- Fairshake’s two partisan arms, Defend American Jobs and Protect Progress, are pushing fresh money into House races ahead of November’s election, part of independent-expenditure totals that reach $32.5 million and $27.6 million for the cycle per FEC filings.
- The spending comes after the Senate blocked the CLARITY Act in September, and it matters because regulation remains the top worry for crypto fund managers and a live concern for cross-border stablecoin regulators.
- It remains to be seen whether campaign cash can translate into the lasting rules that institutional money and global adoption are waiting on.
Two Fairshake affiliates are investing $2.7 million into U.S. House races before the midterm elections in November. But the industry’s ultimate objective of creating clear regulations for cryptocurrency in the U.S. is still a long way from being achieved.
Where the money actually comes from
Fairshake received a total of $137.9 million from January 2025 until August 31, 2026, which included $99.1 million from individuals. The organization transferred $70 million to committees, spent $13.3 million without outside influence, and had $108.3 million in cash reserves.
Republican-leaning Defend American Jobs received $37 million in transfers and spent $32.5 million independently. Democratic-leaning Protect Progress received $33 million and spent $27.6 million. Those expenditures supported or opposed candidates rather than going directly to their campaigns. Ripple, Coinbase and Andreessen Horowitz are major backers, according to Hub Culture.
A bipartisan bet that just lost a vote
The House passed the CLARITY Act in July 2025. But in September 2026, all Senate Democrats and several Republicans voted against advancing it. President Donald Trump’s crypto ventures became a sticking point, with Democrats demanding tougher limits on officeholders’ dealings, Reuters reported.
Supporters must now grapple with the dilemma of whether to punish their opponents, or to instead safeguard the ties that have two election cycles and more than $300 million to build.
“It’s a pretty hard needle to thread.”
— Ron Hammond, Wintermute’s head of policy and advocacy, speaking to Reuters.
Meanwhile, Fairshake has not divulged its approach to the Senate race yet. The organization has reserved $30 million to spend against former Ohio Senator Sherrod Brown, whom it helped defeat in 2024. Cryptopolitan indicates that they have also been involved in campaigns of 32 sitting members of the House of Representatives.
Why regulation still tops investors’ worry list
Investors are disturbed by uncertainty. According to an August 2026 survey of 30 fund managers with about $1.16 trillion in assets under management by CoinShares, regulation remains the primary worry for investors already in crypto.
Research head James Butterfill has attributed part of Ether’s poor prospects to:
“the falling odds of the Clarity Act passing this year”
However, crypto allocations reached 1.2% of portfolios, driven entirely by institutions. Among respondents not invested in crypto, volatility was the leading obstacle.
The cross-border stakes beyond Washington
Crypto activity is holding up better than prices. Chainalysis estimated $9.4 trillion in global activity in the year ending June 30, 2026, down only 1.6% despite a roughly 50% market-cap decline. Latin America grew 9.8%, helped by stablecoins, while Brazil topped its adoption index.
On October 12, 2026, the Financial Stability Board warned that global stablecoins could become “systemically important” across jurisdictions. FSB Chair Andrew Bailey introduced the accompanying note alongside finalized guidance on responsible AI adoption.
Clearer U.S. rules could give investors more confidence and help countries align their approach to crypto. But even billions in political spending cannot guarantee action in Congress, and stablecoin adoption worldwide is moving ahead regardless.
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FAQs
How much have Fairshake's PACs actually spent this cycle?
FEC filings through August 31, 2026 show Defend American Jobs made $32.5 million in independent expenditures and Protect Progress $27.6 million, while parent committee Fairshake reported $13.3 million in direct spending and held $108.3 million in cash.
Why did the CLARITY Act stall?
The House passed it in July 2025, but in September the Senate blocked it when all Democrats and a few Republicans voted against advancing it, with President Trump's personal crypto ventures becoming a flashpoint in negotiations, Reuters reported.
What are crypto investors most worried about?
Regulation is the top concern among fund managers already invested in digital assets, according to CoinShares' August 2026 survey of 30 investors managing about $1.16 trillion, which tied weaker Ether sentiment to fading odds of the CLARITY Act passing this year.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
