Top crypto group to pour millions into bipartisan slate of House races after key legislation stalls

WASHINGTON (AP) — A top cryptocurrency campaign organization is unveiling a bipartisan list of House members that it will support in the November midterms, as one of the biggest-spending interest groups looks to flex its muscles after a mixed legislative year in Congress.

The list, provided first to The Associated Press on Monday, includes 19 Republicans and 13 Democrats, with six members getting $1 million in spending each. All 32 supported legislation that was a top priority for the industry.

The bipartisan slate pales in contrast, however, to Fairshake’s biggest general election investment so far. The group announced plans in September to spend nearly $30 million against Democratic Senate candidate Sherrod Brown in Ohio, who is facing Republican Sen. Jon Husted in one of the most competitive races of the cycle.

Brown previously faced nearly $40 million in cryptocurrency spending in 2024, when he lost to Republican Bernie Moreno. He had avoided becoming a major target this year until last month, when the industry moved against him after Senate Democrats helped block the CLARITY Act, which would have achieved the industry’s goal of establishing a federal regulatory framework for digital assets.

Fairshake would not say whether it plans to spend more in House or Senate races before November. The group and its affiliated PACs reported about $120 million in cash on hand at the end of August.

Big spending could shape battleground House races

Three Republicans and three Democrats will get the most help from Fairshake, including several members facing competitive reelection races where the outside spending could provide a significant boost.

On the Democratic side, Fairshake plans to support Reps. Janelle Bynum of Oregon, Steven Horsford of Nevada and Derek Tran of California with $1 million each.

On the Republican side, Reps. French Hill of Arkansas, Bryan Steil of Wisconsin and Bill Huizenga of Michigan will receive the same level of support.

Fairshake did not disclose how much it is spending on the other 26 House candidates it is supporting.

The organization is emphasizing the bipartisan nature of its spending as the cryptocurrency industry looks to the next Congress to revive legislation that stalled this year.

Geoff Vetter, a spokesperson for Fairshake, pointed to the group’s investments in primaries and special elections this year, when it and its affiliated groups spent $40 million supporting 29 Democrats and $31 million supporting 28 Republicans.

“Fairshake has always been and always will be an issue-focused organization. We back pro-crypto candidates who support American innovation in both parties,” Vetter said. “We’ve won 53 of the 57 races we engaged in this cycle and look forward to continuing to build on the largest pro-crypto caucus in American history.”

More Senate spending remains an open question

Senate Democrats in September blocked legislation long in the works that aimed to give the industry more regulatory certainty and divide oversight between federal regulators. Opponents raised concerns that it did not adequately address President Donald Trump’s crypto investments. Trump took in more than $1.4 billion in crypto-related income last year.

Soon after the vote, Fairshake pledged nearly $30 million against Brown.

The group also targeted Brown in 2024, spending nearly $40 million to help Republican Bernie Moreno defeat him, but its Senate spending that year crossed party lines. Fairshake’s network also spent about $10 million each supporting Democratic Senate candidates Ruben Gallego in Arizona and Elissa Slotkin in Michigan.

Gallego called the decision to target Brown “dumb politics.”

“You still need 60 votes after this election if you want to pass market structure,” Gallego said, referring to the Senate’s threshold for advancing most legislation. “Now the negotiations will just get harder and the deal is going to be not as good as they had right before they decided to kill it.”