Crypto PACs Keep Spending, and the Fed Might Be Next
The crypto industry isn’t slowing down in Washington. If anything, it’s doubling down—pouring money into elections while quietly pushing for something even bigger: direct access to the Federal Reserve’s financial plumbing.
Fairshake, the super PAC that dropped $136 million in 2024 to help elect dozens of crypto-friendly candidates, is back at it this year. Just last week, its affiliate Protect Progress—which leans Democratic—spent $1 million supporting James Walkinshaw in Virginia’s 11th District primary. Walkinshaw won, and unlike his predecessor, he’s openly backed blockchain as an economic driver.
This isn’t a one-off. Fairshake’s already helped two GOP candidates in Florida this year, and with over $100 million still on hand, it’s clear they’re playing the long game. Midterms are over a year away, but the money’s moving now.
Why Master Accounts Matter
Meanwhile, three crypto firms—WisdomTree Digital Trust, Standard Custody, and Commercium Financial—have quietly applied for Federal Reserve master accounts. If approved, they’d get something most banks take for granted: direct access to the Fed’s payment systems. No middlemen.
It’s a big deal, but not a sure thing. WisdomTree and Standard Custody are New York-chartered, which might complicate things. Commercium, based in Wyoming, already tried and failed in 2022. The Fed’s track record here isn’t great—just ask Custodia Bank, still fighting in court after its 2023 rejection.
Still, the fact that these companies are trying again suggests they think the winds might be shifting. Or maybe they’re just tired of waiting.
What’s Next in Washington?
Elsewhere, Fidelity Digital Assets and a few others are chasing national bank charters from the OCC. That’d let them skip the headache of state-by-state licensing.
On the legislative side, Congress has a packed schedule. President Trump’s “One Big Beautiful Bill” (yes, that’s the real name) is supposed to get attention before the July 4 break. And the House might vote soon on the GENIUS and CLARITY Acts—two crypto bills that’ve been floating around for a while.
None of this is guaranteed, of course. But between the election spending and the quiet lobbying, it’s obvious crypto’s not just hoping for change. It’s paying for it.
