Crypto-Backed PAC Pumps $362K Into California Midterm Race as 2026 Election Nears

Crypto-SPAC Supports California Midterms

Newly filed documents with the U.S. Federal Election Commission show that Protect Progress allocated $362,000 toward media efforts supporting incumbent Democrat Aisha Wahab in the Bay Area district, opposing fellow Democrat Melissa Hernandez.

Wahab secured victory over Hernandez in the August 18 special election by garnering over 53% of the vote, prompting questions about why a crypto-industry linked SPAC is investing in her campaign for the 2026 midterms.

Significantly, both Wahab and Hernandez were rated as having strong pro-crypto stances after responding to surveys from the digital advocacy group Stand With Crypto ahead of the August vote. This election was held to fill the remainder of Democratic Rep. Eric Swalwell's term, who resigned in April amid sexual misconduct allegations, with his term ending January 2027.

Fairshake was established in 2023 with major backing from Coinbase, Ripple Labs, and Andreessen Horowitz. Since the 2024 elections, the super PAC has pumped tens of millions into pro-crypto candidates, aiming to shape Congress with lawmakers favoring digital asset-friendly policies.

During a debate on October 7, Wahab criticized Hernandez for not denouncing corporate PAC spending linked to the American Israel Public Affairs Committee (AIPAC), stating such expenditures are harmful to democracy. Requests for comment from both campaigns and Fairshake went unanswered at press time.

A key distinction between the special election and upcoming midterms is the redrawn boundaries of California's 14th district. Following the 2025 approval of Proposition 50, the district—which currently covers parts of San Francisco's East Bay—will expand, altering the electoral map for November.

Fairshake Increases Investments in Ohio and Nebraska

Back in January, Fairshake disclosed it held $193 million in cash reserves ahead of the elections, having already invested tens of millions supporting both Democratic and Republican candidates in primaries and special contests.

With just over two weeks until the 2026 election, Fairshake reported further media spending in key Senate races in Ohio and Nebraska.

Defend American Jobs, another Fairshake affiliate predominantly backing Republican candidates, announced spending more than $6.7 million opposing independent Dan Osborn in Nebraska's Senate race. The PAC also reported $8 million in media expenditures in Ohio, backing incumbent Republican Jon Husted against Democrat Sherrod Brown, where it has now invested over $46 million in total.

Sherrod Brown’s Senate race is viewed as a significant indicator of crypto’s potential influence on the 2026 midterms. Brown lost his seat in 2024 to Republican Bernie Moreno after Fairshake and allied groups spent hundreds of millions opposing him.