# Crypto Super PACs The cryptocurrency industry built the most expensive single-issue political operation in the 2024 election cycle — spending $260M+ through a network of super PACs to elect pro-crypto candidates and destroy opponents. By January 2025, crypto PACs had $116M on hand for the 2026 midterms. This is how an industry bought a regulatory framework. ## The Major PACs ### Fairshake The flagship crypto super PAC. Raised $260M in the 2023–2024 cycle. Won 33 of 35 races it entered in primaries alone. **Top funders:** | Donor | Amount | |-------|--------| | Coinbase (corporate) | ~$45M | | Ripple Labs | ~$45M | | [[Andreessen Horowitz]] (a16z) | $33.5M+ (via [[Marc Andreessen]] + firm) | | Jump Crypto | Undisclosed major donor | **Spending pattern:** Nearly 2:1 Republican over Democratic candidates, though Fairshake maintained two affiliated PACs to preserve a bipartisan veneer: - **Defend American Jobs** — $17.1M supporting Republican candidates - **Protect Progress** — $13.5M supporting Democratic candidates ### Stand With Crypto Founded by Coinbase in 2023 as a 501(c)(4) advocacy organization. 2.6 million members by 2026. Shepherded 925,000 emails to lawmakers advocating for crypto policy. Added 675,000 new signups in 2025 alone. [[Stand With Crypto]] functions as the grassroots arm of the crypto lobbying operation — converting retail crypto holders into a political constituency that pressures lawmakers alongside the PAC money. ### Winklevoss Digital Freedom Fund Created by Cameron and [[Winklevoss Twins]] in 2025. $21M in Bitcoin donated to support Trump's pro-crypto agenda during the 2026 midterms. Republican-oriented PAC focused on expanding digital asset deregulation. ## What the Money Bought ### Candidates Elected Fairshake's 33-of-35 primary win rate produced a wave of crypto-friendly legislators in both chambers. The PAC spent heavily in competitive races: | Race | Spending | Outcome | |------|----------|---------| | [[Katie Porter]] (D-CA) Senate primary | $10M+ opposing | Porter eliminated | | [[Sherrod Brown]] (D-OH) Senate | $40M+ supporting challenger [[Bernie Moreno]] | Brown defeated | | Multiple House races | $1.3M+ late spending | Majority of backed candidates won | ### Policy Outcomes The 2024 election spending directly produced: 1. **[[GENIUS Act]]** — Stablecoin regulation signed July 2025. Benefits Coinbase, Circle, and Trump's [[World Liberty Financial]]. 2. **SEC leadership change** — [[Paul Atkins]] confirmed as SEC Chair April 2025. Launched "Project Crypto," dropped 50+ enforcement actions. 3. **Strategic Bitcoin Reserve** — Executive order March 2025. 200,000 seized BTC held as national reserve. 4. **CLARITY Act** — Market structure bill defining securities vs. commodities, in progress 2026. Would benefit every exchange and a16z portfolio company. ### The ROI Calculation - **Input:** ~$260M in PAC spending (2024 cycle) + $116M reserved for 2026 - **Output:** Favorable regulation for an industry with $2T+ market cap - **Return:** Incalculable — potentially trillions in preserved/created market value For comparison: the entire traditional defense industry spent ~$150M on lobbying in 2024. Crypto outspent defense on political influence. ## The Defense Tech Connection Crypto super PAC donors overlap significantly with defense tech funders: - **[[Marc Andreessen]]** — a16z funds both Fairshake AND [[American Dynamism]] defense portfolio - **[[Peter Thiel]]** — [[Founders Fund]] invests in Bitcoin/Ethereum AND [[Palantir]]/[[Anduril]] - **[[David Sacks]]** — [[Craft Ventures]] crypto portfolio AND AI policy shaping defense procurement - **Fairshake-elected legislators** — Also sit on Armed Services and Intelligence committees The same money buys influence in both sectors. A senator elected with Fairshake dollars who sits on Armed Services is both a crypto-friendly vote and a defense procurement influencer. ## The SBF Shadow Before Fairshake, crypto's biggest political spender was [[Sam Bankman-Fried]] — $40M+ to Democrats through FTX. His conviction (November 2023) and 25-year sentence created the political vacuum that Fairshake filled: - SBF's money went to Democrats → Democrats became the "regulation" party - FTX collapse discredited crypto-Democratic alignment - Industry pivoted to Republicans, who offered deregulation - Fairshake was founded 2023, spent $260M by 2024, and the Republican crypto caucus now dominates SBF didn't just commit fraud. He inadvertently handed the entire crypto political apparatus to the Thiel/Andreessen/Armstrong network. ## See Also - [[Crypto-Political Machine]] - [[Trump Crypto Ventures]] - [[Marc Andreessen]] - [[Brian Armstrong]] - [[Winklevoss Twins]] - [[David Sacks]] - [[Peter Thiel]] - [[Defense Tech Conflicts of Interest]] - [[Polymarket]]