Crypto PACs spend more than $170 million on midterms but lose high-profile races

According to tracking by Tech Influence Watch, the Fairshake network and its affiliates Defend American Jobs and Protect Progress deployed roughly $75 million supporting Republicans and $30 million backing Democrats, while spending a further $36 million opposing Democratic candidates.

Tuesday’s results took a bite out of crypto PACs’ winning record from 2024, when their spending helped elect congressional allies from both parties and defeat prominent industry critics. The industry had also faced a setback in Washington after the Senate blocked the Clarity Act in September, leaving its push for a regulatory framework for digital assets unfinished.

In Ohio, the PACs spent more than $40 million to support incumbent Republican Senator Jon Husted and $24 million to oppose Democratic challenger Sherrod Brown, a longtime industry critic. Brown won, a result that reversed the 2024 outcome when crypto money helped Republican Bernie Moreno defeat him.

Similar losses followed across the Midwest and Sun Belt. In Wisconsin, nearly $2 million backing Republican Representative Bryan Steil could not prevent a loss to Democrat Mitchell Berman. In Texas, $1.4 million supporting Republican Senate candidate Ken Paxton did not stop Democrat James Talarico. In Michigan, Democrat Abdul El-Sayed overcame $810,000 in spending backing Republican Mike Rogers. And in Iowa, $700,000 from the Winklevosses' pro-crypto Digital Freedom Fund supporting Ashley Hinson did not prevent Democrat Josh Turek from winning. Illinois Democrat Juliana Stratton survived roughly $10 million in primary-season opposition spending to win her Senate seat.

The effort was not without returns. In Nebraska, over $13 million opposing independent Dan Osborn helped Republican Pete Ricketts hold his seat, preserving an ally on the Senate Banking Committee. In Kentucky, crypto PACs spent nearly $8 million backing Andy Barr in the Republican primary; Barr won the Senate seat held by retiring Mitch McConnell.