Crypto groups boost election spending in U.S. midterms

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Crypto election spending midterms

Highlights

Crypto-linked super PACs, led by Fairshake, are outspending other corporate groups in 2024, backing 33 House candidates across both parties.
Coinbase Global contributed $79 million to federal races in 2024, including a $1 million donation from CEO Brian Armstrong to Fairshake in 2023.
Fairshake spent $55 million attempting to unseat Ohio's Democratic Senate nominee Sherrod Brown, targeting a key battleground against pro-crypto Republican Jon Husted.

Super PAC funding targets key House and Senate races

As reported by CNBC, citing Public Citizen, cryptocurrency-linked groups are outspending other corporate political interests this election cycle, including online betting and data center development organizations. The spending effort is led by Fairshake and affiliated super PACs, which are backing 33 House candidates, 19 Republicans and 14 Democrats, viewed as supportive of the industry's policy goals.

The network is prioritizing six House incumbents with a baseline of $1 million each. Among the Republicans receiving support are Wisconsin's Bryan Steil, who chairs a House digital assets subcommittee, along with Arkansas' French Hill and Michigan's Bill Huizenga, who serve as chair and vice chair of the House Financial Services Committee; Democratic beneficiaries include Janelle Bynum of Oregon, Derek Tran of California and Steven Horsford of Nevada.

Fairshake's campaign is also being fueled by digital asset companies such as Coinbase Global. Coinbase emerged as one of the largest corporate political donors in the 2024 election cycle, contributing $79 million to federal races, including a $1 million personal donation from Chief Executive Brian Armstrong to Fairshake in 2023.

Election outcome could shape crypto legislation

The industry is trying to replicate its 2024 success, when crypto super PACs spent $250 million to help elect lawmakers seen as favorable to digital assets and to reshape Congress. That earlier push came as the sector sought stronger backing in Washington for rules governing the market.

Resistance remains in the current Congress, where the Clarity Act, a bipartisan proposal setting market structure rules for digital assets, stalls in the Senate. Democrats argue the bill does not go far enough to prevent top government officials from profiting from crypto ventures.

November's elections are now testing how durable the sector's influence remains. The Ohio Senate race has become a central battleground, with Fairshake focusing on Democratic nominee and former Senator Sherrod Brown, a longtime crypto critic, against pro-crypto Republican Jon Husted; the group spent about $40 million trying to unseat Brown in 2024 and has already spent $55 million opposing him in the current cycle.

Our earlier article on Republicans’ advertising spending surge ahead of the November midterms described how the GOP sharply ramped up ad outlays as polling tightened, even in races once considered safe. We noted that spending expanded in states like Kansas and Florida, while Texas became the most expensive Senate contest, with economic pressures such as high fuel costs and affordability concerns weighing on voter sentiment and campaign strategy.

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