Cryptocurrency groups have contributed more than $200 million in this election cycle. Public Citizen says they outpaced online betting and data center development groups in federal corporate political spending.
The industry is hoping to repeat the success of 2024, when super PACs spent $250 million to elect pro-crypto lawmakers. The crypto-aligned super PAC Fairshake and its affiliates are backing 33 House candidates, 19 Republicans and 14 Democrats, seen as key supporters of the industry's priorities. Six House incumbents are receiving at least $1 million each: Republicans Bryan Steil of Wisconsin, French Hill of Arkansas and Bill Huizenga of Michigan, and Democrats Janelle Bynum of Oregon, Derek Tran of California and Steven Horsford of Nevada.
Cryptocurrency exchange Coinbase, which in 2024 became one of the largest corporate political donors in modern history with $79 million in federal contributions, donated $25 million to Fairshake's midterm efforts in 2025, according to the super PAC. Ripple also donated $25 million in 2025, according to Fairshake.
Fairshake told CNBC it has already spent $55 million to oppose Democratic Senate candidate Sherrod Brown of Ohio, a longtime crypto critic and former Senate Banking Committee chairman. This year's Ohio race pits Brown against Republican Jon Husted, a pro-crypto incumbent. A Marist poll conducted Oct. 15–18 showed Brown leading Husted by four points among likely voters, within the 4.5-percentage-point margin of error.
The window to pass new crypto laws may be closing. The Clarity Act, a bipartisan set of market structure rules for digital assets, stalled in the Senate in September after Democrats argued it did not do enough to prevent top government officials from profiting off crypto ventures. Horsford told CNBC that time is of the essence. "Every stakeholder needs to stay at the table and to continue to make the case why legislation is needed," he said. If the bill does not advance before the end of the year, Congress will have to start from scratch on a new market structure bill.
Former New York governor Andrew Cuomo, now a board member of crypto exchange OKX, told CNBC that lawmaking is unlikely if Congress changes hands 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," he said.
Ryan VanGrack, vice chairman at Coinbase and a former SEC senior advisor, said progress on regulatory clarity is not in doubt. "Regardless of who is elected in Congress, we're going to continue to see more regulatory clarity in this space," he said. "It may be an open question whether we get all the way across the goal line, but it's not an open question about whether we're going to have progress."
Ripple chief legal officer Stu Alderoty said the industry has already seen a good return on its investment, pointing to the GENIUS Act, the first federal framework for dollar-pegged stablecoins, signed into law in July 2025, and to clearer rules from the SEC and CFTC, as well as Ripple's receipt of final OCC approval this week to charter a federally supervised national trust bank.
A Gallup poll released in September found a record 89% of U.S. adults say government corruption is widespread, and the CNBC All-America Economic Survey this month found only 20% of respondents rate the economy as excellent or good, down from 27% in July.
Analysis
Why This Matters
- The crypto industry's record political spending tests whether money can overcome shifting voter priorities on the economy and corruption.
- The outcome of the Ohio Senate race and the fate of the Clarity Act will determine whether Congress passes a comprehensive crypto market structure bill this year or resets in 2027.
- If the legislative window closes, crypto firms face a hostile Congress overseeing friendly regulators, a dynamic that could stall further rulemaking.
Background
Cryptocurrency groups have become dominant political donors over the past four years, spending heavily to elect pro-crypto lawmakers. In 2024, super PACs spent $250 million to reshape Congress. The industry's top priority has been a federal market structure bill that would clarify which digital assets are securities and which are commodities, as well as rules for stablecoins. The GENIUS Act, signed in July 2025, established the first federal framework for dollar-pegged stablecoins. The Clarity Act, a more comprehensive bill, stalled in September 2026.
Key Perspectives
Crypto industry (via Coinbase's Ryan VanGrack): "The ultimate goal is to make sure that we bring our 20th century financial system into the 21st century … 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."
Rep. Steven Horsford (D-Nev.), backed by Fairshake: Said crypto "definitely comes up in town halls and community meetings, especially with small businesses who are looking to use digital assets. They're being asked more and more by their consumers whether or not they take those payments."
Former New York governor Andrew Cuomo, OKX board member: Warned that if Congress changes hands in January, "you're going to have a Democratic Congress overseeing a Trump administration where 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."
Mason Lynaugh, executive director of Stand With Crypto (launched by Coinbase): The group endorses candidates based on their legislative record. "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."
What to Watch
- The Ohio Senate race result on Tuesday, where Fairshake has spent $55 million to unseat Sherrod Brown; a four-point Marist poll margin suggests a toss-up.
- Whether the Clarity Act moves through the lame-duck session in November–December; if not, the market structure bill resets entirely in the next Congress.
- Post-election positioning: if Democrats take the House, expect increased scrutiny of SEC and CFTC guidelines on crypto from a hostile majority.
Checked
12 claims in this story checked against 1 source: 12 supported.
Show each claim
- SupportedCrypto groups contributed more than $200 million in the 2026 election cycle as they seek favourable rules.Tech: “Crypto-tied organizations have contributed more than $200 million in this election cycle.”
- SupportedFairshake and affiliated super PACs support 33 House candidates: 19 Republicans and 14 Democrats.Tech: “Crypto juggernaut Fairshake and its affiliated super PACs are throwing their support behind 33 House candidates — 19 Republicans and 14 Democrats”
- SupportedPublic Citizen says crypto groups outpaced online betting and data center development groups in federal corporate political spending.Tech: “Cryptocurrency groups outpaced online betting and data center development groups in federal corporate political spending this election cycle, according to Public Citizen .”
- SupportedHorsford told CNBC: “Every stakeholder needs to stay at the table and to continue to make the case why legislation is needed.”Tech: “"Every stakeholder needs to stay at the table and to continue to make the case why legislation is needed," he said.”
- SupportedCuomo told CNBC that a Democratic Congress overseeing the Trump administration would face regulators making decisions under a hostile Congress, “and that is not a good place to be.”Tech: “"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 said.”
- SupportedVanGrack said: “Regardless of who is elected in Congress, we're going to continue to see more regulatory clarity in this space.”Tech: “"Regardless of who is elected in Congress, we're going to continue to see more regulatory clarity in this space," Coinbase's VanGrack, a former SEC senior advisor, told CNBC.”
- SupportedVanGrack said it is not an open question whether there will be progress on regulatory clarity.Tech: “"It may be an open question whether we get all the way across the goal line, but it's not an open question about whether we're going to have progress and continue to see progress in terms of regulatory clarity in crypto," VanGrack added.”
- SupportedFairshake told CNBC it has already spent $55 million to oppose Sherrod Brown.Tech: “The super PAC this cycle told CNBC it has already spent $55 million to oppose Brown.”
- SupportedA Marist poll conducted October 15–18 showed Brown leading Husted by four points among likely voters, within the 4.5-point margin of error.Tech: “A Marist poll conducted Oct. 15-18 showed Brown holding a four-point edge over Husted among likely voters statewide, within the margin of error of 4.5%.”
- SupportedCoinbase donated $25 million to Fairshake's midterm efforts in 2025, according to Fairshake.Tech: “Coinbase donated $25 million to Fairshake's midterm efforts in 2025, according to the super PAC.”
- SupportedSix House incumbents were receiving at least $1 million each from Fairshake, including the three named Republicans and three named Democrats.Tech: “The network is prioritizing six House incumbents by injecting a baseline of $1 million into their campaigns.”
- SupportedIf the Clarity Act does not advance before year-end, Congress will have to start from scratch on a new market structure bill.Tech: “If the Clarity Act doesn't advance before the end of the year, Congress will have to start from scratch on a new market structure bill for digital assets.”
