Two Fairshake affiliates are investing $2.7 million into U.S. House races before the midterm elections in November. But the industry’s ultimate objective of creating clear regulations for cryptocurrency in the U.S. is still a long way from being achieved.
Where the money actually comes from
Fairshake received a total of $137.9 million from January 2025 until August 31, 2026, which included $99.1 million from individuals. The organization transferred $70 million to committees, spent $13.3 million without outside influence, and had $108.3 million in cash reserves.
Republican-leaning Defend American Jobs received $37 million in transfers and spent $32.5 million independently. Democratic-leaning Protect Progress received $33 million and spent $27.6 million. Those expenditures supported or opposed candidates rather than going directly to their campaigns. Ripple, Coinbase and Andreessen Horowitz are major backers, according to Hub Culture.
A bipartisan bet that just lost a vote
The House passed the CLARITY Act in July 2025. But in September 2026, all Senate Democrats and several Republicans voted against advancing it. President Donald Trump’s crypto ventures became a sticking point, with Democrats demanding tougher limits on officeholders’ dealings, Reuters reported.
Supporters must now grapple with the dilemma of whether to punish their opponents, or to instead safeguard the ties that have two election cycles and more than $300 million to build.
“It’s a pretty hard needle to thread.”
— Ron Hammond, Wintermute’s head of policy and advocacy, speaking to Reuters.
Meanwhile, Fairshake has not divulged its approach to the Senate race yet. The organization has reserved $30 million to spend against former Ohio Senator Sherrod Brown, whom it helped defeat in 2024. Cryptopolitan indicates that they have also been involved in campaigns of 32 sitting members of the House of Representatives.
Why regulation still tops investors’ worry list
Investors are disturbed by uncertainty. According to an August 2026 survey of 30 fund managers with about $1.16 trillion in assets under management by CoinShares, regulation remains the primary worry for investors already in crypto.
Research head James Butterfill has attributed part of Ether’s poor prospects to:
“the falling odds of the Clarity Act passing this year”
However, crypto allocations reached 1.2% of portfolios, driven entirely by institutions. Among respondents not invested in crypto, volatility was the leading obstacle.
The cross-border stakes beyond Washington
Crypto activity is holding up better than prices. Chainalysis estimated $9.4 trillion in global activity in the year ending June 30, 2026, down only 1.6% despite a roughly 50% market-cap decline. Latin America grew 9.8%, helped by stablecoins, while Brazil topped its adoption index.
On October 12, 2026, the Financial Stability Board warned that global stablecoins could become “systemically important” across jurisdictions. FSB Chair Andrew Bailey introduced the accompanying note alongside finalized guidance on responsible AI adoption.
Clearer U.S. rules could give investors more confidence and help countries align their approach to crypto. But even billions in political spending cannot guarantee action in Congress, and stablecoin adoption worldwide is moving ahead regardless.
The smartest crypto minds already read our newsletter. Want in? Join them.