In an unprecedented financial surge, the political action committee (PAC) Fairshake, steered by Coinbase, has eclipsed all other super PACs in the 2024 U.S. election cycle, as revealed by campaign finance analyst OpenSecrets.

This burgeoning crypto lobby has outstripped even the formidable Make America Great Again Inc. (MAGA) super PAC, championed by Republican presidential nominee Donald Trump. Fairshake has amassed an impressive $202 million, narrowly surpassing MAGA’s $201 million, according to OpenSecrets.

To date, Fairshake’s political expenditures have exceeded $14 million, with a substantial $10 million directed towards successfully challenging Katie Porter’s senatorial bid in California. Additionally, the PAC has allocated over $2 million in efforts to contest Jamaal Bowman’s ongoing House campaign in New York.

Fairshake’s mission is articulated on its website as “empowering blockchain innovators to cultivate their networks within a more lucid regulatory and legal framework.” The PAC boasts substantial backing from major crypto entities.

Coinbase alone has contributed over $46 million, with $1 million from individual employees. Ripple follows closely with $45 million in donations. Furthermore, individuals associated with venture firm Andreessen Horowitz, including co-founders Marc Andreessen and Ben Horowitz, have collectively donated approximately $44 million to the PAC.

Coinbase also spearheads the advocacy group Stand With Crypto, which endorses specific political candidates and champions policies deemed beneficial to the crypto industry. This group has thrown its support behind candidates in 22 federal House and Senate races.

Stand With Crypto, per its website, supports candidates across the political spectrum but leans slightly towards Republican endorsements. It has rated the Financial Innovation and Technology for the 21st Century Act, a crypto bill in the House, as “very pro crypto.”

The crypto sector achieved a notable victory on July 27, when Donald Trump, speaking at the Bitcoin 2024 conference in Nashville, announced his intention to establish a “strategic Bitcoin reserve” and to dismiss Securities and Exchange Commission (SEC) head Gary Gensler, who is known for his stringent stance on alleged infractions by crypto firms.