Crypto Bets $176M on Who Shapes US Digital Asset Rules

Crypto industry groups have spent approximately $176 million across more than 100 US midterm election races, seeking to strengthen congressional support for digital asset legislation and protect the sector’s policy interests beyond the Trump administration, according to Reuters.

Fairshake and its affiliated political action committees (PACs) account for about $150.8 million of the spending through October 20, while other crypto-backed groups have spent approximately $25 million.

The campaign comes as the industry seeks progress on the CLARITY Act, a proposed framework for defining how US regulators oversee digital assets. The bill remains stalled in the Senate following disagreements over several provisions.

Fairshake Leads Crypto Industry’s Election Spending

Fairshake, the largest crypto-focused super PAC, is at the center of the campaign. It spent approximately $196 million during the 2024 election cycle and has continued backing candidates ahead of the November 3 midterms.

Its principal financial backers include Coinbase, Ripple and venture capital firm Andreessen Horowitz. Fairshake has said that 53 of the 58 candidates it supported in primaries and special elections this year won and advanced to the November ballot.

The group has backed House candidates from both major parties, although its Senate support has focused on Republicans following Democratic opposition to the CLARITY Act.

The latest campaign builds on Fairshake’s earlier efforts to influence individual races.

Election Ads Often Avoid Direct Crypto References

Despite the industry funding behind them, many election advertisements do not explicitly mention cryptocurrency. Instead, campaigns focus on broader voter concerns, including taxes and immigration.

In Ohio, spending on the Senate contest involving Republican Jon Husted and Democrat Sherrod Brown has exceeded $68 million, according to Reuters. Crypto-backed advertising has also targeted candidates in Illinois, including Juliana Stratton and La Shawn Ford.

The strategy allows industry groups to support or oppose candidates through wider political messaging, rather than making cryptocurrency regulation the central issue in every race.

However, the scale of the spending has raised concerns about the influence of corporate-backed political groups over lawmakers and policy decisions.

CLARITY Act Remains a Key Industry Priority

The CLARITY Act is intended to establish a clearer division of oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission for digital assets.

The legislation failed to advance in a Senate procedural vote in September. Disagreements include whether stablecoin issuers should be allowed to offer rewards, how regulatory responsibilities should be divided, and whether additional ethics provisions should apply to public officials with cryptocurrency holdings.

Industry participants have increased pressure on lawmakers to advance the bill. Unlock Blockchain previously covered lobbying by Coinbase, Ripple, Kraken and other crypto firms seeking Senate support for the CLARITY Act.

The legislation remains a central policy objective for crypto companies seeking greater regulatory certainty in the US. Its progress will depend on whether lawmakers can resolve the outstanding disputes.

Crypto Groups Seek Influence Beyond the Current Administration

The spending reflects an effort to build relationships with lawmakers that could shape digital asset policy beyond the current presidency. While the Trump administration has supported several crypto-related initiatives, industry groups are also seeking congressional allies who can influence legislation and oversight.

The GENIUS Act, which established a federal framework for payment stablecoins in 2025, marked a legislative milestone for the sector. The stalled CLARITY Act represents another major objective.

With approximately $176 million already committed to midterm races, crypto-backed political groups are investing heavily in the outcome of the November elections. The results could influence the balance of power in Congress and the prospects for further digital asset legislation.