WASHINGTON – Fairshake, a leading cryptocurrency political organization, is rolling out a bipartisan slate of House candidates it plans to support in the November midterm elections. The group, among the largest-spending interest groups in U.S. politics, is seeking to expand its influence after a year of mixed results for crypto legislation in Congress.
The list, first shared with The Associated Press on Monday, includes 19 Republicans and 13 Democrats. Six candidates will each receive $1 million in support. All 32 backed legislation identified by the cryptocurrency industry as a top priority.
Still, the bipartisan House effort is dwarfed by Fairshake’s largest general-election investment to date. In September, the organization announced plans to spend nearly $30 million opposing Democratic Senate candidate Sherrod Brown of Ohio, who is challenging Republican Sen. Jon Husted in one of the cycle’s most closely watched contests.
Brown was the target of nearly $40 million in cryptocurrency spending in 2024, when he lost to Republican Bernie Moreno. He had not emerged as a major target this year until last month, after Senate Democrats helped block the CLARITY Act. The legislation would have advanced the industry’s push for a federal regulatory framework governing digital assets.
Fairshake declined to say whether it will make additional investments in House or Senate races before November. The organization and its affiliated political action committees reported roughly $120 million in cash on hand at the end of August.
Big spending could shape battleground House races
Three Republicans and three Democrats will receive Fairshake’s largest House investments. Several are competing in difficult reelection races where millions of dollars in outside spending could make a meaningful difference.
The Democratic candidates set to receive $1 million each are Reps. Janelle Bynum of Oregon, Steven Horsford of Nevada and Derek Tran of California.
On the Republican side, the beneficiaries are Reps. French Hill of Arkansas, Bryan Steil of Wisconsin and Bill Huizenga of Michigan, who will also receive $1 million apiece.
Fairshake did not provide spending figures for the remaining 26 House candidates on its list.
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The group is highlighting the cross-party nature of its campaign spending as the cryptocurrency industry looks to the next Congress to revive legislation that stalled this year.
Geoff Vetter, a Fairshake spokesperson, cited the organization’s spending in this year’s primaries and special elections. Fairshake and affiliated groups spent $40 million backing 29 Democrats and $31 million supporting 28 Republicans.
“Fairshake has always been and always will be an issue-focused organization. We back pro-crypto candidates who support American innovation in both parties,” Vetter said. “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.”
More Senate spending remains an open question
In September, Senate Democrats blocked legislation that had been under development for years and was intended to provide greater regulatory certainty for the cryptocurrency industry while dividing oversight among federal regulators. Opponents argued that the bill failed to sufficiently address President Donald Trump’s crypto investments. Trump received more than $1.4 billion in crypto-related income last year.
Fairshake pledged nearly $30 million in spending against Brown shortly after the vote.
The group also targeted Brown in 2024, spending nearly $40 million to help Moreno defeat him. But Fairshake’s Senate spending that year extended across party lines: Its network spent about $10 million each to support Democratic Senate candidates Ruben Gallego of Arizona and Elissa Slotkin of Michigan.
Gallego criticized the decision to target Brown as “dumb politics.”
“You still need 60 votes after this election if you want to pass market structure,” Gallego said, referring to the Senate threshold for advancing most legislation. “Now the negotiations will just get harder and the deal is going to be not as good as they had right before they decided to kill it.”
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