Fairshake Crypto PAC Backs 32 House Candidates With $120 Million War Chest as Midterm Spending Battle Takes Shape

Fairshake, the crypto industry's dominant super PAC backed by Coinbase, Ripple Labs and Andreessen Horowitz, announced it is backing 32 House incumbents ahead of the November 3 midterms, committing an initial $6 million across six races. The group entered September with roughly $120.4 million in cash across Fairshake and its two affiliated PACs, a formidable reserve that has drawn scrutiny from skeptics who noted the list of 32 candidates skews toward Republicans, at 19 versus 13 Democrats. Fairshake said it would offer $1 million each to three members from each party, but declined to provide a full breakdown of how the remainder of its massive war chest would be deployed, fueling criticism that the self-described bipartisan organization favors one side. The spending follows the failure of the CLARITY Act, the crypto industry's signature market-structure legislation, to advance in the Senate, leaving the next Congress to determine the regulatory future of the industry.

On the Senate side, the Florida seat is projected to stay in Republican hands, with Polymarket giving Ashley Moody an 89 percent chance of defeating Democrat Angie Nixon and extending the GOP's Senate winning streak in the state to five consecutive elections. The Maine race remains among the most competitive in the country, pitting Democrat Troy Jackson against Republican Sen. Susan Collins, who has carved out a distinct brand by criticizing former President Trump publicly while using personal relationships to soften some of his administration's actions. Recent polling shows no clear leader in Maine, with the seat rated among the ten most likely to flip.

A separate feud is rattling Senate Republicans weeks before the vote. President Trump publicly released the personal cellphone number of Sen. Tom Cotton of Arkansas, urging supporters to pressure Cotton into backing the Sunshine Protection Act, which would make daylight saving time permanent. Cotton, normally a close Trump ally and chairman of the Senate Intelligence Committee, has vowed to oppose the bill, and the public spat has drawn unusual attention inside a chamber where the two men had been aligned on most major issues.