GOP to Crypto: Show Me the Money — $165M Fairshake PAC Goes Silent on Midterms

Coinbase's Fairshake super PAC is sitting on $165 million in political cash — and saying nothing about how it will spend it in 2026. The Republicans who passed the CLARITY Act for them are starting to say the quiet part out loud.

Republicans are telling the crypto industry to "show me the money." Fairshake, one of the largest political super PACs in America with $165 million on hand, has yet to announce which 2026 midterm races it will target — and GOP members who championed pro-crypto legislation are growing frustrated.

What Republicans delivered vs. what the industry has given back

Republicans pushed through the CLARITY Act, which defines the regulatory framework for digital assets — the industry's top legislative ask. All 13 GOP members of the Senate Banking Committee voted in favor. Democrats opposed it 9-2.

Despite Republicans leading on digital assets, members have noticed that the industry is not investing in the GOP's efforts to maintain control of the House and Senate in November.

Republican campaign strategist, via Axios

Ohio: the key flashpoint

Republicans are particularly alarmed about whether Fairshake will oppose Ohio Democrat Sherrod Brown, who is mounting a Senate comeback this year after losing in 2024. Fairshake spent $40 million-plus to defeat him in 2024. But Brown has since softened his crypto criticism, raising concerns that Fairshake may stay on the sidelines.

• Fairshake war chest: $165 million (Coinbase is primary funder)
• Spent $40M+ to defeat Sherrod Brown in 2024
• CLARITY Act: Senate Banking Committee 13-0 GOP vote in favor
• NH Rep. Chris Pappas: Stand With Crypto rating jumped from F to A in 8 months

Is the industry hedging its bets?

Some Republicans believe Fairshake is hedging in case Democrats regain power — Democrats will also be needed to pass pro-crypto legislation. Senate Minority Leader Chuck Schumer has also moderated his skepticism toward the industry.

Fairshake did not respond to a request for comment. Industry defenders say it's still early in the election year. But campaign strategists warn that the longer Fairshake waits, the more expensive advertising time becomes.