Crypto Group Spends Millions on Bipartisan House Races After Legislation Stalls

A major cryptocurrency campaign organization, Fairshake, is backing a bipartisan group of House candidates in the upcoming November midterms, following a legislative setback for the industry. The group has identified 19 Republicans and 13 Democrats for support, with six members receiving $1 million each. All 32 lawmakers backed key industry legislation that failed to pass this year.

Fairshake's focus on bipartisan support contrasts with its significant spending against Democratic Senate candidate Sherrod Brown in Ohio. The group plans to spend nearly $30 million opposing Brown, who faced similar spending in 2024 when he lost to Republican Bernie Moreno. The industry targeted Brown after Senate Democrats blocked the CLARITY Act, which aimed to establish a federal regulatory framework for digital assets.

Among the top recipients of Fairshake's support are Reps. Janelle Bynum (D-Oregon), Steven Horsford (D-Nevada), and Derek Tran (D-California), along with Reps. French Hill (R-Arkansas), Bryan Steil (R-Wisconsin), and Bill Huizenga (R-Michigan). Each will receive $1 million in support. Fairshake emphasized its bipartisan approach, noting it has supported pro-crypto candidates from both parties and won 53 of 57 races it engaged in this cycle.

The group's spending could influence competitive House races, providing a significant boost to candidates facing tough reelection battles. Fairshake did not disclose how much it plans to spend on the remaining 26 House candidates it is supporting. The industry is looking to the next Congress to revive stalled legislation, with the group's spokesperson highlighting its commitment to American innovation in both parties.