Crypto Midterm Election Spending Reaches $176 Million as Industry Builds for the Next Congress
Bitcoin Magazine Crypto Midterm Election Spending Reaches $176 Million as Industry Builds for the Next Congress The crypto industry has spent about $176 million on more than 100 midterm races to buil...
The crypto industry has spent about $176 million on more than 100 midterm races to build a bipartisan bloc in Congress that can protect its interests after Trump leaves office.
The crypto industry has spent about $176 million across more than 100 midterm races this cycle, according to a Reuters review of campaign spending. The money is part of a plan to build a bipartisan coalition in Congress that can protect the sector after President Donald Trump leaves office.
Fairshake, the industry’s largest super PAC, leads the effort. The group spent $196 million in the 2024 cycle and is directing strategy again. Through October 20, Fairshake and its affiliate PACs had spent about $150.8 million this year, while other crypto groups spent around $25 million. Fairshake said 53 of the 58 candidates it backed in primaries or special elections won, and those candidates will be on the November 3 ballot, per Reuters.
Super PACs can raise and spend unlimited sums but cannot coordinate with campaigns. Fairshake’s ads run through affiliates with names such as “Defend American Jobs” and “Protect Progress,” and they often focus on taxes and immigration rather than crypto. Voters have little way of knowing who pays for them.
The watchdog group Public Citizen said crypto was the largest corporate spender in federal races in 2026. Crypto firms led corporate political spending at that point, citing the same watchdog’s analysis.
Coinbase, Ripple and Andreessen Horowitz are the primary financiers. Industry strategists and campaign staff said the money is a calling card meant to build relationships with elected officials.
Colin McLaren, head of government relations at the Solana Policy Institute, which has given $4.9 million to the midterms, called it “an investment in the future,” per Reuters.
The approach reflects a sharp change. In 2018, lawmakers could not secure a room in the House or Senate office buildings for the first bipartisan crypto roundtable, so they met at the Library of Congress. Then, under the Biden administration, the Securities and Exchange Commission levied more than $6 billion in penalties across 98 cases, according to a Georgetown University Law study.
Executives concluded they needed political force. Coinbase Chief Policy Officer Faryar Shirzad helped launch Stand With Crypto and Fairshake in 2023. The number of lawmakers rated “A” by Stand With Crypto rose to 332 from 96 when the group launched.
Legislation followed. The GENIUS Act, enacted in 2025 with broad bipartisan support, created the first federal regulatory framework for stablecoins. The industry’s next goal, the Clarity Act, would place oversight under the Commodity Futures Trading Commission. That bill stalled this session. Senate Democrats blocked it from reaching a final vote over an ethics provision that would have forced the Trump family to sell its crypto holdings.
Fairshake helped defeat Sherrod Brown, who chaired the Senate Banking Committee, in 2024, and the industry has since spent more than $68 million on his rematch against Republican Jon Husted, according to AdImpact.
Fairshake’s ads against Brown do not mention crypto, and Brown’s campaign manager, Patrick Eisenhauer, said “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, yet both are expected to win on November 3.
Cameron and Tyler Winklevoss each gave about $13 million this cycle, most of it to MAGA Inc.
Public attitudes are mixed. A September survey seen by Bitcoin Magazine of 1,545 U.S. adults by Ipsos for the DeFi Education Fund found that 22% have owned or used crypto, up from 18% in 2025. Only 19% believe the U.S. financial system is secure.
The survey also found 35% say it is important for candidates to support building the next generation of financial technology in the United States. Only 13% said the same when the question named blockchain, crypto or DeFi. The DeFi Education Fund is a digital asset advocacy group, so its framing reflects that perspective.
Stand With Crypto’s leadership has argued that the crypto vote will decide the midterms.
Asanat Analysis — Why it matters
The crypto industry's $176M midterm spending represents a 10-15x increase from 2018 levels, signaling institutional maturation of political infrastructure. This spending concentration—across 100+ races rather than a few marquee contests—suggests a coordinated pivot from niche advocacy to broad-based regulatory influence across state and federal levels. The scale indicates crypto has moved beyond protest lobbying into the playbook of established finance sectors.
This spending surge reflects real regulatory stakes: staking tax treatment, self-custody rights, and state-level banking regulations remain unsettled. Unlike 2022 when crypto-friendly incumbents faced headwinds post-FTX, 2026 positioning occurs in a stabilized post-enforcement environment where the industry can build durable relationships. Success here likely determines whether future crypto regulation emerges from sympathetic committees or hostile ones—materially affecting protocol compliance costs and market access for the next 2-4 years.
The timing matters: Congress seats filled in 2026 will shape 2027-2028 regulatory priorities under divided or unified control. Industry players signaling this spend now are betting regulatory clarity and favorable frameworks justify sustained capital deployment. Whether this translates to legislative wins or merely prevents hostile bills will determine if the investment represents smart risk management or capital inefficiency.