A war chest of $193 million. That’s what Fairshake, the crypto industry’s most powerful political action committee, reported holding as of January — and it’s spending that money fast.

Indiana Republican James Baird cruised to victory Tuesday in his party’s primary for the state’s 4th congressional district, pulling in over 60% of the vote against challenger Craig Haggard and a handful of others.

Baird also had the backing of US President Donald Trump. But another force was working in his favor: Defend American Jobs, a Super PAC tied to Fairshake, poured roughly $514,000 into media buys supporting him ahead of the vote, according to filings with the Federal Election Commission.

Fairshake itself is bankrolled by some of the biggest names in crypto, including Coinbase and Ripple Labs. The committee spent over $130 million trying to shape the outcome of the 2024 elections. In 2026, it’s already at it again — about $10 million has been directed toward races in Illinois and Texas so far.

Baird has been in Congress since January 2019 and has built a record that crypto advocates consider dependable. He backed the GENIUS Act, which deals with stablecoin regulation, and the CLARITY Act, a bill focused on crypto market structure. For Fairshake, he was worth protecting.

“Representative Baird has been a proven leader for pro-job, pro-consumer, and pro-innovation policies in Congress,” a Fairshake spokesperson said.

“We’re proud to support leaders committed to responsible regulation that ensures the US remains the global leader in innovation.”

Baird reportedly thanked Trump publicly following his win.

The Indiana result comes as crypto-related legislation picks up momentum in Washington. Last week, Senators Thom Tillis and Angela Alsobrooks said they had finalized language in the CLARITY Act to include a compromise on stablecoin yield — a sticking point that had held up the bill for months.

The Senate Banking Committee had not yet scheduled a markup as of Wednesday, but many observers expect the stablecoin agreement to push the broader market structure legislation forward.

Trump’s relationship with the crypto industry has drawn scrutiny alongside these developments. Several senators have said they won’t support the CLARITY Act without ethics provisions attached to it.

Senator Tillis was among those who stated publicly he would not back the bill without such guardrails in place.

Featured image from MetaAI, chart from TradingView

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