Fairshake crypto PAC network backs 32 House candidates in midterms

Cryptocurrency's biggest political spending network is making its first broad push into general-election House races this cycle, saying it plans to back 32 incumbents in hopes of preserving a pro-crypto bloc in Congress.

Fairshake and its affiliated super political action committees announced Monday that they have committed funds to support 19 Republicans and 13 Democrats who have supported the crypto industry's priorities.

The spending plan comes less than a month before November's midterm elections, which will determine which party controls the House and Senate.

"Fairshake has always been and always will be an issue-focused organization," spokesperson Geoff Vetter said in a statement on Monday. "We back pro-crypto candidates who support American innovation in both parties."

The network is committing at least $1 million in support of six House incumbents: Democratic Reps. Janelle Bynum of Oregon; Steven Horsford of Nevada; and Derek Tran of California; and Republicans French Hill of Arkansas, Bill Huizenga of Michigan; and Bryan Steil of Wisconsin.

Fairshake did not disclose how much the super PAC network plans to spend on the other 26 candidates.

But the network, whose backers include Coinbase, Ripple, and venture capital firm Andreessen Horowitz, has ample financial firepower.