Crypto Super PAC Reaches Nearly $200 Million on Cusp of Midterms

The pro-crypto super PAC Fairshake network holds more than $193 million in the bank ahead of this year’s midterm elections as the industry seeks to bolster its allies running for Congress — and defeat legislative foes.

The super political action committee, which funds affiliated groups, hauled in donations from crypto companies including Coinbase, Ripple, and a16z, according to a statement from Fairshake that offered a glimpse at forthcoming financial disclosures due Saturday with the Federal Election Commission. Super PACs can raise and spend unlimited money but are not permitted to coordinate with candidates.

Fairshake’s announcement comes a day before ...