Fairshake, $48M, and the Senate Vote Ripple Is Racing to Win

Ripple has become one of the largest corporate political donors in the United States this election cycle, while the market structure bill backed by the crypto industry remains before the Senate ahead of the August recess.

Public Citizen estimates Ripple has contributed about $48 million during the 2026 election cycle, placing it among the country’s largest corporate political donors. Andreessen Horowitz ranks slightly higher at roughly $51.65 million, while Coinbase’s reported total differs because organizations count different PACs and contribution vehicles.

Call it what it is: Ripple's other ledger

The XRPL is public…… Every transfer, every validator, every state change anyone with a node can verify it

Then there's the other ledger: $48 million funnelled into Fairshake and its sister PACs, moving through the far less… pic.twitter.com/N5V8tyurdu

Most of the funding flows through Fairshake, the crypto industry’s leading super PAC network. Fairshake and its affiliated committees entered the 2026 midterms with roughly $193 million in cash, about 37% above their July 2025 level. Coinbase, Ripple, and Andreessen Horowitz together committed around $74 million during the second half of 2025.

Public Citizen estimates crypto companies have spent roughly $189 million, representing about 37% of all corporate election spending this cycle. By comparison, artificial intelligence and Big Tech contributed about $60 million, while online gambling accounted for roughly $45.6 million. By that measure, crypto has become the largest corporate political spending sector.

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Fairshake operates through three organizations. The flagship super PAC supports candidates from both parties, while Protect Progress backs Democrats and Defend American Jobs supports Republicans. This structure lets donors compete in both parties’ primaries without presenting every campaign as explicitly pro crypto.

The network mainly targets low-turnout primaries, where relatively modest advertising budgets can influence competitive races. Fairshake entered 2026 with about $64 million already available, giving it an established political operation before new fundraising began.

Ripple’s largest disclosed commitment this cycle is a $25 million contribution to Fairshake, announced in late 2025. However, reports that Ripple has already committed $1 million directly to John Deaton’s 2026 Senate campaign remain unconfirmed through public campaign finance records. Claims that Ripple CTO David Schwartz donated XRP to Deaton’s campaign also lack official confirmation.

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Fairshake and its affiliates raised about $93 million during the 2023 to 2024 cycle and spent more than $130 million supporting preferred candidates. Representatives Jamaal Bowman and Cori Bush both lost Democratic primaries after heavy Fairshake-backed advertising, reinforcing the industry’s growing political influence even though neither race centered on crypto policy.

Congressional momentum followed. The House approved the CLARITY Act, while the GENIUS Act advanced separately with bipartisan backing. Although campaign spending alone cannot explain those results, the industry’s expanding political presence coincided with stronger congressional support for crypto legislation.

The U.S. Senate has exactly 10 days left to pass the CLARITY Act before leaving for its summer recess on August 7, 2026.

This will not pass and will be the catalyst for the last leg down in bitcoin.

Massachusetts remains an important exception. John Deaton lost to Elizabeth Warren by nearly 20 percentage points in 2024 despite significant outside support, suggesting Fairshake’s strategy remains more effective in lower turnout primaries than statewide general elections.

Critics argue crypto’s influence comes from its concentration, with one industry supplying more than one third of corporate election spending. The industry counters that banking, energy, and pharmaceutical companies have long used similar political strategies. More than 200 crypto firms, including Coinbase, Ripple, and Kraken, have urged the Senate to pass the CLARITY Act, arguing clear rules are needed to keep innovation in the United States.

The legislation now faces a crucial Senate window before the August recess. Ripple CEO Brad Garlinghouse has remained one of its strongest advocates. If the bill passes, Fairshake will carry a substantial campaign reserve into the general election. If it fails, those resources could instead target future primary races.

Ripple’s political spending complements its broader investment in institutional finance, including RLUSD, custody services, and the Hidden Road acquisition, making regulatory clarity a strategic business priority rather than an XRP-specific objective.

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