• Katie Porter reenters California’s political arena, pursuing the governor’s seat despite past multimillion-dollar attacks from Fairshake.
• Fairshake, the crypto-backed Super PAC that spent $10M opposing Porter in 2024, may again target her for her anti-crypto stance.
• With pro-crypto rivals like Rick Caruso and Alex Padilla leading early polls, Porter faces steep odds in a crypto-influenced race.

Katie Porter is ramping up her campaign for California Governor ahead of the primary elections in June 2026. 

Last year, Porter lost her Senate bid to Adam Schiff. Her campaign blamed the defeat on the $10 million spent on independent expenditures the Super PAC Fairshake used to fund attack ads against her.

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Porter Takes Aim at Newsom’s Seat

Porter is once again vying for a political position in California. This time, she is eyeing the gubernatorial seat, which will become vacant once Governor Gavin Newsom concludes his term in 2026.

The former Representative launched her campaign this March, a year after her defeat in last year’s primary election for a state Senate seat, which she lost against Adam Schiff.

During that election, Porter’s campaign faced intense attacks from Fairshake, a Super PAC with a strong pro-cryptocurrency agenda.

Why Porter Became Fairshake’s Top Target

During the 2024 election cycle, Fairshake spent tens of millions of dollars in outside spending to target candidates in primary races across the country who it believed wouldn’t prioritize crypto as part of their political agenda.

Among those candidates, Porter was the hardest hit. According to government transparency group OpenSecrets, the PAC spent over $10 million in targeted advertisements against Porter. 

The heavy spending against Porter significantly differed from Fairshake’s other anti-candidate efforts. Jamaal Bowman was the second-most targeted candidate, with Fairshake spending nearly $2.1 million to defeat him in the New York primaries.

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Porter’s strong criticism of cryptocurrency in the last election made her an industry target. This was evidenced by Fairshake’s substantial outside expenditures to oppose her campaign.

A key part of her critique involved questioning crypto mining’s energy consumption and its impact on the climate crisis. Her association with Senator Elizabeth Warren, one of Congress’s most prominent crypto critics, also made Porter a target for industry lobbyists.

In contrast to Porter, Schiff’s position on crypto was generally more favorable and supportive of innovation. The industry’s approval of his candidacy was clearly reflected in the A-rating he received from the Coinbase-backed crypto advocacy group Stand With Crypto.

If the past is any indication, Porter is again likely to face an intense lobbying battle against Fairshake.

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Early Polls and Looming Crypto Influence

The current field of 11 candidates for California Governor consists of seven Democrats, three Republicans, and one Representative from the Green Party.

Although Fairshake has recently shown a preference for Republican candidates,  this pattern is unlikely to hold in California.

The state’s last Republican governor was Arnold Schwarzenegger, who served from 2003 to 2011. As a historically Democratic state, California will likely see a continuation of Democratic leadership.

Only Ian Calderon—a former Majority Leader for the California State Assembly—has explicitly expressed support for a pro-crypto agenda among the Democratic candidates. Calderon announced his candidacy in September, a move largely celebrated by the crypto community. 

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Meanwhile, rumors have surfaced that billionaire businessman Rick Caruso and Democratic Senator Alex Padilla are considering entering the race.

According to a Kalshi prediction poll, Caruso currently leads the field with a 33% chance of becoming the state’s next governor, followed by Padilla at 26%. Porter’s chances recently dropped to 17% after a controversial interview with a CBS reporter went viral on Tuesday.

Caruso and Padilla have both shown favorability toward cryptocurrencies. In 2021, Caruso’s namesake company announced that its properties’ renters could pay using Bitcoin.

That year, Caruso also invested some of its cash reserves in Bitcoin through a partnership with the Winklevoss-led Gemini exchange.

Meanwhile, Stand With Crypto currently rates Padilla’s stance as “strongly supportive,” giving him an A-grade. This rating reflects his consistent support for the GENIUS Act, which was passed into law earlier this year.

Though the race is still in its early stages and campaign financing is just beginning to trickle in, the potential for Fairshake to either heavily back pro-crypto candidates or aggressively target Porter—as it did in the Senate primary—ensures that crypto politics will be a significant factor in California’s gubernatorial race.

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