Crypto Spending: $200 Million Floods Midterm Races
Digital asset groups are outpacing other corporate sectors in political contributions, betting that targeted funding will secure favorable congressional regulations before the year ends.
By William Turner ·
Cryptocurrency organizations have contributed more than $200 million to federal races this election cycle, according to Public Citizen. This spending has allowed crypto groups to surpass online betting and data center developers as the largest corporate political donors. The industry aims to replicate the results of 2024, when super PACs spent $250 million to elect lawmakers supportive of digital assets.
The funding is heavily concentrated in specific candidates. Fairshake, a major crypto advocacy group, supports 33 House candidates, including 19 Republicans and 14 Democrats. The organization has allocated at least $1 million each to six key incumbents. On the Republican side, the funds go to Bryan Steil of Wisconsin, chair of the digital assets subcommittee, and French Hill and Bill Huizenga, who serve as chair and vice chair of the House Financial Services Committee. On the Democratic side, Janelle Bynum of Oregon, Derek Tran of California, and Steven Horsford of Nevada receive similar support.
Corporate giants like Coinbase and Ripple are fueling this effort. Coinbase donated $25 million to Fairshake’s 2025 midterm activities, following a $79 million total contribution to federal races in 2024. Ripple also donated $25 million to Fairshake this year. These contributions follow the passage of the GENIUS Act in July 2025, which established the first federal framework for stablecoins, and Ripple’s recent approval to charter a national trust bank.
The spending occurs amid legislative gridlock. The Clarity Act, a bipartisan market structure bill, stalled in the Senate in September after Democrats argued it did not sufficiently prevent government officials from profiting from crypto ventures. A September Gallup poll found that 89% of U.S. adults believe government corruption is widespread. Additionally, the latest CNBC All-America Economic Survey shows that only 20% of respondents rate the economy as excellent or good, down from 27% in July.
The Ohio Senate race has become a focal point for these efforts. Fairshake has already spent $55 million to oppose Democratic nominee Sherrod Brown, a critic of the industry, in his bid to unseat Republican Jon Husted. A Marist poll conducted between Oct. 15 and 18 showed Brown holding a four-point lead over Husted among likely voters, within a margin of error of 4.5%. Stand With Crypto, an advocacy group launched by Coinbase, has endorsed 45 candidates, including 42 in the House and three in the Senate.
Lawmakers warn that the window for passing new legislation may close if control of Congress shifts in January. Steven Horsford, who introduced bipartisan tax modernization legislation in May, stated that small businesses increasingly ask if they accept digital asset payments. Ryan VanGrack, vice chairman at Coinbase, noted that the goal is to update the financial system for the 21st century, arguing that efficient money transfer is an issue that should transcend party lines.
If the Clarity Act does not advance before the end of the year, Congress will need to draft a new market structure bill from scratch. Crypto super PACs intend to use their spending to influence which lawmakers lead that next round of legislation. Mason Lynaugh, executive director of Stand With Crypto, said the group endorses candidates based on their legislative record to ensure they deliver on commitments to the digital asset community.
