The 2024 presidential election has yet to even happen—and the crypto industry is already training its crosshairs on 2026.
On Monday, the crypto super PAC Fairshake, which has already raised some $300 million to influence the outcome of tomorrow’s U.S. elections, announced that it has raised an additional $78 million to support pro-crypto candidates in the 2026 midterms.
Of that fresh funding, $25 million came last week from crypto exchange Coinbase, while another $23 million was announced this morning from venture capital giant Andreessen Horowitz.
Why would crypto’s top players throw so much money at an election two years away, before the results of tomorrow’s presidential election are even known?
One D.C. insider—who requested anonymity to speak candidly—told Decrypt that special interest super PACs like Fairshake wield the most power in Washington in the period after they’ve raised substantial funds, but before they’ve spent those funds on specific candidates.
The source likened such funds—which are announced, but not yet distributed—to a “loaded gun” that Fairshake can now wave around to meaningfully influence federal lawmakers.
“I view it as a reload of the gun,” the source said of today’s fundraise announcement. “The message intended is that regardless of the election outcome, crypto intends to stay highly involved politically; and no matter what happens tomorrow, we’re not going away.”
It would make sense, the source added, to assume that crypto’s historic 2024 spending spree was a one-time aberration, and that, after Tuesday, lawmakers would now be out from under the crypto gun.
Today we’re contributing over $23m in additional funds to Fairshake and its affiliated PACs for the 2026 midterm election cycle.
No matter what happens on Election Day we are taking a long-term approach to our policy efforts.
Contributing to Fairshake is just one important…
— cdixon.eth (@cdixon) November 4, 2024
“I think [today’s] contributions, prior to any outcomes, are meant to dispel that idea,” they said.
Cody Carbone, president of The Digital Chamber, a crypto lobbying group, told Decrypt he agreed with that reading.
“The viewpoint is now: ‘Your position on crypto matters not just until November 5,’” Carbone said of the intended message sent today by Fairshake to lawmakers. “‘Your position matters long-term.’”
The lobbyist elaborated that by signaling its staying power into 2026, Fairshake is doing its best to buck any future narrative that crypto had its political moment, but then lost relevance like “some fringe industries.”
“No,” Carbone said, describing Fairshake’s posturing after today. “We’re going to be compared to the banking industry and the real estate industry in terms of the political influence we wield for the next two, four, eight years.”
A source familiar with Fairshake’s strategy—who also requested anonymity to speak candidly—emphasized the importance of announcing the PAC’s 2026 fundraise today, ahead of tomorrow’s presidential election.
The source told Decrypt that by doubling down on political spending before the outcome of the 2024 election was even clear, crypto’s top donors were showing that their goal—of creating a pro-crypto Congress—had already been accomplished.
“The long-term strategic goal has been achieved,” the source said. “And the metric to show that… is the fact that leading supporters have re-upped their support before knowing the outcome on the first one.”
The overwhelming majority of Fairshake’s funding has come from just three major U.S.-based companies: Coinbase, Andreessen Horowitz, and Ripple. If the super PAC indeed intends to remain a relevant force far beyond 2024, will those three firms be able to replenish Fairshake’s massive coffers indefinitely?
The Digital Chamber’s Carbone thinks that tenuous fundraising question could be central to today’s announcement.
“If tomorrow bodes well, and they’ve already shown that they’re able to do this again in 2026, I think it’s a call to the rest of the industry,” Carbone said, “that it’s time to get onboard and support us, so we don’t have to do the whole lifting by ourselves.”
Edited by Andrew Hayward
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Source: https://decrypt.co/290120/crypto-pac-fairshake-raised-78-million-2026
