Fairshake backs 32 House candidates as crypto bill stalls

Fairshake plans to support 32 House candidates in November’s midterm elections, including six with $1 million in spending each, after the Senate blocked a major crypto bill. The slate includes 19 Republicans and 13 Democrats, according to the Associated Press report published October 5.

The money moves through the committee’s election spending. Under Federal Election Commission rules, a super PAC can pay for independent communications that support or oppose a named candidate, provided the spending is not coordinated with the candidate or campaign. The FEC’s guide to independent expenditures explains that these are not contributions to candidates. Think of it as a separate megaphone: the committee pays to deliver its own message, while the campaign runs its own operation.

Which House candidates have $1 million commitments?

Three Democrats and three Republicans are each slated to receive $1 million in spending. The Democrats are Reps. Janelle Bynum of Oregon, Steven Horsford of Nevada and Derek Tran of California. The Republicans are Reps. French Hill of Arkansas, Bryan Steil of Wisconsin and Bill Huizenga of Michigan.

Fairshake has not disclosed how much it plans to spend on the other 26 candidates. The Associated Press reported that the full slate was provided to it by the group. All 32 candidates supported legislation that was a top industry priority. Fairshake and its affiliated PACs reported about $120 million in cash on hand at the end of August, the AP reported.

What crypto rules did the Senate block?

The bill would establish a federal framework for digital asset markets and divide oversight between federal regulators. The House passed it in July 2025, but it stalled in the Senate for more than a year. In September, senators blocked it in a procedural vote after lawmakers failed to agree on ethics safeguards, among other issues, according to the AP.

The legislation matters to crypto firms because they have sought clearer rules for the market and its oversight. With the bill stalled, Fairshake is directing money toward candidates who backed the measure and may serve in the next Congress. The spending does not settle the bill’s future: it supports campaigns ahead of the election, while Congress would still need to take up market rules again.

Source material

• Associated Press report — apnews.com
• FEC’s guide to independent expenditures — fec.gov