Based on a Reuters review of campaign contributions, the digital asset industry has invested roughly $176 million across more than 100 midterm races during this cycle. This capital forms part of an initiative to establish a cross-party alliance in Congress capable of safeguarding the market after President Donald Trump’s tenure ends.
Fairshake, the leading super PAC in the sector, spearheads this campaign. Having disbursed $196 million throughout the 2024 cycle, the organization is once again guiding the tactical approach. Up to October 20, Fairshake alongside its affiliated PACs had allocated approximately $150.8 million within the current year, whereas other cryptocurrency entities contributed near $25 million. According to Reuters, Fairshake reported that 53 out of 58 candidates it endorsed in primary or special contests were victorious, positioning them for the November 3 ballot.
While super PACs possess the ability to gather and deploy unlimited funds, they are legally barred from coordinating directly with campaigns. Fairshake broadcasts its commercials through associated entities bearing labels such as “Defend American Jobs” and “Protect Progress,” frequently centering messages around taxation and border security rather than digital currencies. Consequently, constituents have minimal insight into who finances these promotions.
The advocacy organization Public Citizen noted that cryptocurrency stood as the principal corporate donor in 2026 federal elections. Pointing to analysis from the same oversight group, digital asset corporations outpaced all other corporate political contributors at that juncture.
The chief backers consist of Coinbase, Ripple, and Andreessen Horowitz. Campaign professionals and industry strategists note that these funds serve as an introduction designed to cultivate connections with lawmakers.
Crypto’s long game in Congress
Colin McLaren, governmental affairs director at the Solana Policy Institute—which has contributed $4.9 million toward the midterms—characterized the spending as “an investment in the future,” as reported by Reuters.
This strategy marks a dramatic shift. Back in 2018, legislators struggled to secure a meeting space within House or Senate buildings for the inaugural bipartisan digital asset roundtable, forcing them to convene at the Library of Congress. Afterward, during the Biden administration, the Securities and Exchange Commission imposed over $6 billion in penalties spanning 98 enforcement actions, pursuant to a Georgetown University Law analysis.
Industry leaders concluded that political leverage was mandatory. Faryar Shirzad, Chief Policy Officer at Coinbase, assisted in establishing both Stand With Crypto and Fairshake in 2023. Legislators holding an “A” grade from Stand With Crypto grew from 96 at the initiative’s inception to 332.
Legislative action followed shortly after. The GENIUS Act, passed in 2025 with substantial bipartisan backing, established the inaugural federal regulatory guidelines for stablecoins. The sector’s subsequent objective, the Clarity Act, aims to transfer regulatory authority to the Commodity Futures Trading Commission. This proposal stalled during the current legislative session, as Senate Democrats prevented it from reaching a definitive vote because of an ethics clause that would have mandated the Trump family to divest their digital asset portfolios.
Fairshake contributed to the defeat of Sherrod Brown, former chair of the Senate Banking Committee, during the 2024 elections, and the market has subsequently funneled over $68 million into his rematch against Republican challenger Jon Husted, data from AdImpact indicates.
Fairshake advertisements targeting Brown omit any mention of cryptocurrency, leading Brown’s campaign manager Patrick Eisenhauer to remark that “the special interests are panicking.” In the state of Illinois, Fairshake deployed upward of $10.1 million against Lieutenant Governor Juliana Stratton alongside $2.5 million targeting state Representative La Shawn Ford, per Reuters, though both individuals are projected to secure victory on November 3.
Tyler and Cameron Winklevoss each contributed roughly $13 million within this cycle, directing the majority to MAGA Inc.
What voters think
Public sentiment remains divided. An Ipsos poll conducted in September for the DeFi Education Fund, which surveyed 1,545 American adults and was reviewed by Bitcoin Magazine, revealed that 22% of respondents have held or utilized digital assets, marking an increase from 18% in 2025. Only 19% perceive the American monetary framework as safe.
Furthermore, the polling indicated that 35% view it as crucial for political candidates to endorse the development of next-generation financial technology inside the United States. In contrast, merely 13% expressed the identical view when queries explicitly referenced blockchain, cryptocurrency, or DeFi. Because the DeFi Education Fund operates as a digital asset advocacy entity, its survey wording mirrors that viewpoint.
Leadership at Stand With Crypto has maintained that the digital asset constituency will determine the outcome of the midterms.
Originally published at https://bitcoinmagazine.com/news/crypto-midterm-spending-176-million.
