Crypto Industry’s PAC Continues to Support Pro-Crypto Candidates
The crypto industry’s political action committee, Fairshake, has made another significant investment in a congressional special election. This time, they spent approximately $1 million on advertising to support Democrat James Walkinshaw in Virginia.
Fairshake’s efforts were successful as Walkinshaw won the Democratic primary, known as the ‘firehouse primary,’ where the party conducted its own polling among a field of nine candidates. The general election is scheduled for September 9, though Walkinshaw holds a significant advantage given that the Democratic incumbent won about two-thirds of the vote in the last regular election.
Walkinshaw, who served as chief of staff to the late Representative Gerald Connolly, has expressed support for embracing ‘the next generation of technology,’ including blockchain. His campaign website states that blockchain ‘can reduce administrative costs for businesses and lower fees for consumers.’ The website also advocates for ‘modern, risk-based regulatory frameworks that support responsible innovation and prevent abuse.’
Fairshake, along with its affiliate super PACs, has been instrumental in shaping the crypto landscape in Congress. In the 2024 congressional elections, they amassed a substantial war chest from major digital assets businesses like Coinbase, Ripple, and a16z. This funding enabled them to make significant ‘independent expenditures’ in political races, often dwarfing the spending of their opponents.
The PAC still has about $116 million on hand as the 2026 congressional election cycle approaches. Current members of Congress supported by Fairshake are already working on major crypto bills that have been advancing this year.
Fairshake’s strategy involves making massive ‘independent expenditures’ in political races, which means their outside money buys advertising without approval or communication from the candidate. Although it represents crypto interests, the advertising purchased by the group rarely mentions digital assets directly. Instead, it focuses on political points likely to garner a win.
