More than $200 million has flowed from cryptocurrency-tied organizations into this cycle’s congressional races, part of a sweeping effort to secure a friendlier regulatory climate before the November 3 midterms. Public Citizen, a watchdog group, determined that crypto interests have become the largest cohort of single-issue super PACs in United States history, outpacing both online betting and data center development groups in federal corporate political spending.
Behind the push is an attempt to replicate what the industry accomplished in 2024, a year in which super PACs laid out roughly $250 million to install pro-crypto lawmakers and reshape the makeup of Congress.
The dominant player, Fairshake, and its affiliated PACs have put their weight behind 33 House candidates, split between 19 Republicans and 14 Democrats. Through October 20, that network spent $150.8 million on races. A Reuters review pegs total crypto lobbying spending at about $176 million across more than 100 congressional races.
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Six House incumbents sit at the top of the priority list, each receiving a baseline of $1 million. The Republicans include Bryan Steil of Wisconsin, French Hill of Arkansas, and Bill Huizenga of Michigan. On the Democratic side are Janelle Bynum of Oregon, Derek Tran of California, and Steven Horsford of Nevada.
Much of the firepower traces back to Coinbase Global, which contributed $25 million to Fairshake’s midterm effort in 2025. The exchange had already ranked among modern history’s largest corporate political donors in 2024, giving $79 million to federal races. Ripple and venture capital firm Andreessen Horowitz round out Fairshake’s leading backers.
A comprehensive market structure bill remains the prize. The Clarity Act, which would split oversight between the SEC and CFTC, collapsed in the Senate in September with only 49 of the 60 votes it needed, as Democrats contended it did too little to stop government officials from profiting off crypto ventures.
Whether the money produces laws is another question. Fairshake-funded candidates won 53 of 58 primary and special election races, yet legislation has historically lagged the industry’s electoral victories.
