A Reuters review of campaign spending found that the crypto industry has spent about $176 million across more than 100 midterm races this cycle. The spending aims to build a bipartisan congressional coalition that can defend the sector after President Donald Trump leaves office. Fairshake, the industry's largest super PAC, is leading the effort after spending $196 million during the 2024 cycle. Fairshake and affiliated PACs spent about $150.8 million this year through October 20, while other crypto groups spent around $25 million. Reuters reported that Fairshake said 53 of the 58 candidates Fairshake supported in primaries or special elections won. Reuters reported that those candidates will appear on the November 3 ballot.
Super PACs face no limits on fundraising or spending but are prohibited from coordinating with campaigns. Fairshake distributes advertising through affiliates including Defend American Jobs and Protect Progress. The advertisements frequently address taxes and immigration instead of crypto, leaving voters with limited ways to identify the financial backers. Public Citizen identified crypto as the largest corporate spender in federal races in 2026. Coinbase, Ripple and Andreessen Horowitz provide the main financial backing. Industry strategists and campaign staff said the spending is intended to establish relationships with elected officials.
Reuters quoted Colin McLaren, head of government relations at the Solana Policy Institute, describing the spending as "an investment in the future". The Solana Policy Institute has contributed $4.9 million to the midterms. Lawmakers organizing the first bipartisan crypto roundtable in 2018 could not obtain space in House or Senate office buildings and instead gathered at the Library of Congress. A Georgetown University Law study found that the Securities and Exchange Commission imposed more than $6 billion in penalties across 98 cases under the Biden administration. Crypto executives concluded that the industry needed political influence. Coinbase Chief Policy Officer Faryar Shirzad helped establish Stand With Crypto and Fairshake in 2023. Stand With Crypto now gives 332 lawmakers an A rating, compared with 96 when the organization began.
The GENIUS Act became law in 2025 with strong support from both parties and established the first federal framework regulating stablecoins. The industry's next legislative objective is the Clarity Act, which would assign oversight to the Commodity Futures Trading Commission. The Clarity Act stalled this session. Senate Democrats prevented a final vote over an ethics provision that would have required the Trump family to sell the family's crypto holdings.
Fairshake helped defeat Senate Banking Committee chair Sherrod Brown in 2024. AdImpact figures show that the industry has since spent more than $68 million on Brown's rematch against Republican Jon Husted. Fairshake's advertisements opposing Brown omit crypto. Brown's campaign manager, Patrick Eisenhauer, said "the special interests are panicking". Reuters reported that Fairshake spent over $10.1 million opposing Illinois Lieutenant Governor Juliana Stratton. Reuters reported another $2.5 million in Fairshake spending against Illinois state Representative La Shawn Ford. However, Stratton and Ford are both expected to win on November 3. Cameron Winklevoss and Tyler Winklevoss each contributed about $13 million this cycle, directing most of the money to MAGA Inc.
A September Ipsos survey for the DeFi Education Fund questioned 1,545 U.S. adults about crypto and finance. The survey found that 22% had owned or used crypto, compared with 18% in 2025. The survey found that only 19% considered the U.S. financial system secure. The survey found that 35% considered candidate support for developing the next generation of financial technology in the United States important. The share was only 13% when the survey question explicitly referred to blockchain, crypto or DeFi. The DeFi Education Fund advocates for digital assets, and the survey's framing reflects that position. Stand With Crypto's leadership has argued that crypto voters will determine the midterm results.
Crypto Industry Spends $176M on Midterm Elections
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Summary
The crypto market has spent $176 million in over 100 midterm races, per a Reuters review. The push seeks to form a bipartisan group to support the sector after Trump’s term ends. Fairshake, the largest crypto PAC, spent $150.8 million through October 20, with others adding $25 million. Crypto analysis shows 58 candidates backed by Fairshake won primaries or special elections. Super PACs use groups like Defend American Jobs to run ads on taxes and immigration. Major backers include Coinbase, Ripple, and Andreessen Horowitz. The industry pushes for the Clarity Act, stalled in the Senate. Fairshake has spent $68 million in the race between Sherrod Brown and Jon Husted.
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