Super PACs backed by the cryptocurrency and artificial intelligence industries, as well as the pro-Israel lobby, have stockpiled hundreds of millions in cash to drop in 2026 midterms, setting themselves up to smash midterm spending records by outside groups.
The crypto industry-funded Fairshake super PAC ended the year with a whopping $191 million in cash on hand, while AIPAC’s super PAC, United Democracy Project (UDP), ended the year with $96 million. Following in their tracks is the new AI industry super PAC Leading the Future, which had $50 million cash on hand and touts far more in pledges.
Excluding money spent by party leadership-tied groups, the current high-water mark for super PAC spending on midterms was set in the 2022 cycle by Club for Growth Action, which spent a total of $69 million.
Fairshake reported total receipts of nearly $73.8 million in the second half of 2025, according to new Federal Election Commission disclosures covering the second half of last year. Its donors during that period were Coinbase ($8 million), Ripple Labs ($25 million), and VC firm Andreessen Horowitz ($24 million), together the group’s largest funders in the past few years. Fairshake’s two affiliate super PACs—the Democrat-focused Protect Progress and the Republican-focused Defend American Jobs—have an additional $2 million in cash on hand.
The bulk of its contributions came in December, while Congress was debating a major cryptocurrency bill, the CLARITY Act, which the group says is its top priority. The bill was just advanced along party lines by the Senate Agriculture Committee and is awaiting consideration by the Senate Banking Committee amid a lobbying battle between crypto companies and the banking industry. A version of the CLARITY Act was passed by the Republican-controlled House last summer.
