A crypto-funded super PAC called Fairshake is launching seven-figure ad campaigns against two Illinois state lawmakers running for Congress. The group aims to defeat candidates who supported state-level crypto regulations. This spending previews how the industry plans to use its $190 million fund to influence elections.
The super PAC Fairshake, backed by crypto firms Coinbase and Ripple as well as venture capital group Andreessen Horowitz, plans to spend at least $1 million each against state Rep. La Shawn Ford and state Sen. Robert Peters in their Democratic primaries for U.S. House seats.
Ford is seeking to replace retiring Rep. Danny Davis in Illinois' 7th District, where he has Davis's endorsement and is considered a front-runner. The race also features Chicago Treasurer Melissa Conyears-Ervin, supported by an AIPAC-aligned super PAC. Peters is competing for the open 2nd District seat held by Rep. Robin Kelly, who is running for U.S. Senate to succeed retiring Sen. Dick Durbin. Peters faces former Rep. Jesse Jackson Jr., aided by ads from a super PAC funded by artificial intelligence companies.
Both Ford and Peters supported Illinois legislation enacted last August that imposes new consumer protection standards on digital asset firms. Peters co-sponsored the measure. Fairshake criticizes the lawmakers, stating in a release: “legislators voted for and pushed draconian rules that would have led to a patchwork of state-by-state rules that kills American competitiveness and job creation and undermines consumer protections.” The group added: “State lawmakers looking to run for federal office should expect to be held accountable for their records.”
Peters responded via spokesperson: “The 2nd Congressional District is a historically majority Black seat, and outside Super PACs funded by Trump-aligned billionaires are dumping millions of dollars into this race to try to buy this seat and subvert the will of the electorate. They’re all in for my opponent because he’s already shown that he can be bought—and I’ve made it clear that I can’t.” Ford did not immediately comment.
Conyears-Ervin and Jackson both hold A ratings from the industry group Stand With Crypto and have indicated support for crypto-friendly policies. Conyears-Ervin's website notes she will “encourage responsible investment through traditional and blockchain-based assets.” This activity aligns with broader industry efforts to pass federal crypto regulations, currently stalled in the Senate due to disputes between crypto firms and banks.
Fairshake's moves extend beyond Illinois, including $1.5 million against Rep. Al Green in Texas and support for Rep. Barry Moore in Alabama's Republican Senate primary.
