In a strategic move that further entrenches its influence, Fairshake, the formidable political-finance arm of the crypto industry, has injected another $1 million into a special election campaign in Virginia. The funds were directed toward James Walkinshaw, who emerged victorious in the Democrats’ firehouse primary over the weekend. This maneuver positions Walkinshaw as a strong contender in the upcoming general election on September 9, where he seeks to fill the seat left vacant by the late Representative Gerald Connolly.
The Crypto-backed Candidate
James Walkinshaw, Connolly’s former chief of staff, clinched the nomination among a crowded field of nine Democrats, with Fairshake’s backing playing a pivotal role. Fairshake’s spokesman, Josh Vlasto, emphasized the growing bipartisan support for crypto-friendly candidates in Congress, stating, “We look forward to James joining the coalition that understands the importance of securing America’s leadership in technology.” His comments come amidst criticisms aimed at candidates with ties to crypto lobbying, a tactic Walkinshaw’s opponents attempted but failed to leverage.
Walkinshaw’s campaign highlights his support for blockchain technology, which he believes can streamline business operations and reduce consumer costs. His stance marks a departure from his predecessor, Connolly, who consistently voted against crypto issues. On his campaign site, Walkinshaw advocates for modern regulatory frameworks that nurture innovation while mitigating risks—a sentiment echoing the broader industry’s call for clear and supportive legislation. This aligns with recent legislative developments, such as the US Passes Deploying American Blockchains Act, which aims to bolster the country’s blockchain infrastructure.
Fairshake’s Persistent Strategy
Fairshake, alongside its affiliate super PACs, Defend American Jobs and Protect Progress, gained significant clout in the 2024 congressional elections. Backed by substantial contributions from industry giants like Coinbase, Ripple, and a16z, the PAC’s financial clout often dwarfed the spending of its opponents. This hefty investment strategy has successfully seeded a roster of crypto advocates in Congress, a trend that continues with special elections like the one in Virginia.
In the case of Walkinshaw, campaign funding was funneled through Protect Progress, which targets Democratic candidates. The PAC’s strategic spending underscores its commitment to shaping a legislative environment conducive to the crypto sector. Vlasto revealed that Fairshake still holds approximately $116 million in reserve as it eyes the 2026 congressional elections, signaling ongoing engagement in the political arena.
The Larger Implications
Fairshake’s influence extends beyond individual races, as evidenced by the legislative actions of its supported candidates. Current members of Congress, bolstered by Fairshake contributions, are actively involved in advancing significant crypto legislation this year. The PAC’s “independent expenditures” approach—where funds are spent on advertising without direct candidate coordination—ensures that digital assets remain a subtle but powerful presence in political discourse. This is part of a global trend, as seen in Japan’s proposed crypto reforms, which aim to integrate Bitcoin ETFs and reduce crypto taxes.
The group’s advertising campaigns typically eschew direct mentions of crypto, instead focusing on broader political narratives likely to resonate with voters. This tactic has proven effective in not only winning seats but also in gradually normalizing the presence of crypto-friendly policies within mainstream political platforms.
As we look toward the September election and beyond, questions linger about the long-term impact of such concentrated financial influence. With Fairshake’s deep pockets and strategic acumen, the crypto industry appears poised to continue its ascent within the halls of American power. However, this raises broader considerations about the interplay between political funding and policy formulation, a dynamic that will undoubtedly shape the future regulatory landscape for digital assets.
Source
This article is based on: Industry’s PAC Keeps Seeking to Add Allies as Congress Hashes Out Crypto Legislation
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
