Crypto-backed super PACs, led by the $193M Fairshake, went undefeated in the June 2026 primaries, with all 11 of their supported candidates winning. The bipartisan strategy favored Democrats (10 of 11 wins) and aims to build support for legislation like the CLARITY Act. This success follows a high-win-rate 2024 cycle and sets up a strategic test in California, where vocal critic Rep. Brad Sherman is in a safely Democratic seat.
Sherman-Thompson CA-32 rematch
- ▪Sherman will face a rematch with pro-crypto Republican Larry Thompson, whom he defeated by 32.4 points in 2024
- ▪Rep. Brad Sherman (D-CA) advanced to the November general election in California’s 32nd Congressional District
Sherman's anti-crypto legislative record
- ▪Rep. Brad Sherman, a 30-year congressional veteran, is a vocal crypto critic who voted against the CLARITY Act
- ▪Sherman has characterized the digital asset industry as a vehicle for tax evasion and illicit finance
- ▪Sherman and Rep. Maxine Waters pointed to a "troubling correlation" between at least 12 dismissed SEC enforcement actions since early 2024 and the industry's political spending
District partisan composition
- ▪California’s 32nd Congressional District has a Cook Partisan Voter Index of D+17, making it the 79th most Democratic district in the U.S.
- ▪The district covers affluent Los Angeles County areas including Beverly Hills, Bel-Air, and Malibu
Electoral math challenges
- ▪The strong Democratic lean of California's 32nd district makes it an unlikely target for crypto PAC spending, which focuses on winnable races
- ▪In 2024, Fairshake successfully targeted vulnerable Sen. Sherrod Brown in Ohio, a competitive state, contributing to his defeat
Crypto PAC strategic spending
- ▪The PACs' strategy showed a focus on Democrats, who accounted for 10 of the 11 victories
- ▪In Texas, Fairshake affiliates spent over $9 million, helping defeat crypto critic Rep. Al Green
- ▪The PAC Protect Progress has allocated over $3.1 million to support Democratic candidate Adrian Boafo in Maryland’s 5th district
- ▪The CLARITY Act, a key legislative goal for the crypto industry, has cleared two Senate committees and awaits a full vote
- ▪Supported winners included Democrats Zoe Lofgren, Ted Lieu, Dave Min, and Rob Menendez, and Republican Mike Rounds
- ▪Crypto-backed super PACs went undefeated in the June 2026 primaries, with all 11 candidates supported by Fairshake affiliates winning their races
Fairshake 2024-2026 campaign performance
- ▪Venture capital firm Andreessen Horowitz (a16z) contributed $24 million to Fairshake for the 2026 cycle
- ▪Ripple donated $25 million to Fairshake in November 2024 specifically for the 2026 midterm elections
- ▪The crypto-backed Fairshake coalition has amassed over $193 million for the 2026 election cycle
- ▪In the 2024 election cycle, Fairshake spent over $130 million across 58 races and achieved an 85% win rate
Story comments
Loading comments…