Crypto groups spend over $200 million to sway 2026 midterms

Cryptocurrency organizations have contributed more than $200 million to federal congressional races in the 2026 election cycle. According to Public Citizen, these digital asset groups have outpaced corporate political spending from online betting and data center developers. The industry aims to replicate the results of 2024, when super PACs spent $250 million to elect lawmakers supportive of crypto legislation.

The leading spender is Fairshake, an industry group that supports 33 House candidates. This slate includes 19 Republicans and 14 Democrats. Fairshake is prioritizing six incumbents by injecting a baseline of $1 million into their campaigns. Among the Republican recipients are Bryan Steil of Wisconsin, who chairs the House digital assets subcommittee, and French Hill of Arkansas and Bill Huizenga of Michigan, who serve as the chair and vice chair of the House Financial Services Committee, respectively. Democratic recipients receiving the same amount include Janelle Bynum of Oregon, Derek Tran of California, and Steven Horsford of Nevada.

Corporate funding is driving much of this spending. Coinbase Global donated $25 million to Fairshake's midterm efforts in 2025. This follows a $79 million contribution to federal races during the 2024 cycle. Brian Armstrong, Coinbase's CEO, made a personal contribution of $1 million to Fairshake in 2023. Ryan VanGrack, vice chairman at Coinbase, stated that the goal is to modernize the financial system to allow for cheaper money movement and faster transactions.

Legislative progress has slowed in the current Congress. The Clarity Act, a bipartisan bill establishing market structure rules, stalled in the Senate in September. Democrats argued the bill did not do enough to prevent government officials from profiting from crypto ventures. A September Gallup poll found that 89% of U.S. adults believe government corruption is widespread. Meanwhile, a CNBC survey this month showed only 20% of respondents rate the economy as excellent or good, a drop from 27% in July.

Representative Steven Horsford, a Democrat from Nevada, noted that affordability remains the primary concern for voters. However, he said small businesses frequently ask him about accepting digital asset payments. He introduced bipartisan legislation in May to update federal tax laws for digital assets.

The industry is heavily focused on the Ohio Senate race. Fairshake spent $40 million to defeat Sherrod Brown in 2024. It has already spent $55 million to oppose Brown again this cycle. Brown faces Republican Jon Husted in November. A Marist poll conducted October 15-18 showed Brown holding a four-point lead over Husted among likely voters, though the race is within the 4.5% margin of error. Mason Lynaugh, executive director of Stand With Crypto, an advocacy group launched by Coinbase, said many races will be extremely tight.

Ripple, a digital assets company, spent $63.65 million in federal contributions last election and donated $25 million to Fairshake in 2025. Stu Alderoty, Ripple's chief legal officer, said the industry has seen a good return on investment. He pointed to the GENIUS Act, signed into law in July 2025, which created the first federal framework for stablecoins. Ripple also received final approval from the Office of the Comptroller of the Currency to charter a national trust bank this week.

Lawmakers warn that the window to pass new legislation may be closing. Andrew Cuomo, a former New York governor and board member of OKX, said a Democratic Congress in 2027 would struggle to work with the Trump administration on crypto rules. If the Clarity Act does not pass by the end of the year, Congress will have to draft a new market structure bill from scratch.