Crypto-backed super PACs deploy over $120 million to support 32 House candidates in 2026 midterms

Key points

• Fairshake will support 19 Republicans and 13 Democrats in House races.
• The network holds over $120 million in reserves.
• Six candidates will receive at least $1 million each.
• The group is spending $30 million in the Ohio Senate race.
• Fairshake claims a 53-4 record in races it has engaged in.

Background

The 2026 midterm elections are approaching, with major super PACs deploying significant funds in key races. Previous coverage noted intense competition in state and federal races, including Massachusetts primaries and House leadership contests. The crypto industry has been increasingly active in political spending, as seen in the 2024 Ohio Senate race.

How outlets are covering it

Politico and AP News report that Fairshake is backing 32 House candidates, emphasizing its bipartisan approach and large reserves. The Washington Post highlights the group's $30 million spending in the Ohio Senate race to defeat Sherrod Brown, a target of crypto industry opposition since 2024. All sources agree on the scale of crypto industry spending but differ in focus: Politico and AP emphasize the House races, while The Post focuses on the Senate contest.

Why it matters

The massive spending by crypto-backed super PACs signals the industry's growing influence on federal elections. By supporting candidates across both parties, Fairshake aims to shape crypto policy in the House and Senate, potentially impacting regulation and innovation in the digital asset sector.

What to watch

Fairshake will continue spending in the 32 House races and the Ohio Senate race in the final weeks before the midterms. The group's success in these races could determine the composition of the next Congress and its approach to cryptocurrency regulation.