Crypto companies have spent about $176 million across more than 100 U.S. midterm races as they seek congressional allies who can protect industry interests beyond President Donald Trump’s term, according to reports published on October 27.
The industry is backing candidates viewed as supportive of crypto while opposing lawmakers considered obstacles to its policy goals. The spending reflects efforts to build congressional support for crypto legislation.
Fairshake Leads Crypto Political Spending
Fairshake and its affiliated political action committees spent about $150.8 million through October 20, while other crypto groups contributed roughly $25 million, according to campaign finance filings.
Related: Lummis Accuses Democrats of Blocking Crypto Safeguards in CLARITY Act
Fairshake reported that 53 of the 58 candidates it supported in primary or special elections won. Coinbase, Ripple and Andreessen Horowitz are among the industry’s biggest political donors.
However, some crypto-backed campaign advertisements focus on broader issues, including taxes and immigration, rather than digital asset policy.
CLARITY Act Remains Industry Priority
The CLARITY Act remains a major goal for crypto companies seeking clearer rules for digital assets. The bill would give the Commodity Futures Trading Commission more authority over the sector, but it has yet to advance in Congress.
Fairshake has also put money behind Republican Senate candidates. In Ohio, spending on the Senate race has topped $68 million, according to reports.
Related: Coinbase Sets October 30 Deadline for 14 Stablecoins Under MiCA Rules
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
