Crypto companies have spent about $176 million across more than 100 U.S. midterm races as they seek congressional allies who can protect industry interests beyond President Donald Trump’s term, according to reports published on October 27.
The industry is backing candidates viewed as supportive of crypto while opposing lawmakers considered obstacles to its policy goals. The spending reflects efforts to build congressional support for crypto legislation.
Fairshake and its affiliated political action committees spent about $150.8 million through October 20, while other crypto groups contributed roughly $25 million, according to campaign finance filings.
Fairshake reported that 53 of the 58 candidates it supported in primary or special elections won. Coinbase, Ripple and Andreessen Horowitz are among the industry’s biggest political donors.
However, some crypto-backed campaign advertisements focus on broader issues, including taxes and immigration, rather than digital asset policy.
The CLARITY Act remains a major goal for crypto companies seeking clearer rules for digital assets. The bill would give the Commodity Futures Trading Commission more authority over the sector, but it has yet to advance in Congress.
Fairshake has also put money behind Republican Senate candidates. In Ohio, spending on the Senate race has topped $68 million, according to reports.
