Fairshake backs 32 House candidates as crypto bill stalls

Fairshake, a major crypto campaign group, is backing 32 House candidates for November’s midterms, as a stalled Senate bill leaves the industry’s push for federal crypto rules unresolved. The Associated Press report on Fairshake’s slate says six candidates will each get $1 million in spending support. The other 26 candidates’ amounts were not disclosed.

Who is on Fairshake’s list?

The slate includes 19 Republicans and 13 Democrats, and all 32 backed legislation that was a top priority for the crypto industry, AP reported. On the Democratic side, Fairshake plans $1 million in spending for Reps. Janelle Bynum of Oregon, Steven Horsford of Nevada and Derek Tran of California.

Republican Reps. French Hill of Arkansas, Bryan Steil of Wisconsin and Bill Huizenga of Michigan are set to receive the same amount. AP said several of the six face competitive re-election races. Fairshake is a super PAC, a political group that can spend independently to support or oppose candidates.

What does the Senate setback mean for crypto rules?

The Senate blocked a bill to set a federal framework for crypto in September. According to the AP report on the Senate vote, the measure failed to advance in a 49–50 vote, with no Democrats supporting it. The bill aimed to give crypto firms clearer rules and divide oversight between federal regulators.

Democrats had called for stronger ethics safeguards around President Donald Trump’s crypto investments. Republicans needed 60 votes to move the measure forward. Fairshake’s House slate comes as the industry looks to the next Congress to revive legislation that stalled this year, AP reported.

How much money can Fairshake still spend?

Fairshake and its affiliated PACs reported about $120 million in cash at the end of August. The group has not said whether it will put more money into House or Senate races before November.

Fairshake spokesperson Geoff Vetter told AP that the group and its affiliates had spent $40 million supporting 29 Democrats and $31 million supporting 28 Republicans in primaries and special elections this year. He said Fairshake backs candidates who support crypto innovation in both parties. The new list keeps that bipartisan approach in view, while directing support to lawmakers who backed the industry’s preferred legislation.

Sources

• Associated Press report on Fairshake’s slate — apnews.com
• AP report on the Senate vote — apnews.com