Crypto PACs Spend $200M on Midterms

Cryptocurrency groups are spending more than $200 million to influence the 2026 midterm elections. This marks the largest single-issue super PAC spending in U.S. history. The industry aims to pressure Congress into passing favorable digital asset rules.

Public Citizen data shows crypto groups have outspent online betting and data center development sectors in federal corporate political spending. Fairshake, a major industry network, supports 33 House candidates. The group backs 19 Republicans and 14 Democrats who align with industry priorities.

Fairshake allocates a baseline of $1 million to six specific incumbents. On the Republican side, the group supports Bryan Steil of Wisconsin, French Hill of Arkansas, and Bill Huizenga of Michigan. Steil chairs the digital assets subcommittee. Hill and Huizenga serve as chair and vice chair of the House Financial Services Committee, respectively. Fairshake also supports Democratic Representatives Janelle Bynum of Oregon, Derek Tran of California, and Steven Horsford of Nevada.

Corporate donors fuel this spending. Coinbase donated $25 million to Fairshake in 2025. Ripple also contributed $25 million to the super PAC last year. Ryan VanGrack, vice chairman at Coinbase, said the goal is to move money more cheaply and transact more quickly. He argued that this efficiency should not be a partisan issue.

Legislative progress has stalled. The Clarity Act, a bipartisan market structure bill, died in the Senate in September. Democrats objected that the bill did not do enough to prevent government officials from profiting off crypto ventures. A Gallup poll from September found that 89% of U.S. adults view government corruption as widespread. This sentiment adds pressure on lawmakers to address ethics concerns.

Voter priorities are shifting away from digital assets. A CNBC survey this month found only 20% of Americans rate the economy as excellent or good, down from 27% in July. Representative Steven Horsford noted that affordability remains the top issue for voters. However, he said small businesses increasingly ask consumers about accepting digital payments.

The Ohio Senate race is a key battleground. Fairshake has spent $55 million to oppose Sherrod Brown, a former senator and crypto critic. The super PAC spent $40 million against Brown in 2024. A Marist poll from mid-October shows Brown holding a four-point lead over Republican challenger Jon Husted. Mason Lynaugh of Stand With Crypto said many races will be tight. The group has endorsed 45 candidates this cycle.

Industry leaders believe their 2024 investments paid off. Ripple’s chief legal officer, Stu Alderoty, cited the GENIUS Act as a return on investment. President Trump signed that stablecoin law in July 2025. Alderoty also pointed to new regulations from the SEC and CFTC. Ripple received final OCC approval this week to charter a national trust bank. Andrew Cuomo, a board member of exchange OKX, warned that lawmaking is unlikely if Democrats control Congress in January. He said a hostile Congress would clash with the Trump administration regulators.