Crypto PAC Fairshake faces setbacks as several candidate endorsements fall short

For the first time, American pro-crypto voters managed to make the sector’s concerns one of the polls’ agenda. Through the PAC Fairshake initiative, they canvassed for the election of crypto-friendly candidates, a gamble that has paid handsomely, looking at the results. 

But the community’s efforts haven’t been without a snag. According to a popular cryptocurrency influencer, Eleanor Terrett, the caucus has faced some setbacks in certain constituencies where it had sought the election of crypto-leaning candidates. 

PAC helped 52 candidates win seats in the 2024 elections but faced setbacks

By press time, the organization had helped 52 candidates it supported win seats. It had already lost one race, four of its preferred candidates couldn’t make it past the primaries, and with five other pending outcomes, it could lose another three.

🚨NEW: Here’s where Fairshake and its affiliate super PACs Protect Progress and Defend American Jobs stand right now with wins and losses with respect to spending this election cycle (which is still ongoing):

📌52 wins

📌1 loss

📌4 losses in the primary elections

📌5 races…

— Eleanor Terrett (@EleanorTerrett) November 11, 2024

Terrett tweeted that the PAC Fairshake’s high-profile loss was in the Colorado congressional vote. She noted that Congresswoman Yadira Caraveo (DEM) lost her re-election bid to Republican challenger Gabe Evans as the GOP party closed in on a house majority. The PAC had pumped $2 million in campaign ads supporting the outgoing legislator.

PAC Fairshake has set sights on the 2026 midterm elections

Overall, PAC will come out of the 2024 polls emboldened by its outing. Besides pushing digital assets to the fore of electoral discourse, it helped most candidates it was rooting for get elected. This optimism has led it to begin fundraising efforts for the 2026 midterms.

The body has already secured $78 million for that voting cycle. It reports having locked in $30 million, with the remaining $48 million coming in as pledges. Some of its most significant contributors include crypto exchange Coinbase and venture capital firm Andreessen Horowitz. 

Fairshake emerged as one of the leading financiers of the 2024 elections, raising $170 million of the $245 million the crypto sector fundraised for the polls. The PAC says it spent $135 million in support of pro-crypto candidates across the political spectrum. 

Its efforts saw it upstage traditional giants in election fundraising to emerge second only to the energy sector. Some analysts hold that Fairshake’s performance is evidence of its sway on this elections and predict it will be a force to reckon with in 2026 and beyond.