Crypto Industry Pours $200 Million Into 2026 Midterms as Congress Stalls on New Rules
Updated
Updated · CNBC · Oct 31
Crypto Industry Pours $200 Million Into 2026 Midterms as Congress Stalls on New Rules
2 articles · Updated · CNBC · Oct 31
Summary
Crypto-linked groups have spent more than $200 million on the 2026 cycle, backing 33 House candidates and giving six incumbents at least $1 million through Fairshake and allied super PACs.
That push aims to lock in a friendlier Congress after September's Senate stall of the Clarity Act, with the industry arguing new laws are still needed despite recent regulatory gains.
Coinbase and Ripple are again major financiers, each giving Fairshake $25 million in 2025 after spending heavily in 2024, when crypto super PACs deployed $250 million to help elect pro-crypto lawmakers.
Ohio's Senate race has become a key test: Fairshake says it has already spent $55 million against crypto critic Sherrod Brown, though an October Marist poll showed Brown 4 points ahead of Jon Husted within the margin of error.
The spending drive faces a tougher political backdrop as affordability dominates voters' concerns, only 20% rate the economy positively, and 89% of Americans say government corruption is widespread.