Fairshake's $193M crypto war chest forces White House to convene stablecoin talks

Fairshake PAC said it held $193 million at the end of 2025 — nearly matching its entire 2024 cycle haul — and the White House crypto council will convene bank and crypto executives Monday to try to resolve a stablecoin yield dispute that has stalled the CLARITY Act. Fairshake reported the $193 million was already in the bank before the campaign season, with Ripple giving $25 million, a16z $24 million and Coinbase $25 million.

A Fairshake spokesperson said the PAC remains committed to backing pro-crypto candidates and opposing lawmakers hostile to the industry. The CLARITY Act was pulled from a Senate Banking Committee vote after crypto firms and traditional banks clashed over provisions on stablecoin yields.

The White House has stepped in and invited stakeholders; the Blockchain Association, Digital Chamber and Crypto Council for Innovation confirmed they will participate. Banking executives have warned of severe deposit outflows. Standard Chartered’s Geoff Kendrick estimated US bank deposits could shrink by roughly one-third of the total stablecoin market cap — roughly $500 billion if the stablecoin market grows to $2 trillion by 2028 — and said tens of billions have already migrated out of traditional banking.

Bank of America CEO Brian Moynihan has warned as much as $6 trillion could eventually shift into stablecoins.

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