Crypto Industry Spends $176 Million in U.S. Midterm Races

The cryptocurrency industry has spent approximately $176 million across more than 100 U.S. midterm races to establish a bipartisan coalition of congressional allies. Led by the super PAC Fairshake, which spent $150.8 million through October 20, the effort aims to secure long-term legislative interests and regulatory clarity beyond the term of President Donald Trump.

Industry goals include passing the Clarity Act to shift oversight to the Commodity Futures Trading Commission, following the passage of the 2025 Genius Act for stablecoins. The spending blitz targeted opponents such as former Senate Banking Committee Chair Sherrod Brown, though the industry saw less success in Illinois. Watchdog groups like Public Citizen have described the spending as an unprecedented level of corporate influence on federal elections.

Individual executives contributed more than $56 million of the total spending. Cameron and Tyler Winklevoss each gave nearly $13 million to MAGA Inc, while their Winklevoss Capital Fund provided $21.3 million to the Digital Freedom Fund to oppose Sherrod Brown. Chris Larsen of Ripple Labs spent at least $14.6 million on Democratic-aligned and issue-focused groups, and Marc Andreessen and Ben Horowitz each contributed $3 million to MAGA Inc. Other primary financiers included Coinbase and the Solana Policy Institute, the latter of which contributed $4.9 million.