Crypto industry spends $176 million across 100+ midterm races

This massive financial push aims to cultivate a bipartisan group within Congress capable of safeguarding the industry's interests after Donald Trump's departure.

Fairshake, which serves as the industry's largest super PAC, spearheads this organizational effort. The group directed its strategy again, having spent $196 million in the 2024 cycle. Through October 20, Fairshake and its associated PACs had disbursed approximately $150.8 million this year, while other crypto entities spent roughly $25 million.

Super PACs possess the ability to raise and spend unlimited amounts, though they cannot coordinate directly with official campaigns. Fairshake's advertisements are disseminated through affiliates like “Defend American Jobs” and “Protect Progress,” often emphasizing issues like immigration and taxes rather than crypto itself.

Watchdog group Public Citizen indicated that in 2026, crypto firms constituted the largest corporate spender in federal elections, based on their analysis. Key financiers fueling this movement include Coinbase, Ripple, and Andreessen Horowitz. Industry strategists view this expenditure as a way to forge connections with elected officials.

Colin McLaren, head of government relations at the Solana Policy Institute, which contributed $4.9 million to the midterms, described the spending as “an investment in the future.” This aggressive political posture marks a notable shift; in 2018, lawmakers struggled to secure a private venue for the first bipartisan crypto roundtable, resorting instead to the Library of Congress.

The industry's recent political mobilization followed a period where the Securities and Exchange Commission imposed over $6 billion in penalties across 98 cases, according to a Georgetown University Law study. Coinbase Chief Policy Officer Faryar Shirzad was instrumental in launching Stand With Crypto and Fairshake in 2023.

The momentum generated by these efforts yielded legislative results, such as the GENIUS Act in 2025, which established the first federal regulatory framework for stablecoins with wide bipartisan backing. The industry's subsequent objective, the Clarity Act, intended to place oversight under the Commodity Futures Trading Commission, encountered a roadblock this session.

Fairshake aided in defeating Sherrod Brown, who chaired the Senate Banking Committee, in 2024. Subsequently, the industry invested over $68 million in his rematch against Republican Jon Husted, according to AdImpact. Brown's campaign manager, Patrick Eisenhauer, stated that “the special interests are panicking” regarding Fairshake's ads, which avoid mentioning crypto.

Public sentiment remains divided, according to a September Ipsos survey of 1,545 U.S. adults for the DeFi Education Fund. This survey revealed that 22% have either used or owned crypto, an increase from 18% in 2025. Furthermore, 35% felt it was important for candidates to back the development of the next generation of financial technology in the United States.

Why it matters

This significant spending signals the crypto industry's aggressive political push to shape future regulatory environments. Success in these races could determine the legislative landscape for digital assets moving forward.