Crypto's $176 Million Midterm Push: Industry Spending Spans More Than 100 U.S. Races

By Kevin · 2026-10-28 · News

Oct. 28 (CandyPulse) — Crypto isn't just lobbying Washington anymore. It's trying to shape who sits in it. The industry has spent roughly $176 million across more than 100 U.S. midterm races, according to a Reuters review published Oct. 27, as it works to build a bipartisan bloc in Congress that lasts beyond the current administration.

Key takeaways

Crypto groups have spent about $176 million on 100+ midterm races
Fairshake and affiliated PACs account for about $150.8 million through Oct. 20; other crypto groups add about $25 million
Main funders: Coinbase, Ripple and Andreessen Horowitz
Fairshake says 53 of 58 candidates it backed in primaries or special elections won
After the CLARITY Act stalled in the Senate, Fairshake is funding only Republicans in Senate races

Where the money is going

Detail	Figure
Total crypto spending	~$176M across 100+ races
Fairshake and affiliates	~$150.8M (through Oct. 20)
Other crypto groups	~$25M
Fairshake's 2024 cycle	$196M
Primary record	53 of 58 backed candidates won
Biggest single race	Ohio Senate, $68M+ in industry spending (AdImpact)

The strategy

Fairshake still backs House candidates from both parties, but after Senate Democrats blocked the CLARITY Act, it switched to backing only Republicans in Senate races. Many of the ads barely mention crypto at all, focusing instead on issues like taxes and immigration. Advocacy group Public Citizen says crypto is the largest corporate spender in federal races this year.

Why it matters

Rules for crypto in the U.S., from market structure to stablecoins, are decided in Congress. The industry's bet is that friendly lawmakers now mean clearer rules later, whoever is in the White House. Catch up on what went wrong with the CLARITY Act in the Senate and why dealmakers kept going after it stalled.

What's next

Election results will show whether the spending paid off, and whether the CLARITY Act gets a second chance in the next Congress. More on our Regulation page.

Disclaimer: This article is for information only and is not financial advice. Crypto assets are volatile and can lose value. Always do your own research before making any investment decision.