Crypto industry spends $176 million on U.S. congressional elections
U.S. cryptocurrency companies have spent approximately $176 million supporting candidates in the November 3 midterm congressional elections. The industry's main goal is to build an influential coalition of lawmakers who can defend its interests even after President Donald Trump leaves office.
According to Reuters, crypto industry representatives are financing election campaigns in more than 100 races. The main financial backers include Coinbase, Ripple, and venture capital firm Andreessen Horowitz.
Fairshake, the industry's largest political action committee, and its affiliated organizations had spent $150.8 million on the elections as of October 20. Other cryptocurrency groups contributed another $25 million.
According to Fairshake, 53 of the 58 candidates it supported in primary and special elections in 2026 won their races and secured places on the November 3 ballot.
Meanwhile, political advertisements funded by crypto companies often barely mention digital assets. Instead, they focus voters' attention on taxes, immigration, and other major public issues.
Crypto industry prepares for the post-Trump era
Industry representatives are seeking to strengthen their political influence regardless of who occupies the White House after 2028. To achieve this, companies are supporting candidates from both parties in hopes of establishing long-term relationships.
"It's an investment in the future," said Colin McLaren, head of government relations at the Solana Policy Institute. According to him, the industry needs clear and stable regulatory rules for decades to come.
One of the industry's main legislative priorities remains the passage of the Clarity Act. The bill would transfer a significant portion of cryptocurrency oversight authority to the U.S. Commodity Futures Trading Commission (CFTC).
The industry previously secured the passage of the GENIUS Act, which established the first federal regulatory framework for stablecoins in 2025.
However, progress on the Clarity Act has stalled amid disagreements in Congress. Some Democrats are demanding provisions that would restrict the Trump family's financial interests in the cryptocurrency business. Critics of the bill are also concerned about a potential weakening of market oversight.
Millions spent targeting crypto opponents
One of the most prominent campaigns is the Senate race in Ohio. The crypto industry has spent more than $68 million on the contest, including efforts to oppose former Senator Sherrod Brown, who is known for his critical stance on digital assets.
In Maryland, industry representatives allocated $5.3 million to support House candidate Adrian Boafo. This amount was nearly three times the funding the politician raised for his own campaign.
However, heavy spending has not always delivered the desired results. In Illinois, Fairshake spent more than $12.6 million on advertisements opposing two Democratic candidates, but both managed to win their primary elections.
According to the advocacy group Public Citizen, the crypto industry became the largest source of corporate spending in U.S. federal election campaigns in 2026.
Experts note that cryptocurrency companies' financial activity is already helping expand their political influence. However, the long-term success of this strategy will depend on the November 3 election results and further progress on digital asset legislation.
As a reminder, the Clarity Act shifts cryptocurrency-related legal risks to Wall Street.
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