TLDR
- Industry-backed PAC Fairshake secured victories in 29 of 34 concluded congressional races by November 4.
- Crypto-funded campaigns spent over $60 million unsuccessfully opposing Sherrod Brown in Ohio.
- Democratic Party won majorities in both congressional chambers during November 3 midterm voting.
- Ripple’s Brad Garlinghouse emphasized that supporters of digital assets won across party lines.
- The political action committee has approximately $56 million reserved for campaigns in 2028.
The digital asset sector’s most well-funded political action committee achieved success in the majority of its targeted 2026 US midterm contests. According to Reuters reporting on November 4, Fairshake secured wins in 29 out of 34 races that had been called.
That success came alongside a significant defeat. In Ohio, incumbent Democrat Sherrod Brown prevailed over Republican challenger Jon Husted, despite cryptocurrency-affiliated committees pouring more than $60 million into the contest.
These outcomes emerged as the Democratic Party captured majorities in both the House of Representatives and Senate during the November 3 electoral contests. This shift gives Democrats authority over the congressional legislative calendar during President Donald Trump’s remaining two years in office.
Where the Crypto Money Went
Political organizations with ties to the blockchain industry deployed approximately $176 million across more than 100 congressional contests by the end of October, as crypto.news documented. Fairshake and its associated entities represented the bulk of that investment.
Major contributors to Fairshake include Ripple, Coinbase and the venture capital firm Andreessen Horowitz. The organization’s House strategy initially focused on 32 sitting members of Congress, comprising 19 Republicans and 13 Democrats who had voted for the CLARITY Act.
Notable victories included Republican Senator Pete Ricketts, who prevailed over independent candidate Dan Osborn in Nebraska following substantial cryptocurrency group expenditures. In Kentucky, Republican Andy Barr claimed a Senate position after receiving industry backing during the primary phase.
Multiple Democratic contenders who received Fairshake endorsements also secured congressional positions. The PAC’s House focus encompassed Financial Services Committee Chairman French Hill along with Representatives Bryan Steil and Bill Huizenga.
Both Steil and Huizenga failed to win reelection. These defeats contributed to the disappointments faced by industry-supported campaigns.
The Ohio contest represented a second confrontation for the sector. Brown, who has long opposed cryptocurrency, previously lost his Senate position in 2024 following another high-cost campaign involving crypto-funded organizations.
Ripple Leaders Say the Mission Is Unchanged
In a November 5 message posted to X, Ripple CEO Brad Garlinghouse stated that legislators favorable to cryptocurrency had secured positions in both major parties. “New Congress, with the same mission: clear rules, built in America,” his message read.
He noted that the nation’s estimated 67 million cryptocurrency users would remain engaged. His statement came after a more detailed announcement from Ripple Chief Legal Officer Stuart Alderoty.
Alderoty recognized that certain commentators would characterize the election as a disappointment for cryptocurrency advocates. He argued the sector’s outcomes should be evaluated independently from either political party’s overall performance.
He maintained that Fairshake had delivered significant results in both primary contests and general elections. He referenced preliminary information from advocacy organization Stand With Crypto indicating numerous crypto-supportive legislators won across partisan divisions.
Alderoty stated Ripple would continue engaging with both parties regarding federal digital asset regulations. The company intends to maintain involvement through super PACs, advocacy organizations and educational initiatives with nonprofits like the National Cryptocurrency Association.
The sector’s primary legislative objective continues to be the CLARITY Act. This proposed legislation would establish federal standards for cryptocurrency markets and delineate the responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The legislation stalled in September after a Senate procedural vote to advance debate failed 49 to 50. Upcoming discussions will include legislators who have expressed concerns regarding consumer safeguards, financial supervision and the industry’s political activities.
Alderoty emphasized that more than 67 million Americans utilize digital assets for personal finance management, commercial activities and payment transactions. He also noted that financial institutions and corporations are progressively integrating cryptocurrency services.
Fairshake has announced plans to remain engaged in the 2028 electoral cycle. The organization reportedly maintains approximately $56 million in reserves for upcoming campaigns.
