US Midterms 2026: Cryptocurrency industry money is playing a crucial role. What do donors want? Fairshake, super PACs and more
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Crypto is possibly the single-biggest industry backing US midterms candidates of both parties Photograph: (Others)
Crypto firms and investors are pouring hundreds of millions into the US midterms through super PACs and cash donations and campaign ads. They are backing pro-crypto candidates from both Republican and Democratic parties, seeking clearer digital-asset rules after the CLARITY Act stalled.
Money from the cryptocurrency industry is playing a subtle but crucial role in the US midterm elections. From crypto-millionaire donors to crypto-linked super political action committees (super PACs), millions of dollars are flowing into the 2026 election campaign. Crypto companies have contributed roughly $206 million this election cycle, according to analyses by groups like Public Citizen based on Federal Election Commission (FEC) data. This makes crypto the largest corporate source of political contributions tracked so far, ahead of online betting and Big Tech and artificial intelligence companies. The figure has already surpassed the industry's $170 million contribution in the 2024 cycle.
Some of the money is going to non-crypto-specific groups such as MAGA Inc., a super PAC aligned with President Donald Trump. The scale of the spending raises an important question: who are the people and organisations making this push, and what do they want? Here is a primer.
Top donors to major crypto PACs
The most prominent groups are the Fairshake network, Protect Progress, Defend American Jobs and the Digital Freedom Fund. They are backed by a relatively small group of crypto companies, venture capital firms and executives.
Fairshake is the crypto industry's flagship bipartisan super PAC. Its major backers include Coinbase, Ripple Labs and Andreessen Horowitz, also known as a16z. As of 30 June, Fairshake had received almost $137 million in the 2026 election cycle and had about $127 million in cash on hand, according to FEC filings.
Fairshake itself reported about $138 million in receipts in the 2026 cycle by the middle of the year, while the broader network is larger when its affiliated committees and transfers are included.
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The Digital Freedom Fund is a Republican-leaning super PAC backed heavily by Winklevoss Capital, associated with Gemini co-founders Tyler and Cameron Winklevoss. It reported $22.4 million in receipts through 30 June 2026. More than $21 million came from Winklevoss Capital Fund LLC. Payward Inc. contributed $1 million and investor Naval Ravikant contributed $100,000.
What do they want? Why crypto firms and associated individuals are among the top corporate political donors in the midterms
The funding , which goes to both Republicans and Democrats, is mainly aimed at electing and protecting candidates who support clearer federal rules for digital assets such as cryptocurrencies. The industry's political spending also supports independent advertising that does not always mention crypto directly. In many cases, the ads focus on candidates' broader records or other issues rather than explicitly discussing cryptocurrency policy. This approach was also prominent during the 2024 election cycle.
More about Fairshake and others: Funding both sides
Fairshake is an issue-focused group that backs pro-crypto candidates who favour American innovation in both parties. Its broader objective is to expand a pro-crypto congressional caucus.
Fairshake transfers funds to its two main partisan affiliates: Defend American Jobs, which is Republican-focused, and Protect Progress, which is Democrat-focused. This allows the network to support candidates from both major parties while concentrating on their positions on digital-asset policy.
Across the Fairshake network, receipts have reached hundreds of millions of dollars when the affiliated committees and wider corporate contributions are included. Fairshake and its affiliates have also spent tens of millions of dollars on primaries and early general-election activity.
Fairshake has also announced a planned $30 million campaign against Democratic Senate candidate Sherrod Brown in Ohio. The spending is part of the industry's broader effort to influence races involving candidates viewed as supportive or hostile to crypto legislation.
Digital Freedom Fund, a Republican-leaning super PAC backed heavily by the Winklevoss interests, is focused on Republican candidates supporting crypto-friendly policies.
Its objectives include self-custody rights, developer protections, banking access for crypto firms and opposition to a US central bank digital currency.
Stand With Crypto Alliance, a Coinbase-backed advocacy and pressure group, has also built a large grassroots base. In 2025, it reported more than 2.6 million advocates and chapters in all 50 states. By late September 2026, the organisation was referring to more than three million advocates. It grades politicians on their crypto positions, organises events and meetings with lawmakers, and supports candidates through endorsements and advertising.
Smaller or related entities, such as Fellowship PAC, have also been active in some races.
Beyond direct campaign spending, the crypto industry has deployed lobbyists, advocacy groups and executive engagement. Industry representatives regularly meet senators and House members from both parties to push legislation and influence agency rules.
Who are the crypto millions supporting?
During primaries, Fairshake had backed candidates in 57 races and won 53 of them by early October. On Monday, (Oct 5, Fairshake announced support for 32 House incumbents: 19 Republicans and 13 Democrats. All of the candidates supported in this latest round had voted for the Digital Asset Market Clarity (CLARITY) Act when it passed the House in 2025.
Among the Democratic House representatives receiving support are Janelle Bynum, Steven Horsford and Derek Tran. Republican priorities include Representatives French Hill, chair of the House Financial Services Committee, Bill Huizenga and Bryan Steil, who has a role on the committee's digital-assets subcommittee.
Other Republicans supported by crypto money include Tom Emmer, Michelle Fischbach and Jason Smith. Democratic candidates supported by the industry include Pete Aguilar and Josh Gottheimer, among others.
Crypto industry's priority is to reduce regulatory uncertainty
The crypto industry has been rooting for the passage of market-structure legislation such as the Digital Asset Market Clarity (CLARITY) Act. The bill passed the House in 2025 by 294-134, but failed to advance in the Senate in September after a procedural vote fell short of the 60 votes needed. The Senate vote was 49-50, according to Reuters.
The legislation aimed to clarify the respective jurisdictions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. It also sought to establish rules for crypto issuance and trading and registration requirements for intermediaries, while reducing uncertainty created by enforcement-led regulation.
The failure of the legislation has shifted the industry's focus towards the next Congress and continuing Securities and Exchange Commission and Commodity Futures Trading Commission rulemaking.
The industry is also building on the earlier GENIUS Act, which had established a federal framework for stablecoins.
Other areas of interest include banking access and integration of crypto firms with payment rails, as well as greater tax clarity on issues such as crypto mining, staking and rewards. The industry also wants clearer rules for peer-to-peer transactions while some advocacy groups oppose overly restrictive regulations and a retail central bank digital currency.
Money matters, but criticism is there too
Critics, including Public Citizen, oppose the use of unlimited super PAC spending to prioritise corporate policy goals over party loyalty. They argue that large contributions give companies and wealthy individuals greater leverage over candidates and public policy, including through both supportive and attack advertisements.
The scale of crypto spending has therefore turned the 2026 midterms into an important test of how much influence a rapidly expanding industry can exert over Congress and the rules governing digital assets.
