Fairshake backs 32 House members as crypto bill stalls

Fairshake plans to support 32 House members in November’s midterm elections, including six set to receive $1 million in spending each, as a Senate bill central to the crypto industry’s policy agenda has stalled. The slate spans 19 Republicans and 13 Democrats, the Associated Press reported on Oct. 5.

The spending gives Fairshake a way to back lawmakers it considers pro-crypto while Congress’s market-structure debate remains unresolved.

Which House members are set to get the most support?

Fairshake named three Democrats and three Republicans for $1 million in spending each. The Democrats are Reps. Janelle Bynum of Oregon, Steven Horsford of Nevada and Derek Tran of California; the Republicans are Reps. French Hill of Arkansas, Bryan Steil of Wisconsin and Bill Huizenga of Michigan.

The group did not disclose how much it plans to spend on the other 26 members. It said all 32 supported legislation that was a top priority for the crypto industry. The announcement sets out whom Fairshake intends to support, but it does not give a total budget for the House slate.

How much money does Fairshake have to spend?

Fairshake and affiliated PACs reported about $120 million in cash on hand at the end of August, according to AP. The group has not said whether it will direct more money to House or Senate contests before November.

The House slate sits alongside a larger Senate commitment: Fairshake announced plans in September to spend nearly $30 million against Democratic Senate candidate Sherrod Brown in Ohio. Brown previously faced nearly $40 million in crypto spending in 2024, when he lost to Republican Bernie Moreno. In this cycle, AP reported, the industry moved against him after Senate Democrats helped block the CLARITY Act.

What stalled in the Senate, and what happens next?

Senate Democrats blocked the long-negotiated bill in September. It was intended to establish a federal regulatory framework for digital assets and divide oversight between federal regulators. Opponents said it did not adequately address President Donald Trump’s crypto investments.

The House slate extends Fairshake’s political spending as the industry looks to a future Congress to revive legislation that stalled this year. Fairshake spokesperson Geoff Vetter told AP that the organization backs pro-crypto candidates in both parties. He said the group and its affiliates spent $40 million supporting 29 Democrats and $31 million supporting 28 Republicans in primaries and special elections this year.

For voters, the immediate change is the prospect of more outside spending in House races, though Fairshake has not detailed the amounts for most candidates. For the industry, the slate keeps lawmakers who backed its priority legislation in view as the fight over federal crypto rules moves toward the next Congress.

Sources

• Associated Press reported — apnews.com