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If there was one thing we learned during the last Illinois primaries, it was that a crypto-backed war chest might be mighty, but it does not guarantee a win.
Crypto industry's popular political action committee, Fairshake, is&nbsp;backed by Coinbase (Nasdaq: COIN), Ripple, and Andreessen Horowitz.
It has had an incredible record since its inception in 2023.&nbsp;
During the 2023–2024 election cycle, Fairshake raised $260 million for its candidates, as per <a href="https://www.opensecrets.org/political-action-committees-pacs/fairshake-pac/C00835959/summary/2024" rel="noopener noreferrer nofollow">OpenSecrets</a>. That year, winning candidates in 33 out of the 35 House and Senate primary <a href="https://www.cnbc.com/2024/06/26/crypto-pac-house-senate-elections.html" rel="noopener noreferrer nofollow">had been backed</a>&nbsp;by the crypto super PAC.&nbsp;
<a href="https://www.thestreet.com/crypto/news/how-crypto-super-pacs-are-turbocharging-the-u-s-midterms-with-attack-ads" rel="noopener noreferrer nofollow">Related: How Crypto Super PACs are Turbocharging the U.S. Midterms</a>
Then it entered 2025 with&nbsp;<a href="https://www.axios.com/2025/01/30/fairshake-crypto-pac-2026-midterms" rel="noopener noreferrer nofollow">$116 million</a> in cash on hand for the 2026 midterm cycle. This included $11 million in fresh contributions from supporters, including a16z, Coinbase, Jump Crypto, and Ripple Labs. By the end of 2025, the war chest had swollen to <a href="https://www.cnbc.com/2026/01/28/crypto-pac-fairshake-bill-vote.html" rel="noopener noreferrer nofollow">$193&nbsp;million</a>.&nbsp;
But things changed as they entered 2026.
In the Illinois primaries of March 2026,&nbsp;Fairshake spent nearly $20 million, but the investment largely came up short.&nbsp;
Its biggest loss was spending over $10 million opposing Lt. Gov. Juliana Stratton (D-Ill.) in the Democratic Senate primary, which she won anyway.
State Rep. La Shawn Ford (D-Ill.) also won his House race despite nearly $2.5 million in crypto spending <a href="https://www.politico.com/live-updates/2026/03/17/congress/la-shawn-ford-wins-illinois-democratic-primary-house-00833521" rel="noopener noreferrer nofollow">against him</a>.&nbsp;Fairshake did win in three House races, backing Donna Miller, Melissa Bean, and Nikki Budzinski.
Now there is a new crypto PAC in town.
<h2 id="industry-heavyweights-back-policy-push">Industry heavyweights back policy push</h2>
The Blockchain Leadership Fund (BLF),<a href="https://www.blockchainleadershipfund.com/news/blockchain-leadership-fund-launches-to-advance-us-leadership-in-digital-assetsnbsp" rel="noopener noreferrer nofollow"> launched</a> on March 30, aims to support candidates advancing digital asset and blockchain policy across the United States.
Backed by members of The Digital Chamber, the initiative comes as lawmakers move closer to defining the regulatory framework for crypto and digital assets.
Structured as a hybrid PAC, BLF can both contribute directly to candidates and fund independent political campaigns.&nbsp;
The group plans to engage across federal, state and local races, focusing on policymakers pushing for clear and innovation-friendly rules.
Early support for the fund includes Anchorage Digital and Chainlink Labs.
Anchorage Digital, which operates the first federally chartered crypto bank in the US, and Chainlink Labs, known for its infrastructure powering institutional blockchain adoption, both represent the growing institutional presence in the sector.
<h3 id="more-news">More News:</h3>
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</ul>
<h2 id="what-is-going-on-with-digital-asset-legislation">What is going on with digital asset legislation?</h2>
All eyes are now on the&nbsp;Digital Asset Market <a href="https://www.thestreet.com/crypto/policy/brutal-warning-for-crypto-as-it-faces-hell-without-clarity" rel="noopener noreferrer nofollow">Clarity Act,</a> which has been stalled multiple times from reaching a Senate markup.
The&nbsp;bill is designed to establish clear rules for regulating cryptocurrencies. It aims to define which agencies oversee digital assets, clarify whether tokens are securities or commodities, and create a structured framework for trading, custody and compliance, helping reduce uncertainty while supporting innovation and investor protection.
But versions of it have caused intense debates. The most talked about is the clause on stablecoin yield and how it should be treated.&nbsp;
Traditional banks like JPMorgan and Standard Chartered have cautioned against it.&nbsp;Bank of America CEO Brian Moynihan even<a href="https://www.thestreet.com/crypto/markets/bank-of-america-warns-major-threat-could-push-trillions-out-of-u-s-banks" rel="noopener noreferrer nofollow"> warned</a> that up to $6 trillion in deposits could shift to stablecoins if platforms are allowed to pay yields.
But supporters such as Coinbase say allowing stablecoin yields is necessary to bring a level playing field and an opportunity for Americans to earn more on their money.&nbsp;
<a href="https://www.thestreet.com/crypto/policy/ripple-ceo-reveals-clarity-act-deadline" rel="noopener noreferrer nofollow">Related: Ripple CEO reveals CLARITY Act deadline</a>

New crypto PAC emerges ahead of November mid-terms

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