Digital-Asset Industry Spends Big on Politics, but Senate Fails to Deliver

The US digital-asset industry has spent over $225 million on lobbying and other political activities since President Donald Trump took office. This figure includes more than $40 million in direct lobbying efforts, with total election-related spending reaching a staggering $185 million from January 2025 to June 2026.

The largest contributor was Fairshake, a digital-asset super PAC backed by Ripple Labs and Coinbase, which raised approximately $140 million through June. Other significant players include Foris DAX, Crypto.com's US unit, which donated $35 million to the MAGA super PAC, as well as Gemini co-founders Cameron and Tyler Winklevoss, who gave $21.3 million to the Digital Freedom Fund and $10 million to MAGA.

Despite the industry's substantial spending, the Senate failed to pass the Clarity Act, a top legislative priority for the sector. The Republicans had initially planned to bring it to a vote in August but were met with Democratic opposition, delaying the decision until September.