The crypto industry has reemerged as a major force in Washington, simultaneously spending big in key special elections while also pushing for direct access to the Federal Reserve’s core financial infrastructure.
After a massive $136 million campaign that helped elect over 58 pro-crypto candidates in 2024, the crypto super PAC Fairshake and its affiliates are back to funding special election races this year. Protect Progress, which typically supports Democrats, recently spent $1 million to back James Walkinshaw in Virginia’s 11th District primary.
🚨NEW from me: Crypto Super PACs Return, Spend Big Bucks on Special Elections
Fairshake backs winning VA primary candidate, three new crypto firms apply for Fed master accounts, and what to watch in Washington this week. ⬇️https://t.co/onpLXtSywI
— Eleanor Terrett (@EleanorTerrett) June 30, 2025
Walkinshaw, who won the nomination, has endorsed blockchain technology as a key economic tool, a stance that contrasts with that of his predecessor. The victory continues Fairshake’s 2025 winning streak, which already includes two GOP candidates in Florida. With a war chest that now exceeds $100 million, Fairshake is well-positioned to be a major player in the upcoming 2026 midterm elections.
What Is the Push for Fed Master Accounts?
In a parallel move, three crypto-native firms, WisdomTree Digital Trust, Standard Custody & Trust Company, and Commercium Financial, have all applied for Federal Reserve master accounts. These accounts would give them direct access to the Fed’s payment systems, a critical piece of financial infrastructure. The filings show a renewed optimism that the Fed might ease its restrictions on digital asset companies.
Related: Pro-Crypto Super PAC Invests Millions in 2024 U.S. Congressional Races
While WisdomTree and Standard Custody are chartered in New York, their federal eligibility remains unclear. Commercium, a Wyoming-based institution, has reapplied after its previous attempt in 2022, a path that remains challenging, as seen in the ongoing litigation over Custodia Bank’s rejection in 2023.
What’s Next on the Legislative Agenda?
Separately, several crypto firms, including Fidelity Digital Assets, have sought national bank charters from the Office of the Comptroller of the Currency (OCC). This move would allow them to operate across states without individual money transmitter licenses.
Related: White House Sets Crypto Law Deadline as Congress Advances GENIUS and CLARITY Acts
Congress is expected to focus on advancing President Trump’s “One Big Beautiful Bill” before the July 4th recess. Meanwhile, procedural votes on two crypto-related bills, the GENIUS Act and the CLARITY Act, are anticipated in the House during the second week of July.
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