Crypto Super PACs Reengage in Special Elections as Federal Account Access Remains in Focus

• Fairshake boosts crypto-aligned candidates with over $2.5M in recent special elections.
• Three crypto firms apply for Federal Reserve master accounts amid regulatory uncertainty.
• Several crypto companies seek national bank charters to enable interstate operations.

Crypto’s largest political action committee, Fairshake, along with its affiliates, has resumed active spending in special elections, backing candidates aligned with blockchain and digital asset interests. Meanwhile, several crypto-native firms have sought Federal Reserve master accounts, signaling ongoing regulatory and institutional developments within the digital asset sector.

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Following a large $136 million expenditure in 2024 that aided over 58 pro-crypto candidates, Fairshake and its affiliates, Defend American Jobs and Protect Progress, have invested large funds into special election campaigns this year.

A big recent success came in Virginia’s 11th District Democratic primary, where James Walkinshaw secured the nomination with the backing of Protect Progress. The group allocated $1 million toward advertisements supporting Walkinshaw, who aims to replace the late Rep. Gerry Connolly.

Walkinshaw’s position on blockchain technology contrasts with Connolly’s previous opposition to crypto-related legislation. Connolly was noted for opposing the FIT21 market structure bill and received a failing rating from the Stand With Crypto scorecard. In the primary, Walkinshaw defeated nine competitors, including Virginia State Senator Stella Pekarsky, who publicly rejected support from crypto PACs.

Fairshake also recorded victories in Florida’s April special elections, supporting Republican candidates Jimmy Patronis and Randy Fine in the 1st and 6th Congressional Districts, respectively. Combined, these candidates received $1.5 million in campaign contributions from the PAC. As of mid-2025, Fairshake and its affiliates maintain a war chest exceeding $100 million for the upcoming 2026 midterm elections, supported by major contributors including Coinbase, Andreessen Horowitz, and Ripple.

Crypto Firms Pursue Federal Reserve Master Accounts

In regulatory developments, three crypto-focused entities, WisdomTree Digital Trust, Standard Custody & Trust Company, and Commercium Financial, have submitted applications for Federal Reserve master accounts. These accounts enable direct access to the Fed’s payment systems, traditionally reserved for banks and financial institutions with deposit-taking authority or FDIC insurance.

WisdomTree and Standard Custody are New York State-chartered trust companies licensed under the New York Department of Financial Services and are not seen to meet existing federal requirements. Wyoming Commercium is a Wyoming special purpose depository institution (SPDI) that initially withdrew the application in 2022, then resubmitted.

Individually, several crypto businesses, such as Fidelity Digital Assets, have sought a national bank charter by the Office of the Comptroller of the Currency (OCC), potentially enabling interstate operation without state-by-state licenses. According to industry observers, these initiatives align with expected regulatory changes under Jonathan Gould, the new Chairman of the OCC.