Four out of five candidates supported by advertising funded by the cryptocurrency-focused political action committee (PAC) Fairshake advanced in their recent primary contests, signaling a potential rise in the industry’s political influence heading toward the 2026 US midterm elections.
Fairshake PAC’s spending and election results
Fairshake, along with its affiliate PACs Protect Progress and Defend American Jobs, spent approximately $3.6 million across House and Senate races in Alaska, Florida, and Wyoming. The PACs backed both Democratic and Republican candidates, reflecting a bipartisan attempt to increase crypto-friendly representation in Congress.
In Florida’s 23rd congressional district, Democrat Lois Frankel secured re-election after Protect Progress invested over $150,000 in supportive media efforts. Meanwhile, Defend American Jobs allocated a total of $1.5 million in advertising for three Republican candidates: Nick Begich in Alaska’s at-large congressional district, Sydney Gruters in Florida’s 16th congressional district, and Representative Harriet Hageman for the US Senate in Wyoming.
Both Gruters and Hageman won their respective primaries, and Begich is projected to advance in Alaska. These four candidates are expected to face their opponents in the November 2026 midterms, giving the crypto industry further opportunities to increase its influence in Congress.
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AAPLA notable exception occurred in Florida’s 24th congressional district. Oliver Gilbert, a Democrat, won his primary with 34.4% of the vote despite being the target of more than $2 million in negative advertising from Protect Progress. In this race, Gilbert defeated Shevrin Jones and Kendrick Meek, with crypto’s potential impact on the election widely discussed.
| District/Candidate | PAC Support | Amount Spent | Outcome |
|---|---|---|---|
| FL-23 / Lois Frankel (D) | Protect Progress | $150,000+ | Won Primary |
| AK At-large / Nick Begich (R) | Defend American Jobs | Part of $1.5M total | Projected to Advance |
| FL-16 / Sydney Gruters (R) | Defend American Jobs | Part of $1.5M total | Won Primary |
| WY Senate / Harriet Hageman (R) | Defend American Jobs | Part of $1.5M total | Won Primary |
| FL-24 / Oliver Gilbert (D) | Protect Progress (Negative) | $2M (Negative) | Won Primary |
According to The New York Times, the Florida 24th district primary race highlighted the complex expectations around digital asset industry involvement in politics. Despite facing a negative campaign funded by crypto-affiliated interests, Gilbert succeeded in securing the nomination.
Speaking to the Miami Herald on August 12, Gilbert accused “Trump’s tech billionaire buddies” of supporting “crypto con artists trying to buy a Democratic primary” via Protect Progress ads. Reports indicated that the ads included fabricated Miami Herald headlines meant to misrepresent his policy views, though a PAC spokesperson claimed, “the underlying facts in our ad are true.”
Gilbert alleged that technology billionaires aligned with Donald Trump supported efforts by “crypto con artists” to influence the Democratic primary in his district, referencing misleading advertisements aired by Protect Progress.
Fairshake held a $193 million political war chest as of January and has already funded over $130 million worth of advertising in support of candidates described as pro-crypto for the ongoing election cycle. The organization has also targeted those who have publicly opposed crypto-related legislation or the industry’s interests. By June, Fairshake had already spent over $82 million on races in anticipation of the 2026 midterms.
Fairshake spokesperson Geoff Vetter emphasized that the committee is “just getting started building the largest pro-crypto Congress in history,” following this latest round of primaries.
Mini dictionary: Fairshake, Protect Progress, and Defend American Jobs are US-based political action committees that pool contributions from donors to fund advertising and other political activities, with a specific focus on supporting or opposing candidates based on their approach to cryptocurrency-related policy.
Congressional recess and prospects for crypto legislation
Both chambers of Congress are currently in recess until September. Upon return, the Senate is scheduled to consider a cloture motion on the Digital Asset Market Clarity (CLARITY) Act. This proposed legislation, which passed the House in July by a 294-134 vote with bipartisan backing, aims to create a comprehensive regulatory framework for digital assets. However, several Senate Democrats have continued calls for stricter ethics rules regarding the Trump family’s involvement in crypto investments.
The balance of power in Congress could shift significantly after the 2026 elections, influenced by PACs such as Fairshake. Legislators elected in November may decide the fate of key crypto-related bills, including the CLARITY Act, particularly if they remain unresolved before the current session ends in 2027.
The upcoming composition of Congress could determine whether digital asset regulations progress or stall, underscoring the importance of the 2026 midterms for the crypto sector.
