Crypto Politics Return as Katie Porter Enters CA Governor Race

TLDR:

• Katie Porter enters governor race after facing $10M in crypto PAC-funded attack ads.
• Pro-crypto PAC Fairshake remains active and may again target Porter’s anti-crypto platform.
• Rick Caruso and Alex Padilla lead polls, both holding favorable crypto policy records.
• Crypto-friendly candidates gain momentum as California’s 2026 gubernatorial race begins to unfold.

Former U.S. Representative Katie Porter is returning to California politics, this time launching a campaign for governor ahead of the state’s June 2026 primary. 

Porter, who previously lost her Senate bid in 2024, now enters a crowded race with several high-profile candidates and renewed scrutiny from crypto-backed political groups.

Porter’s Gubernatorial Bid Follows Defeat in Senate Primary

Katie Porter announced her campaign for California governor in March 2025, one year after losing the Democratic Senate primary to Adam Schiff. During that race, her campaign was heavily targeted by Fairshake, a crypto-backed Super PAC that spent over $10 million on attack ads against her.

Fairshake has criticized candidates perceived as hostile to cryptocurrency interests. Porter, who has been vocal about concerns regarding the energy consumption of crypto mining and its environmental effects, became one of the group’s primary targets. 

She also has a known alliance with Senator Elizabeth Warren, another prominent crypto critic in Congress.

Fairshake was the largest single outside spender against Porter in 2024, according to OpenSecrets. The PAC’s spending on her race far exceeded that for other candidates, such as Jamaal Bowman, who was targeted with $2.1 million in ads.

The PAC’s position reflects growing crypto interest in U.S. elections. Porter’s campaign has not confirmed whether Fairshake has already begun spending against her, but the group remains active and well-funded. 

“We expect another round of pressure from pro-crypto groups,” said one Democratic strategist familiar with Porter’s team.

Pro-Crypto Candidates Dominate Early Polling

The current field includes 11 declared candidates, featuring seven Democrats, three Republicans, and one Green Party candidate. 

Among the Democrats, only Ian Calderon has publicly supported a pro-crypto platform. Calderon, a former California Assembly Majority Leader, launched his campaign in September and received strong support from crypto-aligned groups.

Two potential Democratic candidates, billionaire businessman Rick Caruso and Senator Alex Padilla, are currently leading early prediction markets.

 According to Kalshi, Caruso holds a 33% chance of winning the governor’s race, while Padilla stands at 26%. Porter’s chances dropped to 17% following a recent media appearance that attracted criticism.

Both Caruso and Padilla have taken pro-crypto positions in the past. In 2021, Caruso’s real estate firm accepted Bitcoin payments and invested corporate funds in cryptocurrency. 

Padilla, meanwhile, received an A-rating from the advocacy group Stand With Crypto for his consistent support of legislation such as the GENIUS Act.

With campaign financing still developing, Porter may once again face high spending from Fairshake or other crypto-affiliated organizations. The group’s actions in the previous election cycle suggest a continued interest in shaping political outcomes in states with influential tech sectors like California.

Porter’s campaign has not released statements about Fairshake’s involvement in the current race. However, based on past spending patterns, her platform may remain at odds with powerful pro-crypto lobbying efforts.

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