Crypto Industry Spends $176 Million on US Midterms Ahead of Nov 3 Vote
Crypto Industry Spends $176 Million to Shape the Next Congress
The cryptocurrency industry has spent roughly $176 million across more than 100 US midterm races in this election cycle, according to a Reuters report published on 27 October 2026. The spending is part of a long-term effort to build a bipartisan group of lawmakers who support digital-asset policies, even after President Donald Trump leaves office.
The industry is now worth about $2.75 trillion, and its political strategy goes beyond one election. Strategists quoted by Reuters say the goal is not only to find friendly candidates, but to back candidates who already have a strong chance of winning and can help pass legislation once they reach Congress.Fairshake Leads the Spending Push
Fairshake, crypto's largest super political action committee, is leading the effort again. Fairshake spent $196 million during the 2024 election cycle. In this cycle, Reuters reports that Fairshake said 53 of the 58 candidates it supported in primaries or special elections this year won and will be on the ballot on 3 November.
Super PACs can raise and spend unlimited sums, but they cannot coordinate directly with campaigns. Much of the advertising is run through affiliated PACs with names such as "Defend American Jobs" and "Protect Progress." Reuters notes that many of these ads barely mention crypto and instead focus on issues like taxes and immigration.
Zimbuck's homepage summary of the same Reuters story puts Fairshake and affiliated groups at approximately $150.8 million of the total spending.
Why This Election Matters for Crypto Regulation
Proposed crypto market-structure legislation remains stalled amid political opposition and ethics concerns. That makes the composition of the next Congress especially important for the industry. A Congress with more crypto-friendly members could change the pace of rules on exchanges, stablecoins, market structure, and investor protection.
Advocacy group Public Citizen said crypto was the single-biggest corporate spender in federal races in 2026. In 2024, the group described the industry's spending as "akin to a corporate Death Star hovering over elections."
Critics argue that this level of spending gives a single industry outsized influence. Supporters argue that clear rules are overdue and that voters benefit when candidates understand new financial technology.
Wealthy Crypto Executives Are Also Spending Directly
A separate Reuters analysis found that ultra-wealthy crypto executives have collectively spent more than $56 million during the current election cycle so far, based on Federal Election Commission filings. That total includes contributions to candidates, party committees, and crypto super PACs.
Reuters reported that Gemini co-founders Cameron and Tyler Winklevoss have contributed nearly $13 million each this cycle, mostly to MAGA Inc, the main super PAC supporting President Trump. The twins are also the primary backers of the Digital Freedom Fund, which has spent this cycle opposing Democratic Senate candidate Sherrod Brown in Ohio, a longtime crypto skeptic.
Reuters said the individuals named either declined to comment or did not respond to requests for comment. Totals do not include donations to "dark money" political nonprofits, which are not required to disclose donors.
What to Watch Before 3 November
Whether market-structure legislation gains momentum after the election; how many Fairshake-backed candidates win on 3 November; whether ethics concerns around crypto and politics change the debate; and how regulators respond if Congress shifts toward a more crypto-friendly majority.
The midterm result will not settle crypto regulation on its own, but it will shape who writes the next set of rules — and how fast they move.
FAQs
How much has crypto spent on the 2026 midterms? About $176 million across more than 100 races, according to Reuters.
What is Fairshake? Fairshake is crypto's largest super PAC. It spent $196 million in 2024 and is leading the industry's 2026 strategy.
Why does crypto care about the midterms? The next Congress could decide market-structure legislation, stablecoin rules, and broader digital-asset regulation.
When is the US midterm vote? 3 November 2026, according to Reuters.
This article is for news and information only, not financial or political advice.
