How Fairshake has shaken out so far

Fairshake, the crypto PAC (or, really, PACs) organized by major leaders in the cryptocurrency industry, has a strong track record.

Why it matters: If the industry can show it has teeth in electoral politics, electeds might think twice before making its founders into villain-of-the-week.

By the numbers: CNBC credits Fairshake with coming out ahead in 33 of the 35 races it has entered.

• CoinDesk, meanwhile, counts 20 races in which Fairshake played a role in a win, for both Democrats and Republicans.

Yes, but: It's always hard to say exactly who influenced any given election. For example, one race Fairshake entered set a record for the most money spent in pursuit of a U.S. House seat. Rep. Jamaal Bowman (D-NY) is the incumbent.

• Fairshake targeted Bowman, who lost his primary, but the organization certainly wasn't the biggest in the field there.
• Among other things, Bowman joined House members who voted against repealing the SEC's special rule for crypto custody (known as SAB-121).
• Fairshake has said it does not plan to target the presidential election, by the way.

That said, former U.S. Rep. Katie Porter was shellacked in her bid for the Senate this year, and Fairshake got a lot of credit for using its resources to go after her, in a race that ultimately got quite complicated.

• Fairshake reportedly eschews crypto specificity in its typical messaging about candidates, but in Porter's case, it attempted to activate crypto holders against her.

The other side: Among Republicans, Fairshake joined the effort to elect U.S. Rep. John Curtis (R-Utah) to the Senate and helped get him through the primary.

• Curtis has shown knowledge about the industry, even tweeting on Bitcoin Pizza Day.