Crypto Industry Spends $176 Million On US Mid-term Election Campaigns

The cryptocurrency industry has increased its political spending ahead of the 2026 US mid-term elections in a bid to influence policies and regulations governing digital assets. Crypto-backed political groups have spent around $176 million across more than 100 mid-term races this year. The spending is part of a longer-term effort to build support in the US Congress for the crypto industry’s interests, including legislation that could shape how digital assets are regulated.

Who Is Funding The Crypto Industry’s Political Spending?

Fairshake, the largest crypto-backed super PAC, and its affiliated groups have accounted for most of the spending, according to a Reuters report. They have spent $150.80 million by October 20, 2026, while other crypto groups account for around $25 million.

Major contributors to the political groups include cryptocurrency exchange Coinbase, Blockchain company Ripple, and venture capital firm Andreessen Horowitz. The Solana Policy Institute has contributed $4.90 million to the mid-term elections.

Fairshake said 53 of the 58 candidates it supported in primaries or special elections this year had won and would appear on the November 3, 2026 ballot.

Why Is The Crypto Industry Spending On US Elections?

The spending is aimed at building relationships with lawmakers and securing support for the crypto industry’s policy priorities. This effort gained momentum after the collapse of FTX in 2022 which was followed by increased regulatory scrutiny of crypto businesses in the US.

Industry executives developed a political strategy to counter what they described as an enforcement approach by the then US Securities and Exchange Commission (SEC) chair Gary Gensler. Coinbase chief policy officer Faryar Shirzad helped establish Stand With Crypto and Fairshake, both of which launched in 2023.

Which Crypto Laws Does The Industry Want To Advance?

One legislative development was the passage of the GENIUS Act in 2025, which established the first federal regulatory framework for Stablecoins in the US. The industry is also seeking progress on the CLARITY Act, which would put crypto oversight under the Commodity Futures Trading Commission (CFTC).

However, the CLARITY Act stalled during the current congressional session. Colin McLaren, head of government relations at the Solana Policy Institute, described the group’s election spending as “an investment in the future”, saying the effort was intended to ensure clear rules and regulatory expectations for the crypto industry.