The cryptocurrency industry has invested over $200 million in federal political spending for the current US election cycle, aiming to bolster its influence in Congress and promote favorable digital asset legislation. According to a CNBC report, crypto-backed organizations have outspent other sectors like online betting and data center development, as they seek to replicate their 2024 success when super PACs spent $250 million to elect pro-crypto lawmakers.
Fairshake and its affiliated super PACs are supporting 33 House candidates, including 19 Republicans and 14 Democrats. The group is allocating at least $1 million each to six incumbents, such as Republican lawmakers Bryan Steil, French Hill, and Bill Huizenga, and Democrats Janelle Bynum, Derek Tran, and Steven Horsford. Coinbase, a major industry donor, contributed $79 million in the 2024 election cycle and an additional $25 million to Fairshake's midterm efforts in 2025.
The industry's legislative push has faced challenges, with the bipartisan Clarity Act stalling in the Senate in September due to Democratic concerns over provisions preventing government officials from profiting from crypto ventures. The November elections will also test the industry's political influence, particularly in Ohio, where Fairshake is spending against Democratic nominee Sherrod Brown, a long-time crypto critic, in his contest against Republican Jon Husted. The super PAC has already spent $55 million opposing Brown this cycle, after spending about $40 million to unseat him in 2024.
Ripple contributed $25 million to Fairshake in 2025, with its chief legal officer Stu Alderoty noting the industry had secured a strong return on its political investment, citing the GENIUS Act signed into law in July 2025. The industry is pushing for the Clarity Act to advance before the end of the year, as failure to do so would require Congress to restart work on digital asset market-structure legislation, potentially delaying regulatory clarity.