Crypto industry spends $200 million to influence 2026 congressional races

The cryptocurrency industry has deployed record spending to influence Congress ahead of the 2026 elections, seeking passage of legislation that would establish clearer regulatory frameworks for digital assets. The outcome will determine whether crypto achieves sustained legislative wins or faces continued regulatory gridlock under a potentially divided government.

• Crypto groups contributed more than $200 million in this election cycle, outpacing online betting and data center development groups in corporate political spending.
• Fairshake and affiliated super PACs are backing 33 House candidates and allocating baseline funding of $1 million each to six key incumbents across both parties.
• The industry faces a narrowing legislative window, with the Clarity Act stalled in the Senate over ethics concerns and the risk of gridlock if Congress composition shifts in January.

• $200M+ Crypto industry contributions in this election cycle versus $250M in 2024 election cycle
• $79M Coinbase’s total federal contributions in 2024, making it one of modern history’s largest corporate political donors
• $55M Fairshake spending opposing Ohio Senate candidate Sherrod Brown in current cycle
• 89% U.S. adults saying government corruption is widespread, up to record level per September Gallup poll

According to reporting by CNBC, the cryptocurrency industry has poured more than $200 million into congressional races in an effort to secure congressional support for digital asset regulation. The spending represents the largest single-issue super PAC effort in United States history and significantly exceeds contributions from online betting and data center development groups, according to Public Citizen. The industry is attempting to replicate its 2024 success, when super PACs invested $250 million to elect pro-crypto lawmakers and reshape the composition of Congress.

Fairshake deploys $1 million baseline to six key House members

Fairshake, the primary crypto-aligned super PAC, is directing support to 33 House candidates across party lines: 19 Republicans and 14 Democrats. The network has established a minimum spending tier of $1 million for six House incumbents identified as champions of the industry’s legislative agenda. Three Republicans receiving this baseline funding are Bryan Steil of Wisconsin, who chairs a digital assets subcommittee; French Hill of Arkansas, chair of the House Financial Services Committee; and Bill Huizenga of Michigan, vice chair of that same committee.

On the Democratic side, representatives Janelle Bynum of Oregon, Derek Tran of California, and Steven Horsford of Nevada are each receiving at least $1 million from Fairshake. Horsford introduced bipartisan legislation in May to modernize federal tax laws for digital assets.

Coinbase and Ripple anchor the spending surge with nine-figure commitments

Cryptocurrency exchange Coinbase Global has emerged as a dominant force in political spending, contributing $79 million to federal races in 2024 and establishing itself as one of the largest corporate political donors in modern history. The company donated $25 million to Fairshake’s midterm efforts in 2025. CEO Brian Armstrong made a personal $1 million contribution to Fairshake in 2023, underscoring the company’s commitment to reshaping cryptocurrency policy.

The ultimate goal is to make sure that we bring our 20th century financial system into the 21st century.

Ryan VanGrack, vice chairman at Coinbase, told CNBC

VanGrack emphasized that affordability concerns among voters should align with crypto industry priorities. “In an era where affordability is top of mind for American voters, it’s important that we find a way that we can move money more cheaply, that we can invest more easily, and that we can transact more quickly, and fundamentally that is not something that Democrats or Republicans should oppose,” he said.

Ripple, a digital assets and infrastructure company, spent $63.65 million in federal contributions during the 2024 election and contributed $25 million to Fairshake in 2025.

Senate stalemate and shifting voter priorities narrow the legislative window

The industry’s legislative agenda faces mounting obstacles despite its record spending. In September, the Clarity Act, a bipartisan set of market structure rules for digital assets, stalled in the Senate after Democrats objected that it failed to prevent top government officials from profiting off crypto ventures. The ethics dispute reflects broader voter concerns about government integrity: a Gallup poll released in September found a record 89 percent of U.S. adults say government corruption is widespread.

Economic anxiety is displacing crypto from voter priorities. The latest CNBC All-America Economic Survey this month found only 20 percent of respondents rate the economy as excellent or good, down from 27 percent in July. Horsford acknowledged the political headwind: “Overwhelmingly, the issue right now is the affordability crisis,” he told CNBC. He also noted that crypto concerns surface in town halls and small business conversations, particularly around whether merchants should accept digital asset payments.

The industry has achieved some regulatory wins outside Congress, including passage of the GENIUS Act, which President Trump signed into law in July 2025 as the first-ever standalone federal crypto legislation, and Ripple’s receipt of final OCC approval this week to charter Ripple National Trust Bank.

Stu Alderoty, Ripple’s chief legal officer, told CNBC: “I think compared to where the industry was two years ago to where the industry is today, yes, I would say that that is a very good return” on investment. He also pointed to clearer guidance from the Securities and Exchange Commission and the Commodity Futures and Trading Commission.

Yet the window for major congressional action is closing rapidly. If the Clarity Act does not advance before year-end, Congress will begin from scratch on a new market structure bill for digital assets. Andrew Cuomo, a board member of crypto exchange OKX and former New York governor, warned that lawmaking becomes unlikely if Congress composition shifts in January. “You’re going to have a Democratic Congress overseeing an administration, the Trump administration, where the regulators are making decisions under the scrutiny of a hostile Congress, and that is not a good place to be because the Congress will be at loggerheads with the administration,” he told CNBC.

Ohio Senate race becomes highest-stakes crypto proxy battle

The crypto industry is laser-focused on Ohio’s Senate race between Democratic nominee Sherrod Brown, a longtime crypto critic, and Republican Jon Husted, who supports the industry.

Fairshake spent approximately $40 million opposing Brown in 2024, when the then-Senate Banking Committee chairman promoted tougher crypto regulation and stalled a House-passed market-structure bill. This cycle, the super PAC has already deployed $55 million to oppose Brown. A Marist poll conducted October 15-18 showed Brown holding a four-point edge over Husted among likely voters statewide, within the margin of error of 4.5 percent.

Stand With Crypto, an advocacy group launched by Coinbase in 2023, has endorsed 45 total candidates this cycle: 42 in the House and three in the Senate. Mason Lynaugh, executive director of Stand With Crypto, told CNBC that the group endorses candidates based on legislative record and aims to mobilize thousands or tens of thousands of advocates in targeted districts to demonstrate community support. “We want to show that when we execute our program and we turn out those thousands or tens of thousands of Stand With Crypto advocates in these districts we are credibly ensuring that they get what they deserve for supporting crypto from the community that supports them,” Lynaugh said.

The BlockWest read. The crypto industry’s spending spree reflects institutional capital’s confidence in legislative wins, yet the math is becoming harder. Voter concerns now center on inflation and affordability, not financial modernization. The PARITY Act’s focus on tax clarity for everyday participants addresses this friction, but only if lawmakers prioritize it. The real test arrives in weeks: whether super PAC money can move midterm outcomes enough to force action before divided government sets in.

Horsford told CNBC that action is urgent: “Every stakeholder needs to stay at the table and to continue to make the case why legislation is needed.” The Clarity Act’s fate before year-end will determine whether crypto retains momentum into the next Congress or faces a regulatory reset under potential Democratic oversight of a Republican administration.

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