The cryptocurrency industry is preparing for another aggressive push into US politics, armed with nearly $200 million in campaign funding as the midterm elections approach.
At the center of the effort is Fairshake, a leading crypto-aligned super PAC network, which reported more than $193 million in available funds at the start of 2026, The Hill reported.
After spending heavily in the 2024 cycle, industry-backed groups are now targeting a new slate of congressional races, signaling that digital asset firms intend to remain a major force in Washington.
Political Muscle After 2024 Gains
Crypto-backed political groups made their biggest impact in 2024, pouring close to $180 million into primaries and competitive races.
Several high-profile Democratic candidates who had been critical of the industry were defeated in contests where crypto spending was prominent.
Among those races were Senate campaigns in California and Ohio, as well as a Democratic primary in Arizona’s 3rd Congressional District.
While some analysts argue that broader political trends may have driven those outcomes, industry insiders maintain that targeted spending proved decisive in closer contests.
One example frequently cited is a Michigan Senate race where crypto groups reportedly spent $10 million in support of a candidate who narrowly prevailed.
Another razor-thin primary win in Arizona, decided by just 39 votes, has also been attributed in part to industry involvement.
Regulatory Wins And Lingering Battles
The political investments come as the industry has secured notable policy victories.
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President Donald Trump, who adopted a pro-crypto stance during the 2024 campaign, has appointed digital asset-friendly officials to key regulatory roles and established a strategic bitcoin reserve through executive action.
Congress has already passed the GENIUS Act, creating a regulatory framework for dollar-backed stablecoins.
However, the industry’s top legislative priority, a comprehensive market structure bill that would divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, remains stalled in the Senate.
With midterms looming, time for additional legislative action is narrowing.
Midterm Targets And Backlash
Two Fairshake-affiliated super PACs have recently entered new races.
Defend American Jobs announced $5 million in support of Rep. Barry Moore’s Senate bid in Alabama, while Protect Progress committed $1.5 million to oppose Rep. Al Green in Texas’s 18th Congressional District.
Green has pushed back strongly, accusing crypto groups of attempting to dominate Congress through outsized financial influence.
The industry’s growing political footprint has drawn scrutiny from critics who question whether sector-specific super PAC spending distorts the electoral process.
Some argue that the scale of contributions, amounting to tens of millions of dollars per race, raises broader concerns about campaign finance transparency.
Crypto advocates counter that their political engagement has accelerated regulatory clarity and brought digital assets into the mainstream policy debate.
As November approaches, the industry appears ready to again flex its financial strength, even as lawmakers remain divided over how far crypto’s influence in Washington should extend.
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