to help GOP Reps. Bryan Steil of Wisconsin and Bill Huizenga of Michigan, both crypto allies who sit on the Financial Services Committee. The two lawmakers could face competitive reelections next month if Democrats overperform.

And it is spending at least $1 million to benefit three Democrats: Reps. Janelle Bynum of Oregon, Steven Horsford of Nevada and Derek Tran of California.