Republicans have delivered major policy wins for crypto in Washington, yet the industry's biggest political spender is drawing their ire by failing to deploy its funds for the upcoming midterms. The frustration centers on Fairshake, a pro-crypto super PAC that holds a massive $165 million war chest, according to Axios.
The organization, largely funded by Coinbase, has not announced which races it will target, prompting alarm among GOP lawmakers. They point to key legislative victories like the CLARITY Act, which would define how digital assets are regulated and was recently advanced out of the Senate Banking Committee along party lines — all 13 GOP members voted in favor, with Democrats opposing 9-2.
Data from Axios shows Fairshake's $165 million makes it the biggest political war chest of any industry in America. How that cash is deployed could help decide the November elections. Republicans are particularly concerned that Fairshake has yet to say whether it will oppose Ohio Democrat Sherrod Brown, who is running for Senate after losing reelection in 2024.
Fairshake has announced plans to target Brown, but the super PAC has not specified the scale or timing of that effort. The delay has infuriated GOP strategists who argue the industry owes them support after they advanced pro-crypto legislation through committee.
A counter argument holds that Fairshake may be strategically waiting to maximize its impact later in the cycle. By holding its fire, the PAC could force candidates to compete for its endorsement and ensure its money is spent where it will have the greatest effect.