The cryptocurrency industry has invested approximately $176 million in over 100 midterm election races this year as part of a strategic effort to build a bipartisan group of lawmakers in Congress supportive of its interests beyond the Trump administration. The sector, now valued at around $2.75 trillion, is channeling significant resources into campaigns to promote candidates perceived as allies and to oppose those viewed as threats, according to industry insiders and campaign finance data.
Leading the industry’s political push is Fairshake, the largest crypto-focused super political action committee (Super PAC), which has spent nearly $151 million in this election cycle alongside its affiliated PACs. Fairshake reported a strong track record, with 53 of the 58 candidates it backed in primaries or special elections winning their contests and advancing to the November ballot. Other crypto groups have contributed an additional $25 million in campaign spending.
Super PACs like Fairshake can raise and spend unlimited amounts independently of candidate campaigns but are prohibited from direct coordination. Many of Fairshake’s advertisements do not explicitly reference cryptocurrency; instead, they focus on broader issues such as taxation and immigration. The ads are often funded through related PACs with non-descriptive names such as “Defend American Jobs” and “Protect Progress.” High-profile targets of industry-funded attacks include Senator Sherrod Brown of Ohio, a long-standing crypto skeptic who is seeking re-election to the Senate. Campaign finance analysts note that crypto spending targeting Brown has topped $68 million, making the race one of the most costly in recent history.
Industry strategists describe this investment as a long-term political play to ensure clear regulatory frameworks for digital assets and protections against aggressive enforcement actions by agencies like the U.S. Securities and Exchange Commission (SEC). The industry’s heightened spending follows years of regulatory scrutiny, notably after the collapse of major platforms such as FTX in 2022 and subsequent SEC penalties totaling billions across numerous cases.
The strategic shift towards electoral involvement began after perceived heavy-handed regulatory enforcement under former SEC Chair Gary Gensler. The creation of advocacy and political groups such as Stand With Crypto and Fairshake in 2023, led by figures like Coinbase Chief Policy Officer Faryar Shirzad, marked the industry's move to influence legislation. According to campaign finance records, the number of lawmakers earning high ratings from Stand With Crypto has risen significantly, demonstrating growing congressional support.
In recent years, cryptocurrency advocates have achieved legislative milestones, including the 2025 Genius Act, which established the first federal regulatory framework for stablecoins, passed with robust bipartisan support. However, the broader legislative priority remains the passage of the Clarity Act, a bill that would place crypto regulation under the Commodity Futures Trading Commission (CFTC). The act stalled in the current congressional session, largely due to Democratic opposition linked to ethics provisions affecting the Trump family’s crypto holdings. Fairshake is backing Republican Senate candidates exclusively this cycle in response.
Critics express concerns about the industry’s push to shift oversight to the CFTC, considered less stringent than the SEC, and worry that federal preemption could hinder stronger state regulations. Groups such as Transparency International have raised questions about this approach.
The impact of crypto spending varies by race. In Maryland, for example, the industry’s financial support overwhelmed some candidate fundraising efforts. Conversely, in Illinois, despite spending millions opposing key Democrats like Lt. Gov. Juliana Stratton and state Rep. La Shawn Ford, both candidates remain favored to win their races. Ford, who supports more stringent state cryptocurrency regulations, has filed a cease-and-desist letter against Fairshake for what he describes as false and damaging ads.
Officials from Coinbase, Ripple, and Andreessen Horowitz, among the industry’s primary funders, declined to comment on the spending or related campaign tactics. As the election approaches, the cryptocurrency sector’s active engagement highlights its determination to influence U.S. policy and regulation through sustained political involvement.