Ripple, Coinbase Powered Crypto Super PAC Gears Up For Midterms With A War Chest Of $190 Million

Group 1: Legislative Developments - Senate Majority Leader Chuck Schumer urged Senate Democrats to expedite cryptocurrency legislation, linking it to increased campaign funding for midterm elections [1] - Coinbase CEO Brian Armstrong criticized the latest draft of the legislation, claiming it would be "materially worse than the current status quo," while Ripple and Andreessen Horowitz expressed support for the bill [2] Group 2: Political Action Committees (PACs) - Fairshake emerged as a significant PAC in 2024, spending over $195 million to support pro-cryptocurrency candidates, including more than $10 million to defeat former lawmaker Katie Porter's Senate bid [3] - Major industry players like Ripple Labs and Coinbase are among the largest donors to Fairshake, each contributing $25 million, while Andreessen Horowitz donated $24 million [4] Group 3: Fundraising and Spending - Fairshake announced it raised $191 million for the 2026 midterm elections, with $132.83 million raised in 2025, bringing its total war chest to over $190 million when combined with unused funds from the 2024 cycle [5]