Ripple (CRYPTO: XRP) and Coinbase Global Inc. (NASDAQ:COIN) have poured a combined $75 million into crypto super PAC Fairshake, yet find themselves on opposite sides of the crypto market structure bill.
The Super PAC War Chest
Fairshake announced Wednesday it raised $193 million total for the 2026 midterms, making it one of the best-funded political forces in the country according to Politico.
Ripple put in $25 million, Coinbase added $25 million on top of its earlier $25 million donation since the 2024 election for a total of $50 million, and Andreessen Horowitz contributed $24 million.
The super PAC network includes Fairshake, Protect Progress, and Defend American Jobs.
The 2024 results proved the model works—the group spent over $100 million and almost all its backed candidates won.
It deployed $40 million to defeat then-Senate Banking Chair Sherrod Brown and supported Democratic Sens. Ruben Gallego (D-AZ) and Elissa Slotkin (D-MI) with $10 million each.
The Industry Split On Legislation
The crypto market structure bill dividing regulatory oversight is stalled in the Senate, and the PAC’s biggest backers disagree on whether to support it.
Coinbase CEO Brian Armstrong opposed the latest bill text less than 24 hours before a scheduled Senate Banking markup, writing on X it “would be materially worse than the current status quo.”
Senate Banking Chair Tim Scott (R-SC) postponed the vote amid Coinbase’s opposition and uncertainty about vote counts.
However, Ripple and Andreessen Horowitz disagreed, signaling support for the bill.
Their position: imperfect legislation now beats waiting for better terms later.
Large financial institutions oppose provisions letting stablecoin issuers offer yield on dollar-pegged tokens, which threatens traditional bank deposits.
The Legislative Timeline
The Senate Agriculture Committee votes Thursday on portions giving the CFTC new authorities, but bipartisan support appears unlikely.
Meanwhile, the Banking Committee vote has no reschedule date.
Crypto executives and banking bosses meet at the White House on Monday attempting to revive the stalled bill, but the industry disagreement complicates any compromise.
The calendar creates urgency. Lawmakers typically shift focus to midterm campaigns by summer, leaving a narrow window for comprehensive legislation.
If the bill fails, Fairshake deploys its $193 million war chest to elect candidates who’ll attempt legislation again in 2027.
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