Crypto industry spends $176 million in over 100 midterm races to build congressional bloc

The crypto industry has committed approximately $176 million across more than 100 midterm contests, an outlay aimed at establishing a bipartisan group within Congress capable of safeguarding its interests following President Donald Trump's departure from office.

A review of campaign expenditures conducted by Reuters indicates this substantial financial commitment. This funding is integral to a strategy designed to forge a cross-party coalition in the legislative body to protect the sector after the current administration concludes. The effort is being spearheaded by Fairshake, which functions as the industry's most significant super PAC, and the group is currently directing its strategic planning. This year, Fairshake expended $196 million in the 2024 cycle, and through October 20, Fairshake and its affiliated PACs had disbursed roughly $150.8 million, while other crypto organizations contributed around $25 million. According to Reuters, Fairshake reported that 53 out of the 58 candidates it endorsed in primaries or special elections secured victories, and these individuals are slated to appear on the November 3 ballot.

Super PACs possess the ability to raise and spend unlimited amounts of capital, though they are prohibited from coordinating directly with official campaigns. Fairshake's advertisements are disseminated through affiliated entities such as "Defend American Jobs" and "Protect Progress," and these advertisements frequently emphasize issues like taxation and immigration rather than focusing on cryptocurrency. The average electorate possesses limited means to ascertain the source of these advertisements. Furthermore, the watchdog organization Public Citizen asserted that crypto represented the largest corporate spender in federal races during 2026, noting that crypto enterprises led the charge in corporate political spending based on that watchdog's analysis. The principal financiers supporting this activity include Coinbase, Ripple, and Andreessen Horowitz. Industry strategists and campaign personnel have indicated that this expenditure serves as a demonstration of goodwill intended to cultivate connections with elected representatives.

The industry's long-term engagement with Congress is being framed as an "investment in the future," according to Reuters, stated Colin McLaren, who heads government relations at the Solana Policy Institute, an entity that has contributed $4.9 million to the midterms. This current strategy represents a significant shift from prior circumstances. In 2018, securing a meeting space for a bipartisan crypto roundtable within the House or Senate office buildings proved impossible, necessitating the meeting to take place at the Library of Congress. Subsequently, under the Biden administration, a Georgetown University Law study noted that the Securities and Exchange Commission imposed penalties exceeding $6 billion across 98 separate cases. Consequently, industry executives determined that political influence was necessary. Faryar Shirzad, Chief Policy Officer at Coinbase, was instrumental in launching Stand With Crypto and Fairshake in 2023. Following the group's inception, the number of lawmakers rated with an "A" by Stand With Crypto increased from 96 to 332. This political momentum led to legislative action, specifically the GENIUS Act, which was enacted in 2025 with broad bipartisan backing, establishing the initial federal regulatory structure for stablecoins. The industry's subsequent objective, the Clarity Act, aimed to place oversight under the Commodity Futures Trading Commission, but this bill did not advance during the current session. Senate Democrats obstructed its passage to a final vote due to an ethics provision that would have compelled the Trump family to divest its cryptocurrency holdings. Fairshake played a role in the defeat of Sherrod Brown, who presided over the Senate Banking Committee, in 2024, and subsequently, the industry has allocated over $68 million toward his rematch against Republican Jon Husted, as tracked by AdImpact. Fairshake's advertisements directed against Brown omit any mention of crypto, and his campaign manager, Patrick Eisenhauer, commented that "the special interests are panicking." In Illinois, Fairshake dedicated over $10.1 million to campaigns against Lieutenant Governor Juliana Stratton and $2.5 million against state Representative La Shawn Ford, according to Reuters, although both are anticipated to win on November 3. Cameron and Tyler Winklevoss each donated approximately $13 million during this cycle, with the majority of those funds directed to MAGA Inc.

Regarding public sentiment, perspectives are varied. An Ipsos survey conducted for the DeFi Education Fund, which was reviewed by Bitcoin Magazine and polled 1,545 U.S. adults in September, revealed that 22% have either utilized or owned crypto, an increase from 18% in 2025. Moreover, only 19% expressed confidence in the security of the U.S. financial system. This same survey indicated that 35% consider it important for candidates to champion the development of the next generation of financial technology within the United States, while only 13% held this view when the query specified blockchain, crypto, or DeFi. It should be noted that the DeFi Education Fund is a digital asset advocacy group, meaning its framing reflects that particular viewpoint. The leadership of Stand With Crypto has maintained that the outcome of the crypto vote will determine the results of the midterms.

These industry expenditures underscore a concerted effort by market participants to influence the regulatory environment, reflecting a heightened awareness among institutional actors regarding the need for legislative protection as the political landscape shifts.

Why it matters

This significant financial investment signals the industry's strategic focus on shaping the legislative environment. Regulators and lawmakers are under increasing pressure to consider the sector's interests as it builds political capital for future policy battles.