Crypto Industry Invests Big in Midterm Elections

The crypto industry has invested heavily in the November midterm elections, pouring close to $200 million into supporting congressional candidates and pushing for legislation that will reshape federal oversight of digital assets.

This spending spree builds on the $170 million spent during the 2024 elections, many of which resulted in victories for pro-crypto lawmakers. Last year's passage of the Genius Act, which created rules for dollar-backed crypto tokens called stablecoins, was a key victory for the industry.

The sector is now pushing for the more sweeping Clarity Act, which some proponents say would encourage broader crypto adoption by putting the industry on a stronger legal footing. However, lawmakers and regulators have disputed claims that banking regulators under former President Joe Biden targeted crypto companies unfairly.