Crypto Super PAC allocates $1 million for French Hill’s reelection bid

A political group linked to the cryptocurrency industry plans to invest $1 million to support Republican Rep. French Hill’s reelection campaign in Arkansas’ 2nd Congressional District. Fairshake and its affiliated super PACs, Defend American Jobs and Protect Progress, announced their backing for 32 congressional candidates, 19 Republicans and 13 Democrats, to advance industry-friendly policies in the U.S. House of Representatives.

The network’s financial backers include Coinbase, Ripple, and the founders of venture capital firm Andreessen Horowitz. Hill, who chairs the House Financial Services Committee, is among six candidates each receiving $1 million in support. Hill has advocated for modernizing cryptocurrency regulations through bills like the CLARITY Act, which aims to guide federal agencies on regulating digital commodity transactions.

Hill is facing Democratic challenger Chris Jones in the November 3 general election. The Democratic Congressional Campaign Committee has also endorsed Jones, placing the 2nd District in its “Red to Blue” program, which provides additional resources for Democratic candidates. Despite Hill’s optimistic outlook on passing the CLARITY Act before the end of the current Congress, the bill’s fate remains uncertain due to limited legislative time.

Fairshake spokesperson Geoff Vetter emphasized the group’s focus on supporting pro-crypto candidates across both parties, citing a strong track record with 53 wins out of 57 races this cycle. The spending announcement follows Fairshake’s earlier support for Hill during the Republican primary, where Defend American Jobs spent over $418,000 on media and direct mail.