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The cryptocurrency sector is increasing its political expenditures once more, amassing a record $263 million war chest in preparation for the 2026 US midterm elections, nearly twice the amount spent in 2024.
Key Takeaways:
- The cryptocurrency industry has assembled a $263 million campaign war chest ahead of the 2026 midterms, exceeding the spending of the oil and gas sector in 2024.
- Trump’s pardon of Binance founder Changpeng Zhao highlights the sector’s expanding political power.
- Prominent PACs such as Fairshake, Digital Freedom Fund, and Fellowship are financing candidates.
As per Federal Election Commission filings and public disclosures, various crypto-centric super PACs, spearheaded by Fairshake, are consolidating resources to impact congressional elections and promote legislation favorable to cryptocurrencies.
This amount also surpasses the total expenditures of the oil and gas industry in 2024, indicating the sector’s increasing political influence in Washington.
Trump Pardons Binance Founder as Crypto’s Washington Influence Deepens
The sector’s influence has intensified since 2024, when Republican majorities enacted legislation supportive of digital assets and confirmed regulators sympathetic to the industry.
This relationship was further solidified last week when President Donald Trump pardoned Binance co-founder Changpeng Zhao, who had completed a four-month sentence for anti-money laundering violations under the Biden administration.
Fairshake continues to be the largest crypto super PAC, reporting $141 million in funds by mid-2025 after expending over $133 million in the previous election cycle.
The PAC, supported by Coinbase, Ripple, and venture capital firm Andreessen Horowitz, played a role in electing pro-crypto lawmakers across party lines, although the majority of its expenditures favored Republicans.
Its most significant achievement was the defeat of Senate Banking Committee chair Sherrod Brown in Ohio, backed by $40 million in campaign financing.
Related Posts
Fairshake PAChttps://t.co/j989tvaMmW
Donors:
-RIPPLE LABS INC – $45 Million
Brad Garlinghouse
-Senior Advisor at Silver Lake Partners (connected to Oracle through David Roux)
-Executive at AOL (Steve Kase, Revolution Group)
-Executive at Yahoo (Owned by Apollo Global… pic.twitter.com/a0BFZCajzl— 7SEES (@7SEES_) July 15, 2025
The cryptocurrency lobby is currently concentrating on advancing a comprehensive market structure bill that could transfer oversight authority to the Commodity Futures Trading Commission (CFTC), which is viewed as more favorable to digital assets compared to the SEC.
To garner support, industry leaders convened with key Republicans and Democrats in Washington last week, including Minority Leader Chuck Schumer.
New super PACs are also emerging. The Digital Freedom Fund, supported by the Winklevoss twins and reportedly backed by Trump’s World Liberty Financial platform, has committed $21 million in Bitcoin donations for pro-crypto candidates.
Another GOP-aligned PAC, First Principles Digital, led by Republican strategist Jason Thielman, has raised nearly $1 million and endorsed candidates such as Mike Rogers in Michigan.
Meanwhile, the newly established Fellowship PAC has secured $100 million in commitments and is rumored to have connections to stablecoin issuer Tether, which recently established a US-based entity and hired Trump’s former crypto advisor Bo Hines.
Rep. Proposes Crypto Ban for Lawmakers After Trump Pardons CZ
As reported, US Representative Ro Khanna (D-Calif.) is formulating new legislation to prohibit lawmakers from owning or launching cryptocurrencies, citing concerns regarding corruption and conflicts of interest.
Khanna accused Trump of “blatant corruption,” alleging connections between Zhao and the Trump family’s crypto initiative, World Liberty Finance.
Speaking on MSNBC, he asserted that Zhao’s activities involved financing illicit actors, remarks that were later found to exaggerate elements of Zhao’s legal situation.
The congressman stated that his proposal builds upon his earlier Ban Congressional Stock Trading Act, extending it to encompass digital assets.
While the previous bill stalled in committee, Khanna’s latest initiative indicates renewed bipartisan interest in tightening financial ethics and limiting cryptocurrency exposure among US officials.
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