Crypto Industry Spends $176 Million on U.S. Midterm Elections
- The crypto industry has spent $176 million on over 100 midterm races.
- Fairshake, the largest super PAC, contributed $150.8 million of the total.
- Coinbase, Ripple, and Andreessen Horowitz are the primary financiers of the effort.
- Fairshake-backed candidates won 53 of 58 primary and special election races.
- The industry aims to pass the Clarity Act to shift crypto oversight to the CFTC.
This initiative covers more than 100 midterm races during this cycle.
The watchdog group Public Citizen identified the crypto industry as the largest corporate spender in federal races for 2026. The industry is increasing its spending to shape the midterm elections and secure long-term influence in the federal government.
This spending serves to build political allies as the industry prepares for a post-Trump era.
Fairshake super PAC leads industry election spending
Fairshake, the industry’s largest super PAC, is targeting the midterm elections as part of the total $176 million spending initiative.
Super PACs are permitted to raise and spend unlimited sums of money but cannot coordinate with political campaigns. Fairshake places ads via its affiliates called Defend American Jobs and Protect Progress, which typically emphasize taxes and immigration instead of cryptocurrency.
Coinbase and Ripple among primary political financiers
Coinbase, Ripple, and Andreessen Horowitz are identified as the primary financiers of crypto political spending. Most of the funds from the Winklevoss brothers were directed to MAGA Inc.
Fairshake-backed candidates secure 53 primary wins
Fairshake said that 53 of the 58 candidates it supported in primaries or special elections were victorious, and those candidates will be listed on the November 3 ballot. The organization previously helped defeat Senator Sherrod Brown in 2024. According to AdImpact, Fairshake has spent more than $68 million on the 2026 rematch between Brown and Republican Jon Husted.
Fairshake’s advertisements against Brown do not mention cryptocurrency. Patrick Eisenhauer, Brown’s campaign manager, said "the special interests are panicking". Both Stratton and Ford are expected to win on November 3.
Industry pushes for Clarity Act after GENIUS Act success
The GENIUS Act, which was enacted in 2025 with broad bipartisan support, established the first federal regulatory framework for stablecoins. The industry’s next legislative goal is the Clarity Act, which would place oversight of cryptocurrency under the Commodity Futures Trading Commission.
The bill stalled this session after Senate Democrats blocked it. The resistance arose from an ethics rule that would have required the Trump family to divest its crypto holdings.
Stand With Crypto ratings and industry outlook
Stand With Crypto leaders contend that the crypto vote will determine the midterms. The number of lawmakers receiving an A rating from the group has risen to 332 from 96 at the time of the group's launch.
Coinbase Chief Policy Officer Faryar Shirzad assisted in launching Stand With Crypto and Fairshake in 2023.
Bitcoin Magazine reported on Tuesday, 27 October 2026, that SoFi stock rose by 15% as the number of crypto products reached 503,000.
Public sentiment and regulatory history
The same poll indicated that 19% of respondents consider the U.S. financial system secure.
Growth from 2018 Library of Congress roundtable
The group met at the Library of Congress instead to conduct the session.
Frequently Asked Questions
- Crypto Midterm Spending Reaches $176 Million: Report (bitcoinmagazine.com)
- 2026 United States elections (Wikipedia — background) (en.wikipedia.org)
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