Crypto Industry Spends $176 Million in Midterm Elections as It Builds Influence for the Next Congress

The cryptocurrency industry has spent approximately $176 million across more than 100 midterm races this cycle, according to a Reuters review of campaign spending data. This investment is part of a strategic effort to build a bipartisan coalition in Congress capable of protecting the sector’s interests after President Donald Trump leaves office.

Fairshake, the industry’s largest super PAC, is leading this effort. The group spent $196 million during the 2024 cycle and is directing strategy again. Through October 20, Fairshake and its affiliated PACs had spent about $150.8 million this year, while other crypto-related groups contributed approximately $25 million. Fairshake reported that 53 of the 58 candidates it backed in primaries or special elections won their races and will appear on the November 3 ballot, per Reuters.

Super PACs can raise and spend unlimited funds but are prohibited from coordinating directly with candidate campaigns. Fairshake’s advertisements are run through affiliates with names such as “Defend American Jobs” and “Protect Progress,” often focusing on issues like taxes and immigration rather than cryptocurrency specifically. Consequently, voters have limited visibility into who is funding these ads.

The watchdog group Public Citizen identified crypto as the largest corporate spender in federal races in 2026. At that time, crypto firms led corporate political spending, citing analysis from the same watchdog group.

Coinbase, Ripple, and Andreessen Horowitz are among the primary financiers. Industry strategists and campaign staff describe this spending as a “calling card” designed to build long-term relationships with elected officials.

Crypto’s long game in Congress

Colin McLaren, head of government relations at the Solana Policy Institute, which has contributed $4.9 million to the midterms, described the spending as “an investment in the future,” per Reuters.

This approach marks a significant shift from previous years. In 2018, lawmakers struggled to secure a room in House or Senate office buildings for the first bipartisan crypto roundtable, forcing them to meet at the Library of Congress. Later, under the Biden administration, the Securities and Exchange Commission (SEC) levied more than $6 billion in penalties across 98 cases, according to a Georgetown University Law study.

Industry executives concluded that political influence was necessary. Coinbase Chief Policy Officer Faryar Shirzad helped launch Stand With Crypto and Fairshake in 2023. Since the group’s launch, the number of lawmakers rated “A” by Stand With Crypto has risen from 96 to 332.

Legislative progress followed. The GENIUS Act, enacted in 2025 with broad bipartisan support, established the first federal regulatory framework for stablecoins. The industry’s next major goal is the Clarity Act, which would place oversight under the Commodity Futures Trading Commission (CFTC). That bill stalled during this session after Senate Democrats blocked it from reaching a final vote due to an ethics provision that would have required the Trump family to sell its cryptocurrency holdings.

Fairshake played a key role in defeating Sherrod Brown, who chaired the Senate Banking Committee, in 2024. The industry has since spent more than $68 million on his rematch against Republican Jon Husted, according to AdImpact.

Fairshake’s advertisements against Brown do not mention cryptocurrency. Brown’s campaign manager, Patrick Eisenhauer, stated that “the special interests are panicking.” In Illinois, Fairshake spent over $10.1 million attacking Lieutenant Governor Juliana Stratton and $2.5 million against state Representative La Shawn Ford, per Reuters. Despite this spending, both candidates are expected to win on November 3.

Cameron and Tyler Winklevoss each contributed approximately $13 million this cycle, with the majority of their donations going to MAGA Inc.

What voters think

Public attitudes toward cryptocurrency remain mixed. A September survey of 1,545 U.S. adults conducted by Ipsos for the DeFi Education Fund and seen by Bitcoin Magazine found that 22% of respondents have owned or used cryptocurrency, up from 18% in 2025. Only 19% believe the U.S. financial system is secure.

The survey also found that 35% of respondents believe it is important for candidates to support the development of the next generation of financial technology in the United States. However, only 13% said the same when the question specifically mentioned blockchain, crypto, or DeFi. The DeFi Education Fund is a digital asset advocacy group, so its framing of the question reflects that perspective.

Leadership at Stand With Crypto has argued that the crypto vote will be decisive in the midterm elections.