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Seven of the forty-six senators currently sitting on the two Senate committees with direct control over the CLARITY Act received a combined $265,500 in direct contributions from individuals employed at or affiliated with crypto companies during the 2025-2026 cycle, according to FEC Schedule A filings reviewed by Fintech Weekly.
The contributors include the CEO of Coinbase, the CEO of Ripple, the executive chairman of Ripple, the CEO of Kraken, two founders and a general partner at Andreessen Horowitz, and employees of Blackstone — the world's largest alternative asset manager, which in August 2022 appointed former Coinbase and Bakkt executive Adam White as a senior adviser to direct its growing digital asset strategy.
The direct contributions are the smaller story.
In the same cycle, Ripple Labs contributed $48,000,000 to Fairshake, the crypto industry's primary Political Action Committee. Coinbase contributed $33,092,475 directly and an additional $19,376,738 through its exchange infrastructure. AH Capital Management, the Andreessen Horowitz investment firm, contributed $23,800,000. Marc Andreessen and Ben Horowitz each contributed $11,900,000 personally. Uniswap Labs contributed $999,987. Robert Leshner, CEO of Superstate, contributed $300,007. The Solana Policy Institute contributed $10,000. The total confirmed in FEC filings reviewed by Fintech Weekly for the current cycle: $149,379,208.
On January 28, 2026 — the day before the Senate Agriculture Committee held its markup on the CLARITY Act — Fairshake announced that its total 2026 war chest had reached $193 million. The Senate Banking Committee's markup, originally scheduled for January 14, had been postponed two weeks earlier. It has not been rescheduled.
What the CLARITY Act Is
The Digital Asset Market Clarity Act — formally the Digital Asset Market Clarity Act of 2025 — is the most comprehensive piece of crypto legislation ever to pass one chamber of the United States Congress.
It passed the House of Representatives on July 17, 2025, with a 294-134 bipartisan vote. It has not passed the Senate. For a complete explanation of every provision, every stakeholder position, and the full legislative timeline, read Fintech Weekly's definitive guide to the CLARITY Act.
The bill classifies digital assets into three categories — securities under SEC jurisdiction, digital commodities under CFTC jurisdiction, and stablecoins under a separate shared framework — and writes those classifications into federal law. It also creates a new capital-raising pathway for digital asset projects, protects decentralised finance from the full weight of securities regulation, and prohibits the Federal Reserve from issuing a central bank digital currency directly to individuals.
The bill passed the Senate Agriculture Committee on January 29, 2026. The Senate Banking Committee postponed its markup on January 14, 2026 and has not rescheduled. The primary obstacle is a single unresolved dispute over stablecoin yield — whether crypto platforms can pay returns on stablecoin holdings.
On March 10, 2026, Senator Angela Alsobrooks, a Maryland Democrat on the Banking Committee, told over 1,400 community bankers at the American Bankers Association Washington Summit that all parties would need to accept a result that does not give them everything they want. Alsobrooks and Republican Senator Thom Tillis of North Carolina are currently working on compromise language. The Senate Banking Committee is targeting a late-March markup session to advance the bill.
How the Senate Process Works
A bill becomes federal law in the United States through six stages. It is introduced in either the House or the Senate. It is assigned to the relevant committee or committees for review.
The committee holds hearings, debates amendments, and votes on whether to advance it — a process called a markup. If the committee chair never schedules a markup, the bill dies without a vote ever taking place. If the committee approves it, the bill goes to the full chamber floor for a vote by all members. If it passes the first chamber, it moves to the other — in the CLARITY Act's case, from the House to the Senate.
Each chamber's relevant committees review it again. If both chambers pass different versions, the two texts must be reconciled into a single final bill. The President then signs or vetoes it.
The CLARITY Act is currently stuck between committee review and a full Senate floor vote. Two Senate committees must complete their markups before the bill can advance. The reason two committees are involved — rather than one — is structural. The bill creates regulatory responsibilities for two separate federal agencies that fall under two separate committee jurisdictions.
The SEC, which regulates securities markets, falls under the Senate Banking Committee. The CFTC, which regulates commodity and derivatives markets, falls under the Senate Agriculture Committee. Because the CLARITY Act writes rules for both agencies simultaneously, both committees have jurisdiction over their respective portions. Both chairs must schedule and advance their portions before the bill reaches the Senate floor.
This structural requirement has practical consequences. The Senate Agriculture Committee, chaired by John Boozman of Arkansas, completed its markup on January 29, 2026. The Senate Banking Committee, chaired by Tim Scott of South Carolina, postponed its markup on January 14, 2026 — the day it was originally scheduled — and has not rescheduled. The majority party controls committee chairs. Republicans hold the Senate majority.
How This Report Was Built
All contribution data in this report was sourced directly from FEC.gov Schedule A filings. For individual senator contributions, Fintech Weekly searched by senator name and filtered for contributors employed at or affiliated with crypto companies, covering the 2025-2026 two-year transaction period. Fairshake contribution data was sourced from its committee ID, same cycle. All figures reflect FEC filings available as of March 16, 2026.
What Fairshake Is
Fairshake is a Political Action Committee — a legal entity authorised under US federal election law to raise and spend money in connection with federal elections. Specifically, Fairshake is a super PAC, a category created by court rulings in 2010 that allows unlimited fundraising from corporations, individuals, and other organisations, provided the money is spent independently — on advertising, voter outreach, and other electoral activities — without coordinating directly with any candidate's campaign.
Fairshake operates two affiliate PACs: Defend American Jobs, oriented toward Republican candidates, and Protect Progress, oriented toward Democratic candidates. Together the three entities function as the crypto industry's primary electoral infrastructure in the United States.
On January 28, 2026 — the day before the Senate Agriculture Committee held its markup on the CLARITY Act — Fairshake announced that its combined 2026 war chest had reached $193 million. The $74 million in new contributions since July 2025 came from three sources: Coinbase contributed $25 million, Ripple contributed $25 million, and Andreessen Horowitz contributed $24 million. The announcement was made one day before the most significant legislative proceeding the CLARITY Act had seen since passing the House six months earlier.
FEC Schedule A filings reviewed by Fintech Weekly confirm the following figures for the most significant contributors to Fairshake in the 2025-2026 cycle. Ripple Labs contributed $48,000,000. Coinbase contributed $33,092,475 in direct contributions. AH Capital Management, the Andreessen Horowitz investment firm, contributed $23,800,000. Marc Andreessen contributed $11,900,000 personally. Ben Horowitz contributed $11,900,000 personally. Uniswap Labs contributed $999,987. Robert Leshner, CEO of Superstate, contributed $300,007 in the form of an in-kind contribution of protocol tokens. The Solana Policy Institute contributed $10,000. The total confirmed in the filings reviewed by Fintech Weekly for the current cycle is $131,002,469.
These figures represent the most significant itemised contributors identified in the dataset. Additional contributions from smaller donors and unitemised receipts are not included in this total. Separately, Fairshake's filings also record other receipts — interest income earned on the PAC's invested funds, held at Amalgamated Bank.
The Ohio race provides the clearest illustration of how Fairshake's electoral spending connects to the CLARITY Act's current Senate composition. In the 2024 cycle, Fairshake's affiliate Defend American Jobs spent $40.1 million supporting Bernie Moreno against Sherrod Brown in the Ohio Senate race. Brown was at the time the chair of the Senate Banking Committee — the same committee now deciding the CLARITY Act — and had spent years blocking crypto legislation from advancing. Moreno defeated Brown. Moreno now sits on the Senate Banking Committee as one of its Republican members. Brown is no longer in the Senate.
Senate Banking Committee
The Senate Banking Committee has 23 members. Fintech Weekly identified crypto-affiliated contributions to five of them in FEC Schedule A filings for the 2025-2026 cycle.
| Senator | Party | State | Role | Contributors | Total received | CLARITY Act position |
|---|---|---|---|---|---|---|
| Mark Warner | D | VA | Member | Chris Larsen (Ripple Executive Chairman) $16,200 Mar 26 2025 — Emilie Choi (Coinbase President) $3,500 Mar 17 2025 + $3,500 Mar 24 2025 + $3,500 Sep 5 2025 — Robert Witoff (Coinbase Executive) $2,500 Sep 10 2025 — Jesse Pollak (Coinbase VP) $3,500 Sep 6 2025 — Gregory Tusar (Coinbase VP) $3,500 Sep 5 2025 — Brian Armstrong (Coinbase CEO) $3,500 Oct 1 2025 — Lawrence Zlatkin (Coinbase Attorney) $2,500 Feb 25 2025 — Arjun Sethi (Kraken CEO) $15,000 Oct 28 2025 — Multiple Blackstone executives $53,300 | $137,900 | Conditionally supportive — wants stronger DeFi and anti-money laundering provisions |
| Tim Scott | R | SC | Chair | Brian Armstrong (Coinbase CEO) $3,500 Dec 15 2025 — Faryar Shirzad (Coinbase Chief Policy Officer) $3,500 Sep 23 2025 — Gregory Tusar (Coinbase VP Product) $3,500 Sep 5 2025 — Jesse Pollak (Coinbase VP Engineering) $3,500 Sep 6 2025 — AJ Haas (Coinbase Finance) $3,500 Oct 9 2025 — Paul Grewal (Coinbase Attorney) $3,500 Oct 7 2025 — Multiple Blackstone executives $40,400 | $62,900 | Supportive — co-released Banking discussion draft with Lummis July 22 2025 |
| Pete Ricketts | R | NE | Member | Marc Andreessen (a16z General Partner) $12,000 Sep 19 2025 — Ben Horowitz (a16z Co-founder and GP) $7,000 Sep 22 2025 — Christopher Dixon (a16z General Partner) $7,000 Sep 22 2025 | $26,000 | No confirmed public position |
| Bernie Moreno | R | OH | Member | Brad Garlinghouse (Ripple CEO) $6,200 Jun-Oct 2025 — Stuart Alderoty (Ripple Attorney) $9,700 Oct 2025 — Stephen Schwarzman (Blackstone CEO) $1,000 Jun 30 2025 | $20,400 | Supportive — told SEC chairman Congress has failed to provide regulatory clarity |
| Dave McCormick | R | PA | Member | Emilie Choi (Coinbase President) $2,900 Jul 16 2025 | $2,900 | No confirmed public position |
About the contributors
Chris Larsen is the executive chairman and co-founder of Ripple, which contributed $48,000,000 to Fairshake in the current cycle. His $16,200 contribution to Warner on March 26, 2025 is the largest single crypto-affiliated contribution to any senator in this dataset.
Emilie Choi is the president of Coinbase. Her contributions appear in four separate senator files — Warner, Scott, Moreno, and McCormick — making her the most widely distributed individual contributor across this dataset.
Brian Armstrong is the CEO of Coinbase. His $3,500 contribution to Tim Scott on December 15, 2025 carries specific timing significance. Armstrong publicly withdrew Coinbase's support for the CLARITY Act on January 14, 2026 — the same day Scott postponed the Senate Banking Committee markup. The contribution was made 30 days before both events.
Arjun Sethi is the CEO of Kraken, the San Francisco-based crypto exchange. His $15,000 contribution to Warner on October 28, 2025 is the single largest individual crypto contribution in this dataset.
Marc Andreessen, Ben Horowitz, and Christopher Dixon are all partners at Andreessen Horowitz, which contributed $23,800,000 to Fairshake in the current cycle and $24,000,000 of the $74,000,000 announced on January 28, 2026. Their combined $26,000 to Pete Ricketts on September 19-22, 2025 represents the three most senior figures at one of crypto's primary political funders contributing to a senator on the committee deciding the legislation that directly affects their portfolio companies.
Brad Garlinghouse is the CEO of Ripple. Stuart Alderoty is Ripple's general counsel and chief legal officer. Both contributed to Bernie Moreno across multiple dates in June and October 2025. Combined Ripple contributions to Moreno total $15,900 — from the same company that contributed $48,000,000 to the PAC that spent $40,100,000 electing Moreno to the seat he now holds.
Analysis
The Banking Committee data shows crypto-affiliated money flowing to both parties.
Warner, the committee's leading Democratic negotiator, received the largest total in this dataset — $137,900 — including contributions from the presidents and CEOs of Coinbase, Ripple, and Kraken. His public position is conditional support: he wants the bill to pass but has made clear that DeFi guardrails and anti-money laundering provisions must be strengthened before he votes for it.
Scott, the Republican chairman who controls the markup calendar, received $62,900 including $3,500 from Coinbase's CEO thirty days before both Scott's markup postponement and Armstrong's public withdrawal of Coinbase's support.
Moreno received direct contributions from Ripple executives on top of the $40,100,000 that Fairshake's affiliate spent electing him to the seat he now occupies.
Senate Agriculture Committee
The Senate Agriculture Committee has 23 members. Fintech Weekly identified crypto-affiliated contributions to two of them in FEC Schedule A filings for the 2025-2026 cycle.
| Senator | Party | State | Role | Contributors | Total received | CLARITY Act position |
|---|---|---|---|---|---|---|
| Cory Booker | D | NJ | Member | Chris Larsen (Ripple Executive Chairman) $3,500 Mar 28 2025 — Emilie Choi (Coinbase President) $700 + $2,800 Sep 23 2025 — Jordan Salberg (Coinbase Attorney) $250 Aug 29 2025 — Lawrence Zlatkin (Coinbase Attorney) $2,500 Feb 24 2025 — Ben Horowitz (a16z) $200 Sep 22 2025 — Christopher Dixon (a16z) $200 Sep 22 2025 — David Blitzer (Blackstone Chairman) $3,500 Mar 11 2025 — Sean Klimczak (Blackstone SMD) $750 Apr 23 2025 | $14,400 | Co-released bipartisan Agriculture discussion draft with Boozman November 10 2025. Withdrew support at January 29 2026 markup over absence of ethics provisions. Voted against advancing the bill. |
| Deb Fischer | R | NE | Member | Kara Calvert (Coinbase Vice President) $1,000 Mar 31 2025 | $1,000 | No confirmed public position |
About the contributors
Chris Larsen, Ripple's executive chairman, contributed to both Warner on the Banking Committee and Booker on the Agriculture Committee. His contributions appear on both sides of the aisle — $16,200 to Warner and $3,500 to Booker — making him the only contributor in this dataset to have given to senators on both committees.
Emilie Choi, Coinbase's president, also appears on both committees — contributing to Warner, Scott, McCormick, and Booker. Her contributions span Republican and Democratic members across both committees deciding the bill.
David Blitzer is chairman of Blackstone. His $3,500 contribution to Booker on March 11, 2025 is part of the same pattern of Blackstone executive contributions that appear across multiple senators in this dataset — Warner on Banking and Booker on Agriculture both received contributions from Blackstone personnel in the same cycle.
Kara Calvert is Coinbase's vice president of US policy — the company's chief Washington lobbyist. Her $1,000 contribution to Deb Fischer on March 31, 2025 is the smallest individual contribution in this dataset and the only crypto-affiliated contribution identified for any Republican member of the Agriculture Committee.
Analysis
The Agriculture Committee data presents the report's sharpest single contrast.
Booker received $14,400 from contributors at Coinbase, Ripple, Andreessen Horowitz, and Blackstone. He then co-authored the committee's bipartisan discussion draft with Republican chair Boozman — the most significant act of Democratic support for the bill in either committee. Then, on January 29, 2026, he voted against advancing that same bill, citing the failure of a proposed amendment that would have required politicians to divest crypto holdings before voting on crypto legislation. The amendment failed along party lines. Booker told reporters the situation was "ridiculous." The contributions, the co-authorship, and the final vote are all matters of public record.
Fairshake: The Money Behind The Money
The $265,500 in direct contributions identified across seven senators is the visible layer of the financial relationship between the crypto industry and the CLARITY Act's legislative gatekeepers. The less visible layer is what the same companies spent building the political environment those senators operate in. FEC Schedule A filings for Fairshake's committee confirm $149,379,209 in contributions to the PAC in the 2025-2026 cycle alone.
The contributions came in two categories.
The first is individual and organisational contributions, totalling $130,002,470, from eight distinct sources. Ripple Labs contributed $48,000,000 across two payments — $23,000,000 on January 21, 2025 and $25,000,000 on August 29, 2025. Coinbase contributed $33,092,475 across four payments: $15,000,000 on March 14, $5,000,000 on April 2, $5,000,000 on June 25, and $8,092,475 on October 7, 2025. AH Capital Management, the corporate entity of Andreessen Horowitz, contributed $23,800,000 on December 10, 2025. Marc Andreessen contributed $11,900,000 personally on the same date. Ben Horowitz contributed $11,900,000 personally on the same date. The three December 10 contributions — from the firm and its two founders simultaneously — total $47,600,000 in a single day. Uniswap Labs, the company behind the largest decentralised exchange by volume, contributed $999,987.89 on January 30, 2025. Robert Leshner, CEO of Superstate, contributed $300,007.50 as an in-kind contribution on January 29, 2025 — the day the Senate Agriculture Committee held its markup. The Solana Policy Institute contributed $10,000 on May 14, 2025.
The second category is exchange-based contributions from Coinbase Commerce, Coinbase's merchant and exchange infrastructure, totalling $19,376,738.87 across four payments in 2025: $3,801,738.87 on May 12, $4,400,000 on May 21, $5,175,000 on July 10, and $6,000,000 on July 13. These contributions are recorded separately from Coinbase's direct corporate contributions, making Coinbase — across its corporate entity and its exchange infrastructure — the single largest contributor to Fairshake in the current cycle with a combined total of $52,469,213.87.
Fairshake's filings also record interest income from funds held at Amalgamated Bank, totalling $7,820,690.45 across multiple monthly entries. These are investment returns on the PAC's held funds, not contributions.
The timing of the largest contributions maps directly onto the CLARITY Act's legislative calendar. Ripple's first $23,000,000 arrived on January 21, 2025 — nine days before the Senate Agriculture Committee's January 29 markup. Robert Leshner's in-kind contribution arrived on January 29 itself — the day of the markup. Andreessen, Horowitz, and AH Capital Management's combined $47,600,000 arrived on December 10, 2025 — five weeks before the Senate Banking Committee's January 14, 2026 markup date. On January 28, 2026 — the day before that markup was scheduled — Fairshake announced publicly that its combined war chest had reached $193 million. The following day, the markup was postponed.
Fairshake's most direct intervention in the Senate's composition came before any of these contributions. In the 2024 cycle, Fairshake's affiliate Defend American Jobs spent $40,100,000 supporting Bernie Moreno against Sherrod Brown in Ohio. Brown chaired the Senate Banking Committee and had blocked crypto legislation from advancing for years. Moreno defeated Brown. Moreno now sits on the committee whose markup schedule Brown once controlled.
The filings also record a contribution from a prior cycle that is worth noting in context. On December 20, 2024 — six weeks after Donald Trump's re-election on November 5, 2024 — Coinbase made a $23,000,000 contribution to Fairshake in the form of 236.20702457 Bitcoin, recorded across multiple amendment filings as a single previously disclosed aggregate contribution for the 2024 year-to-date period.
The contribution predates the 2025-2026 cycle covered by this report but sits at the boundary of two political eras: the end of the Gensler SEC enforcement period and the beginning of the administration that has made crypto legislation a stated priority. It is the last major contribution of one political cycle and the signal of what the next one would bring.
What The Data Shows
The data in this report covers two distinct financial relationships between the crypto industry and the senators deciding the CLARITY Act's fate. The first is direct: individual contributions from crypto executives to senator campaign committees, totalling $265,500 across seven senators in the 2025-2026 cycle. The second is structural: $149,379,208 in confirmed contributions to Fairshake in the same cycle, from the same companies whose executives appear in the direct contribution files, deployed to shape the electoral environment those senators operate in.
The geographic distribution of direct contributions follows the bill's jurisdictional structure precisely. The Banking Committee — which controls the SEC-related provisions and whose chair sets the markup calendar — received $229,300 of the $265,500 total. The Agriculture Committee — which advanced its portion on January 29, 2026 and whose markup is complete — received $15,400. The money is concentrated where the legislative bottleneck is. The Banking Committee markup has not been rescheduled. The Banking Committee senators received the most money.
The bipartisan distribution of contributions is the most significant finding.
Mark Warner, the leading Democratic negotiator on the Banking Committee, received $137,900 — the largest total of any senator in this dataset and more than twice the amount received by Tim Scott, the Republican chair. Cory Booker, a Democrat on the Agriculture Committee, co-authored the bipartisan discussion draft with Republican chair Boozman, received $14,400 from Coinbase, Ripple, Andreessen Horowitz, and Blackstone executives, then voted against advancing the bill on January 29, 2026.
The contributions crossed party lines. The votes did not. When the Agriculture Committee advanced the bill, it did so without a single Democratic vote despite Democratic senators having received direct contributions from the industry's primary funders.
The Fairshake data reveals a contribution calendar that tracks the CLARITY Act's legislative timeline with unusual precision. Ripple's first $23,000,000 arrived nine days before the January 29 Agriculture markup. Robert Leshner's in-kind contribution arrived on the day of that markup. Andreessen Horowitz's combined $47,600,000 — from the firm and its two founders simultaneously — arrived on December 10, 2025, five weeks before the Banking Committee's January 14 markup date. Fairshake's $193 million war chest announcement arrived the day before that markup. The markup was postponed the following day. Each of these facts is a matter of public record. The FEC filing records the contributions. The congressional record records the scheduling decisions. This report connects the two.
The Ohio precedent is the single most concrete illustration of Fairshake's electoral strategy in action. Sherrod Brown spent years as Senate Banking Committee chair blocking crypto legislation from advancing. Fairshake's affiliate spent $40,100,000 replacing him with Bernie Moreno, who now sits on the same committee and has publicly called for regulatory clarity. The $40,100,000 is not in the direct contribution dataset. It predates this cycle and operated through independent expenditures rather than campaign contributions. It is nevertheless the most consequential financial act in this dataset.
The data does not answer the question of whether any senator voted, scheduled, or negotiated differently because of the contributions recorded in these filings. What the data does answer is simpler and more verifiable: the companies that need the CLARITY Act to pass contributed to the financial environment needed to let the Act pass.
Methodology
All individual senator contribution data in this report was sourced directly from FEC Schedule A filings downloaded from FEC.gov, covering the 2025-2026 two-year transaction period. Searches were conducted by senator name and filtered for contributors employed at or affiliated with crypto companies, including Coinbase, Ripple, Andreessen Horowitz, Kraken, and Blackstone. Blackstone was included. Fairshake contribution data was sourced from FEC Schedule A filings, covering the same cycle. Coinbase Commerce exchange contributions were sourced from the other receipts file for the same committee. A single Coinbase Bitcoin contribution of $23,000,000 dated December 20, 2024, appearing across multiple amendment filings as a previously disclosed aggregate figure for the 2024 year-to-date period, was treated as one contribution and assigned to the prior cycle. Interest income entries from Amalgamated Bank, representing investment returns on Fairshake's held funds, were identified and excluded from all contribution totals. Ripplewood, a private equity firm unrelated to Ripple the crypto company, appeared in one senator's file and was excluded from all totals.
Where FEC filings contained entries for the same contributor, the same amount, and the same date appearing twice as line 12 memo entries — a standard filing artifact that occurs when a contribution is reported simultaneously by two separate joint fundraising committees — one entry was removed to avoid double-counting. Six such instances were identified in Mark Warner's file, two in Bernie Moreno's file, and four in Cory Booker's file. All other entries, including multiple contributions from the same individual on different dates or for different amounts, were retained in full.
Senator positions on the CLARITY Act were sourced from official senate.gov press releases, Senate committee hearing transcripts, and verified media reporting. Where no public position was found, senators are classified as no confirmed public position. This report covers the seven senators for whom crypto-affiliated contributions were identified in initial FEC searches. Contributions filed without employer information may not be captured in this dataset. All figures reflect FEC filings available as of March 16, 2026.
DISCLAIMER
This report is based exclusively on publicly available data filed with the Federal Election Commission and other official government sources, as cited throughout. All contribution figures are drawn directly from FEC Schedule A filings and reflect information publicly disclosed by the filing committees. This report does not allege, imply, or suggest that any senator named herein acted improperly, violated any law or regulation, or made any legislative decision as a result of the contributions identified. Campaign contributions to federal candidates are legal under US federal election law within applicable limits. Independent expenditures by Political Action Committees are legal under US federal election law. The presence of a contribution in this report reflects only that a contribution was made and recorded in public FEC filings — nothing more. Fintech Weekly has made every effort to ensure the accuracy of the figures presented. Where uncertainty exists, it is disclosed in the methodology section. If you believe any figure in this report is inaccurate, please contact us at [email protected].
Editor's note: We are committed to accuracy. If you spot an error, a missing detail, or have additional information about any of the senators, companies, or figures mentioned in this report, please email us at [email protected]. We will review and update promptly.
