The crypto industry is already looking past the election to the 2026 midterms with $78 million aimed at pro-crypto candidates
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- Crypto PAC Fairshake has raised tens of millions of dollars for the 2026 midterms.
- The latest haul came from VC firm Andreessen Horowitz and crypto exchange Coinbase.
- Crypto has become one of the largest sources of political funding in the latest election cycle.
Forget about the election, the crypto industry is already thinking about the 2026 midterms.
Fairshake, a bipartisan super political action committee that aims to elect pro-crypto politicians, has already raised $78 million for the 2026 midterm elections.
That amount comprises $30 million in existing donations and over $48 million in new pledges from Coinbase Global and venture capital firm Andreessen Horowitz.
Also known as a16z, the famed Silicon Valley VC firm announced on Monday that it had committed $23 million to the PAC.
"Regardless of what happens in the 2024 elections, we're committed to supporting policymakers, irrespective of party affiliation, who will work to establish a practical regulatory framework that protects consumers while allowing the industry to grow," managing partner Chris Dixon wrote.
He added that the firm will continue meeting with policymakers to advocate for crypto.
a16z's pledge comes after crypto exchange Coinbase announced a commitment of $25 million last week.
CEO Brian Armstrong announced the donation on X, saying that the exchange wouldn't be slowing its advocacy efforts after the 2024 election.
"We get the US election results in six days, and no matter how you slice it, it will be the most pro-crypto congress ever. But we're not slowing down post-election," Armstrong wrote, adding, "The crypto voter is already a force to be reckoned with, but it will continue to grow."
In a CNBC interview, Armstrong pointed to the surging number of congressional candidates who have received pro-crypto scores from the nonprofit Stand With Crypto.
The midterm election donations add momentum the already heavy spending by the crypto industry in the current election cycle.
An August report from the nonprofit watchdog group Public Citizen found that almost half of all the corporate money going into this year's elections is from the crypto industry.