How Crypto Bought Congress
Fairshake PAC and the 2024 elections
In 2024, the crypto industry spent over $40 million through Fairshake and its affiliates to elect friendly candidates and defeat critics. Follow the money from Coinbase and Ripple executives through three PACs to dozens of congressional races — and see what legislation followed.
Coinbase bankrolls a super PAC
Coinbase, the largest U.S. crypto exchange, became the single largest corporate donor to Fairshake PAC — $68.5M to Fairshake directly and $75.5M in federal political giving across the 2024 FEC cycle. The company had a direct financial interest in favorable regulation as it faced SEC enforcement actions over unregistered securities.
Cryptocurrency exchange (Coinbase Global, Inc.). Largest single corporate funder of the Fairshake super-PAC network: $75.5M in federal political contributions in the 2024 FEC cycle, of which $68.5M we...
Ripple Labs joins the war chest
Ripple Labs, locked in its own multi-year SEC lawsuit, poured millions into Fairshake. The company stood to benefit enormously from legislation that would move crypto oversight from the SEC to the more permissive CFTC.
Blockchain payments company (XRP). Contributed $4,000,000 to the Fairshake network in the 2024 FEC cycle while defending an SEC enforcement action.
Fairshake becomes crypto's political weapon
Fairshake PAC collected over $100 million from crypto industry donors, making it one of the biggest super PACs of the 2024 cycle. It funneled money to two affiliated PACs — Defend American Jobs (Republican races) and Protect Progress (Democratic races) — to cover both parties.
The primary crypto industry super PAC, funded principally by Coinbase, Ripple, and Andreessen Horowitz. Active in the 2024 federal cycle.
Rep. Katie Porter targeted with $10M+ blitz
Fairshake spent over $10 million opposing Rep. Katie Porter in the California Senate primary. Porter, a consumer protection advocate, had been critical of crypto industry practices. She lost.
Member of Congress
FIT21 passes — crypto gets its regulatory framework
The Financial Innovation and Technology for the 21st Century Act (FIT21) passed the House with bipartisan support from many recipients of crypto PAC money. The bill shifts primary crypto oversight from the SEC to the CFTC — exactly what Coinbase and Ripple wanted.
Comprehensive framework defining which digital assets fall under SEC versus CFTC jurisdiction. Passed the House 279 to 136 on May 22, 2024.