Crypto PACs Spend $2.7M on House Races Ahead of US Midterms

With 22 days remaining until the US midterm elections, two political action committees affiliated with Fairshake reported a combined $2.7 million in ad and direct mail expenditures to back candidates favoring digital asset policy. Filings submitted to the US Federal Election Commission on Saturday showed that Defend American Jobs and Protect Progress — both affiliates of Fairshake, the crypto-aligned PAC backed by Cantor Fitzgerald, Coinbase, and Ripple Labs — directed spending toward US House of Representatives races across both parties.

The FEC filings itemized significant expenditures for several incumbents, including more than $76,000 for House Majority Whip Tom Emmer, $73,000 for House Agriculture Committee Chair Glenn Thompson, $512,000 for California Representative Pete Aguilar, and $500,000 for New Jersey Representative Josh Gottheimer. The spending came shortly after Fairshake announced endorsements of 32 additional House candidates, with six slated to receive $1 million each in supportive media. As of August, the PAC reported $122 million in cash on hand for its midterm strategy, including at least $30 million allocated to oppose former banking committee chair Sherrod Brown in Ohio's Senate race.

A unifying thread among the targeted candidates was their support for the Digital Asset Market Clarity (CLARITY) Act of 2025, which sought to establish market structure rules for the cryptocurrency industry and expand the Commodity Futures Trading Commission's oversight authority. The bill passed the House with bipartisan support but stalled during a procedural vote in the Senate. With control of Congress at stake, crypto industry spending is positioned to remain a defining financial force in the 2026 election cycle.