Crypto industry pours $176 million into more than 100 midterm races

The cryptocurrency industry has spent roughly $176 million across more than 100 US midterm races this election cycle, according to a Reuters review of campaign-finance filings and interviews with more than a half-dozen crypto political strategists. The spending is part of a longer effort to build allies in Congress who can advance digital-asset legislation after President Donald Trump leaves office.

The figure is spending by the industry and its political groups, not a tally of direct donations to candidates. Through October 20, crypto super PAC Fairshake and its affiliates had spent about $150.8 million, while other crypto groups had spent around $25 million, the filings showed. Super PACs can raise and spend unlimited amounts, although they cannot coordinate directly with campaigns.

Fairshake targets winnable allies

Fairshake, the industry's largest super PAC, spent $196 million during the 2024 election cycle and is again directing money toward candidates it considers likely to win and useful once in Congress. The group said 53 of the 58 candidates it supported in primaries or special elections this year won and will be on the November 3 ballot. Those results do not settle the general-election contests, and the final balance of power remains uncertain.

Many ads are paid for by affiliate PACs with names such as Defend American Jobs and Protect Progress. The advertisements often emphasize taxes or immigration rather than cryptocurrency, making the industry's role less obvious to voters. The strategy, according to industry strategists, campaign staff, watchdog groups and political-finance managers interviewed by Reuters, is less about persuading voters to adopt digital currencies than about building relationships and protection against future regulation.

Fairshake is backing House candidates from both parties. In Senate races, however, it chose to support only Republicans after Democrats blocked the Clarity Act from moving to a final vote. Democratic objections centered on an ethics provision that would have required the Trump family to sell its crypto holdings.

A long-term bid for legislative certainty

Industry advocates describe the political effort as a response to regulatory pressure following the collapse of FTX and the broader 2022 crypto downturn. The Securities and Exchange Commission later imposed more than $6 billion in penalties in 98 cases, according to a Georgetown University Law study cited by Reuters. Coinbase policy chief Faryar Shirzad helped establish Stand With Crypto and Fairshake in 2023; the number of lawmakers receiving an A rating from Stand With Crypto has since risen to 332 from 96 at launch.

The industry also points to the 2025 Genius Act, which created the first US federal regulatory framework for stablecoins with overwhelming bipartisan support. Its larger objective is the Clarity Act, which would give the Commodity Futures Trading Commission a major role in crypto oversight. The bill stalled in the current congressional session and could face an uphill path if Democrats win control of one or more chambers next year. JPMorgan analysts have warned that, without legislation, agency rules adopted during Trump's term could be reversed by a later administration.

Critics dispute the proposed framework. Gary Kalman of Transparency International said shifting oversight to the CFTC would create a less-stringent regime and preempt states from adopting tougher laws. Public Citizen said crypto was the biggest corporate spender in federal races in 2026.

Ohio remains a high-profile test

The industry's most visible target is Democrat Sherrod Brown, a longtime crypto skeptic seeking to return to the Senate in Ohio after Fairshake helped defeat him in 2024. More than $68 million has been spent in the race, according to AdImpact, making it one of the most expensive on record. Polls cited by Reuters showed Brown with a narrow lead over Republican Jon Husted, so the outcome was not decided.

Fairshake's ads opposing Brown do not mention crypto. Brown campaign manager Patrick Eisenhauer said special interests were reacting to Brown's opposition to a system benefiting them.

The spending has also reshaped primaries. In Maryland, crypto groups spent $5.3 million supporting state Delegate Adrian Boafo in a Democratic House primary, while Boafo raised $1.9 million himself. Quincy Bareebe, who finished second among 24 candidates after spending $6.6 million of her own money, said the volume of advertising made other candidates hard to see.

In Illinois, Fairshake spent more than $10.1 million attacking Lieutenant Governor Juliana Stratton and another $2.5 million attacking state Representative La Shawn Ford. Both were expected to win their November contests, despite the attacks. Those expectations are not final election results.

Ford raised about $500,000 and lent his campaign $175,000. He also sent Fairshake a cease-and-desist letter over an ad citing a 14-year-old federal indictment that was later dropped. Ford said the group targeted him because he supported Illinois legislation requiring crypto exchanges and related companies to register. Fairshake did not comment on the ads or his response.

The campaign illustrates the sector's effort to turn political spending into durable influence. But money spent is not the same as candidate support, the ads' sponsors are not always obvious, and both the November results and the Clarity Act's prospects remain open.

Sources

• Reuters: Crypto blitzes midterms with $176 million to support allies as it prepares for post-Trump