The 2024 U.S. presidential election isn’t over yet, but politically-minded crypto companies have already turned their attention to fundraising for the 2026 midterm elections.

Venture capital firm Andreessen Horowitz (also called a16z) donated another $23 million to pro-crypto super political action committee (PAC) Fairshake for the 2026 midterm election cycle, according to a blog post from Chris Dixon, a partner at a16z and the founder and leader of its crypto division.

“Regardless of what happens in the 2024 elections, we’re committed to supporting policymakers, irrespective of party affiliation, who will work to establish a practical regulatory framework that protects consumers while allowing the industry to grow,” Dixon wrote.

With a16z’s fresh contribution, Fairshake and its affiliated PACs – the Democrat-oriented Protect Progress and the Republican-oriented Defend American Jobs – now have $78 million in their coffers for the 2026 midterm elections. Crypto exchange Coinbase committed $25 million to Fairshake last week, and, according to a Fairshake spokesperson, the group has “$30 million in the bank.”

Both Coinbase and a16z are repeat donors to Fairshake, which raised over $200 million in the 2023-2024 election cycle. Coinbase was the single biggest donor: its fresh commitment to Fairshake brings its total contribution to the PAC closet to $75 million. A16z’s new contribution brings the firm to about $60 million in commitments to Fairshake.

Crypto firm Ripple has also been a big donor to Fairshake, contributing $50 million to the PAC for the 2023-2024 election cycle. When asked if the company planned to make another donation to Fairshake for the 2026 elections, a representative for Ripple said the company "intend[s] to remain a strong force in DC for years to come," but did not currently have fundraising news to share.

Other crypto companies who have donated to Fairshake and its affiliates include Jump Crypto, Circle and Kraken.

UPDATE (Nov. 4, 2024 at 17:30 UTC): A previous version of this story stated that Coinbase had made nearly $100 million in donations to Fairshake. The company has actually contributed approximately $75 million.

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Cheyenne Ligon

On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.