Crypto Industry Spends Record $206 Million to Shape 2026 Midterms

The crypto industry is pouring unprecedented sums into the 2026 midterm elections, surpassing its total spending from the entire 2024 cycle. Political contributions tied to the sector hit at least $206 million by October 2026, as the industry seeks to establish lasting regulatory frameworks regardless of which party controls Congress.

The bulk of this spending flows through the Fairshake super PAC network, which entered the election cycle with $120 million to $193 million in resources. By June 2026, crypto spending had already exceeded $189 million, reaching the projected $206 million by October. By July 2026, the crypto sector had become the top corporate political donor, accounting for over one-third of tracked contributions.

Fairshake has backed 32 House candidates who support the CLARITY Act, including 19 Republicans and 13 Democrats. The group also launched a $30 million opposition campaign against Ohio Democrat Sherrod Brown. The CLARITY Act, which passed the House in 2025 but stalled in the Senate in September 2026, aims to create a federal framework for digital asset markets.

With the possibility of a House flip looming in early October 2026, the industry is hedging its bets by supporting candidates from both parties. The goal is to secure a bloc of lawmakers who favor market structure legislation, reducing reliance on regulatory actions from the SEC and CFTC. However, the heavy political spending also carries reputational risks, particularly with high-profile campaigns like the one against Brown.