Key facts
- Crypto PACs Defend American Jobs and Protect Progress reported $2.7 million in spending.
- The PACs are funded by Cantor Fitzgerald, Coinbase, and Ripple Labs.
- Expenditures target candidates for US House of Representatives seats in 2026.
- Notable recipients include Reps. Tom Emmer, Glenn Thompson, Pete Aguilar, and Josh Gottheimer.
- Fairshake aims to elect more "pro-crypto" candidates to Congress.
- The PAC has $122 million in cash on hand as part of its midterm election strategy.
Affiliate entities of Fairshake, a political action committee largely funded by Cantor Fitzgerald, Coinbase, and Ripple Labs, have reported spending $2.7 million on media and direct mail to support candidates for US House of Representatives seats in 2026. The expenditures, filed with the US Federal Election Commission, are part of a broader strategy to elect politicians favorable to digital asset policy as the US midterm elections approach.
Specific expenditures included over $76,000 for House Majority Whip Tom Emmer, $73,000 for House Agriculture Committee Chair Glenn Thompson, $512,000 for California Representative Pete Aguilar, and $500,000 for New Jersey Representative Josh Gottheimer. These candidates, along with others, are being supported by Fairshake due to their perceived pro-crypto stances.
Fairshake recently announced plans to endorse an additional 32 House candidates in 2026, with six of them slated to receive $1 million each in supportive media. The PAC reported having $122 million in cash on hand as of August, indicating a significant commitment to its election strategy. This strategy also includes opposing former banking committee chair Sherrod Brown in Ohio's Senate race with at least $30 million allocated for media buys.
The targeted candidates, including Emmer, Aguilar, Gottheimer, and Thompson, all voted for the Digital Asset Market Clarity (CLARITY) Act in 2025. This bill, intended to establish market structure rules for the cryptocurrency industry and grant the Commodity Futures Trading Commission more regulatory authority, passed the House with bipartisan support but failed a procedural vote in the Senate in September.
Stand With Crypto, an initiative by Coinbase that tracks lawmakers' voting records on crypto-related issues, had previously warned that candidates who did not advance such legislation could face repercussions in the midterms.