Though the 2024 US election results remain days away from finalization, the Fairshake PAC, a crypto-backed political action committee, is already gearing up for the 2026 midterms. In a notice published on November 4, Fairshake revealed it had secured $78 million in funds, with contributions from key players in the crypto space, including cryptocurrency exchange Coinbase and venture capital firm Andreessen Horowitz.
Coinbase CEO Brian Armstrong announced a $25-million donation to Fairshake on October 30, while Andreessen Horowitz contributed $23 million, adding to the $30 million the PAC already held in reserves. Fairshake’s spokesperson noted a significant change in bipartisan attitudes towards crypto and blockchain technology, saying, “We look forward to supporting candidates on both sides who believe in advancing American innovation, creating jobs, and enacting responsible regulation.”
Crypto’s Influence in the 2024 Election
The Fairshake PAC is not alone in its efforts; similar pro-crypto PACs, including Defend American Jobs and Protect Progress, have been pouring millions into the 2024 election cycle. This funding has aimed to sway both Democratic and Republican candidates toward a crypto-friendly agenda, with significant spending in key races such as the Ohio Senate race. Here, Republican candidate Bernie Moreno is attempting to unseat Democrat Sherrod Brown, Chair of the Senate Banking Committee and a known skeptic of the crypto industry.
High Stakes in 2024: A Divided Congress and Tight Presidential Race
With polls closing on November 5, the stakes are high for both parties. Control over Congress is uncertain, with Republicans fighting to retain the House and Democrats aiming to keep their hold on the Senate. The presidential race is also highly competitive, with Vice President Kamala Harris and Donald Trump both publicly supporting the crypto industry and courting single-issue crypto voters.
Social Media Misinformation on Candidates’ Crypto Policies
Amid the intense campaigning, misinformation around Harris and Trump’s crypto stances has been circulating. On October 30, MicroStrategy’s Michael Saylor mistakenly shared a fake quote suggesting Trump intended to alter Bitcoin tax policy. Both campaigns are urging voters to verify information and avoid social media misrepresentations.
