U.S. voters remain wary as crypto and AI PACs ramp up midterm spending

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Crypto and ai midterm spending

Highlights

An April Public First survey finds 45% of Americans see crypto investing as too risky and 44% think AI is advancing too rapidly.
Pro-AI PAC Leading the Future raises over $75 million and pro-crypto PAC Fairshake spends $28 million in 2026 primaries across multiple states.
Despite ramped-up spending and lobbying, only 9% of respondents recognize Leading the Future and 3% know Fairshake, limiting immediate voter backlash.

Poll data and campaign spending collide

As first reported by Politico, an April survey by Public First shows 45% of Americans say investing in cryptocurrency is not worth the risk, while 44% say AI is developing too fast. The poll also finds nearly half of respondents trust a traditional bank more than a crypto platform, and two-thirds want Congress to impose strict regulations or broad oversight principles on AI.

The findings suggest a difficult backdrop for candidates receiving support from industry-aligned super PACs. In hypothetical matchups, respondents are markedly less likely to support candidates backed by groups advocating looser AI rules than those supported by groups favoring tighter technology regulation.

Public First conducts the survey online between April 11 and April 14 among 2,035 U.S. adults. Results are weighted by age, race, gender, geography and education level, with a sampling error margin of plus or minus 2.2 percentage points.

Low voter awareness may limit near-term fallout

Pro-AI super PAC Leading the Future, launched in August 2025, raises more than $75 million and deploys money in primaries across North Carolina, Texas, Illinois and New York. Fairshake, the pro-crypto PAC backed by Coinbase, Andreessen Horowitz and Ripple Labs, already spends $28 million across competitive primaries.

Both industries are also increasing lobbying activity. OpenAI and Anthropic post record lobbying expenditures in the first quarter of 2026, while the crypto sector pushes the CLARITY Act in the Senate in a bid to secure clearer market rules for digital assets.

Despite the spending surge, voter recognition of the groups remains limited. Only 9% of respondents have heard of Leading the Future and just 3% recognize Fairshake, though political observers tell Politico that backlash could build quickly if voters connect campaign money with the industries behind it.

Our earlier article on the CLARITY Act stablecoin yield compromise explained how the draft language would restrict rewards that function like bank-deposit interest, addressing a key sticking point in U.S. crypto market-structure talks. It also noted that activity-based incentives could still be allowed, with Treasury and the CFTC tasked to write implementing rules—signaling how firms may need to redesign rewards programs as the bill advances.

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