The biggest fights over tech regulation aren’t happening in Congress anymore. They’re happening in state legislatures, and companies like DraftKings, Meta, and Andreessen Horowitz are writing very large checks to make sure the outcomes go their way.
The three have collectively funneled millions into state-level political campaigns, targeting races that most voters barely notice but that carry enormous consequences for how online gambling, social media, and cryptocurrency get regulated across the country.
Illinois became ground zero
The Illinois 2026 primaries offered the clearest picture of what corporate political spending looks like when it goes local. Outside expenditures in that primary election topped $50M, a staggering figure for state-level contests.
Fairshake PAC, the crypto-industry political vehicle backed by Coinbase, Ripple Labs, and Andreessen Horowitz, spent over $10M in Illinois alone. That included $10M directed at defeating a single state senate candidate.
DraftKings and FanDuel’s PAC spread approximately $2.5M across 10 legislative races concentrated in the Chicago area.
Meta’s PAC also showed up in Illinois, contributing hundreds of thousands of dollars to candidates.
The bigger picture: a national strategy disguised as local politics
Andreessen Horowitz has positioned itself as the largest political donor in the current US midterm cycle, with around $115.5M in donations. The vast majority of that money has flowed toward candidates who are friendly to tech and crypto interests.
DraftKings and FanDuel have invested $41M into Win for America, a new super PAC expected to play a significant role in the 2026 campaign cycle.
What this means for investors
DraftKings and FanDuel pouring $41M into a super PAC signals that the sports betting industry expects significant state-level regulatory battles in 2026.
Andreessen Horowitz’s $115.5M spending spree is perhaps the most telling indicator of where the crypto industry thinks its future gets decided. The firm isn’t just backing federal candidates. It’s investing heavily in state-level politicians who can influence everything from money transmitter licenses to stablecoin regulations to state-level securities enforcement.
Meta’s quieter state-level spending suggests the company is playing defense. The hundreds of thousands spent in Illinois may look modest next to Fairshake’s war chest, but multiply that across 50 states over several election cycles and the numbers add up fast.
