Fairshake and its affiliated super PACs are backing 32 House candidates in the midterm elections, committing at least $1 million apiece to six incumbents as the crypto industry's largest political network enters the fall with $120.4 million in cash on hand.
The network — Fairshake, Protect Progress and Defend American Jobs — ended September with that combined reserve, according to CNBC, giving it the resources to spend heavily in the final weeks before November's vote. The six incumbents receiving seven-figure commitments include Democratic Reps. Janelle Bynum of Oregon and Steven Horsford of Nevada.
The spending builds on a primary season in which Fairshake's network put $71 million into 57 primaries and special elections. Its preferred candidates won 53 of those contests, a roughly 93% success rate that has made the network one of the most effective outside spenders in either party this cycle.
The three-committee structure lets Fairshake direct money where it is most useful. Protect Progress typically backs Democrats, Defend American Jobs supports Republicans, and Fairshake itself operates in both parties' primaries. That arrangement allows the crypto industry to reward allies regardless of party while avoiding the appearance of a single partisan operation.
The scale of the war chest reflects how aggressively the digital-asset industry has moved into electoral politics since the 2022 midterms, when crypto-friendly candidates and committees began spending in earnest. Industry donors have treated favorable regulation — particularly legislation governing how digital assets are classified and overseen — as a priority that requires allies in Congress, not just lobbyists.
The $1 million-plus commitments to sitting members signal that Fairshake is focused on protecting incumbents who have sided with the industry on crypto legislation, rather than only trying to flip open seats. Bynum and Horsford are among the Democrats the network has chosen to shield with early, large commitments.
With $120.4 million available and roughly two months of campaigning left, the network is positioned to spend at levels that could rival the largest party-aligned super PACs in individual House races. Candidates backed by Fairshake in the primaries have so far converted that support into wins at a rate that few outside groups match.
