Protect Progress, an affiliate of the cryptocurrency-aligned Fairshake super political action committee (PAC), reported spending $362,000 on ads to support a Democrat in California’s 14th congressional district, just weeks after she won a special election against the same opponent.
According to a Sunday filing with the US Federal Election Commission (FEC), Protect Progress reported spending $362,000 on media supporting incumbent Democrat Aisha Wahab in the Bay Area district against her fellow party member, Melissa Hernandez.
Wahab defeated Hernandez in an Aug. 18 special election with more than 53% of the vote, raising questions about why the cryptocurrency industry-aligned PAC is supporting her in the 2026 midterms.
Notably, both Wahab and Hernandez were ranked as “strongly supports crypto” after they went on the record with the digital asset organization Stand With Crypto to complete questionnaires ahead of the August special election. That election was used to determine who would replace Democrat Eric Swalwell for the remainder of his term, ending January 2027. Swalwell resigned in April amid sexual assault allegations.
Fairshake launched in 2023, backed largely by contributions from Coinbase, Ripple Labs and Andreessen Horowitz. Since the 2024 US elections, the Super PAC has spent tens of millions of dollars on candidates the group considers “pro-crypto” in efforts to fill Congress with lawmakers more likely to support policies favorable to the digital asset industry.
Related: Ex-Trump crypto adviser profited after helping pass stablecoin bill: WSJ
In an Oct. 7 debate, Wahab signaled that she opposed Hernandez for not denouncing expenditures from corporate PACs aligned with the American Israel Public Affairs Committee (AIPAC), adding that the spending “really deteriorated our democracy.” Cointelegraph reached out to both the Hernandez and Wahab campaigns, and Fairshake for comment on the spending but did not receive immediate responses.
One notable change between the August special election and the November midterms will be the boundaries of California’s 14th district. The current boundaries, which include parts of San Francisco’s East Bay, will be expanded in accordance with the 2025 passage of the state’s Proposition 50, requiring new maps for the midterm elections.
Fairstake steps up spending in Ohio and Nebraska
The crypto PAC reported in January that it had $193 million in cash on hand ahead of the elections, and it had already used tens of millions of dollars to support Democratic and Republican candidates in primaries and special elections.
With just over two weeks until the 2026 election, Fairshake reported additional spending on media for Senate races in Ohio and Nebraska.
Defend American Jobs, a Fairshake affiliate largely supporting Republican candidates, reported spending more than $6.7 million to oppose Independent candidate Dan Osborn in Nebraska’s Senate race. The PAC also reported $8 million on media in Ohio, supporting incumbent Republican Jon Husted against Democrat Sherrod Brown in a race where it has spent more than $46 million so far.
Brown’s race could be another bellwether for how the crypto industry potentially impacts the 2026 midterms. The Democrat lost his seat to Republican Bernie Moreno in 2024 after Fairshake and other interest groups spent a combined hundreds of millions of dollars on ads opposing Brown.
Magazine: Made an ‘honest’ mistake with crypto taxes? New bill offers way out
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.