Crypto Super PAC to Donate $1 Million to Rep. French Hill
A prominent cryptocurrency super PAC, Fairshake, has announced plans to donate $1 million to Rep. French Hill (R-Ark.), bolstering his reelection campaign in Arkansas' 2nd Congressional District against Democrat Chris Jones. Fairshake released a bipartisan list of House candidates it intends to support in the upcoming midterm elections, with Hill among six recipients earmarked for $1 million each. Hill, a longtime advocate for cryptocurrency regulation, introduced an industry-backed bill last year and recently led efforts to push the Senate to pass crypto legislation.
The Democratic Congressional Campaign Committee has also elevated the Arkansas race to its "Red to Blue" program, signaling Hill's vulnerability. Fairshake's list includes 19 Republicans and 13 Democrats, all of whom supported legislation prioritized by the crypto industry. The group's spending in this race contrasts with its earlier $30 million investment against Democratic Senate candidate Sherrod Brown in Ohio, following Senate Democrats' blockage of the CLARITY Act, a bill aimed at establishing a federal regulatory framework for digital assets.
Fairshake declined to specify further spending plans for House or Senate races before November but reported $120 million in cash reserves as of August. The group emphasized its bipartisan approach, highlighting support for 29 Democrats and 28 Republicans in primaries and special elections this year. Geoff Vetter, a Fairshake spokesman, stated, "Fairshake has always been and always will be an issue-focused organization. We back pro-crypto candidates who support American innovation in both parties."
Senate Democrats' opposition to the crypto legislation, citing concerns over President Donald Trump's crypto investments, led to Fairshake's significant spending against Brown. Democratic Senate candidate Ruben Gallego criticized the decision, calling it "dumb politics" and noting the challenges of passing market structure legislation without bipartisan support.