Hedge funds cut NFLX, keep big bets on MSFT, AMZN, add NVDA
Crypto-focused political action committee (PAC), Fairshake, announced its readiness for the 2026 midterm elections with a significant war chest of $116 million, according to the Block.
The PAC, which has been instrumental in supporting pro-crypto candidates, has already secured over $30 million from major crypto firms and investors for the upcoming congressional races.
Coinbase (NASDAQ:COIN), Ripple, and venture capital firm Andreessen Horowitz have collectively committed more than $20 million, while Jump Crypto has recently added $10 million to the fund, as per a report from Politico on Thursday. Contributions have also come from Uniswap Labs and Superstate founder Robert Leshner, Axios reported.
Throughout the last election cycle, Fairshake raised over $200 million and received backing from prominent companies and investment firms within the cryptocurrency industry, including Coinbase and Andreessen Horowitz. The super PAC has emphasized its commitment to supporting candidates through independent activities and advocates for those who aim to establish the U.S. as a hub for innovation.
Fairshake played a crucial role in a significant Senate race in Ohio last November. The PAC donated $12 million to Bernie Moreno, a Republican candidate with a pro-crypto stance. Moreno’s campaign was successful, leading to his victory over Democrat Sen. Sherrod Brown, who is known for his critical views on cryptocurrency.
Following his election win, Moreno joined the Senate Banking Committee, which is chaired by Sen. Tim Scott (R-S.C.). Scott has expressed interest in the cryptocurrency sector, marking it as significant since his committee controls the legislative agenda, including potential crypto bills.
Earlier in April, Scott established a digital asset-focused panel led by Sen. Cynthia Lummis (R-Wyo.), with Moreno also serving as a member.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.