Crypto Midterm Election Spending Reaches $176 Million as Industry Builds for the Next Congress

The crypto industry has allocated approximately $176 million across more than one hundred midterm contests as it works to establish a bipartisan contingent in Congress capable of safeguarding its interests following Donald Trump's departure from office.

According to a review of campaign expenditures conducted by Reuters, the industry has expended roughly $176 million across this cycle's more than 100 midterm races. This financial commitment is part of a strategy aimed at creating a bipartisan coalition within Congress that can protect the sector once President Donald Trump concludes his term.

Fairshake, which functions as the industry's largest super PAC, is spearheading this initiative. This entity invested $196 million during the 2024 cycle and is once again directing strategic efforts. As of October 20, Fairshake and its associated PACs had disbursed about $150.8 million this year, while other crypto-related groups spent around $25 million. Reuters reported that 53 out of the 58 candidates supported by Fairshake in either primary or special elections secured a victory, and these individuals are slated to appear on the November 3 ballot.

Super PACs possess the capacity to raise and spend unlimited amounts of money, though they are prohibited from coordinating with official campaigns. Fairshake's advertisements are disseminated through affiliated groups such as “Defend American Jobs” and “Protect Progress,” and these ads frequently emphasize issues like immigration and taxation rather than cryptocurrency. Voters often lack sufficient means to discern who is funding these advertisements.

The watchdog organization Public Citizen indicated that in 2026, crypto represented the most significant corporate spender in federal elections. This finding was based on an analysis from the same watchdog group, which noted that crypto firms led corporate political spending at that time. Coinbase, Andreessen Horowitz, and Ripple are cited as the main financial contributors. Industry campaign staff and strategists have stated that this financial outlay serves as a means to cultivate relationships with sitting elected officials.

Colin McLaren, who heads government relations at the Solana Policy Institute—an organization that contributed $4.9 million to the midterms—described this spending as “an investment in the future,” according to Reuters. This course of action signifies a notable shift. Back in 2018, securing a meeting room in the House or Senate offices for the initial bipartisan crypto roundtable proved impossible for lawmakers, compelling them instead to convene at the Library of Congress. Subsequently, during the Biden administration, a study from Georgetown University Law revealed that the Securities and Exchange Commission imposed penalties exceeding $6 billion across 98 distinct cases. These executives concluded that political influence was necessary.

Faryar Shirzad, Chief Policy Officer at Coinbase, played a role in initiating Stand With Crypto and Fairshake in 2023. When the group was first established, the count of lawmakers rated as “A” by Stand With Crypto increased from 96 to 332. This led to subsequent legislative actions. The GENIUS Act, which received broad bipartisan backing and was enacted in 2025, established the first federal regulatory structure for stablecoins. The industry's subsequent objective, the Clarity Act, aimed to place oversight under the Commodity Futures Trading Commission; however, this bill did not pass during the current session. Senate Democrats prevented it from reaching a final vote due to an ethics provision that would have compelled the Trump family to divest its crypto holdings.

Furthermore, Fairshake assisted in defeating Sherrod Brown, who chaired the Senate Banking Committee, in 2024, and subsequently, AdImpact noted that the industry has spent over $68 million on his rematch against Republican Jon Husted. Fairshake's advertisements targeting Brown do not mention crypto, and Patrick Eisenhauer, Brown’s campaign manager, commented that “the special interests are panicking.”

In Illinois, Reuters reported that Fairshake invested more than $10.1 million in attacks against Lieutenant Governor Juliana Stratton, and $2.5 million against state Representative La Shawn Ford; nevertheless, both individuals are anticipated to win on November 3. Cameron and Tyler Winklevoss each provided approximately $13 million to the cycle, with the majority of those funds going to MAGA Inc.

Regarding public sentiment, opinions are varied. A September survey conducted by Ipsos for the DeFi Education Fund, which surveyed 1,545 U.S. adults and was reviewed by Bitcoin Magazine, revealed that 22% have either used or owned crypto, an increase from 18% recorded in 2025. Only 19% of respondents expressed confidence in the security of the U.S. financial system. The survey also indicated that 35% deemed it important for candidates to support the development of the next generation of financial technology within the United States, whereas only 13% expressed this sentiment when the question specifically mentioned blockchain, crypto, or DeFi. It should be noted that the DeFi Education Fund is a digital asset advocacy group, meaning its framing reflects that viewpoint. The leadership of Stand With Crypto has asserted that the outcome of the crypto vote will determine the midterms.