Crypto industry spends more than $200 million to sway the midterms

The largest group of single-issue super PACs in United States history is pouring millions of dollars into congressional races across the country.

Cryptocurrency groups outpaced online betting and data center development groups in federal corporate political spending this election cycle, according to Public Citizen. Crypto-tied organizations have contributed more than $200 million in this election cycle.

The industry is hoping to repeat the success of 2024, when super PACs spent $250 million to elect pro-crypto lawmakers and reshape Congress.

Crypto juggernaut Fairshake and its affiliated super PACs are throwing their support behind 33 House candidates — 19 Republicans and 14 Democrats — seen as key supporters of the industry’s priorities.

The network is prioritizing six House incumbents by injecting a baseline of $1 million into their campaigns. Republicans Bryan Steil of Wisconsin, who chairs a digital assets subcommittee in the lower chamber, as well as French Hill of Arkansas and Bill Huizenga of Michigan, who serve as the chair and vice chair of the House Financial Services Committee, respectively. Democratic lawmakers receiving at least $1 million from Fairshake include Reps. Janelle Bynum of Oregon; Derek Tran of California; and Steven Horsford of Nevada. 

Fairshake’s spending spree has been supercharged by digital asset-focused companies, like cryptocurrency exchange Coinbase Global.

Coinbase established itself as one of the largest corporate political donors in modern history in the 2024 election cycle, contributing $79 million to federal races, according to OpenSecrets. That included a $1 million dollar personal contribution from CEO Brian Armstrong to Fairshake in 2023.

Coinbase donated $25 million to Fairshake’s midterm efforts in 2025, according to the super PAC. 

“The ultimate goal is to make sure that we bring our 20th century financial system into the 21st century,” Ryan VanGrack, vice chairman at Coinbase, told CNBC.  

“In an era where affordability is top of mind for American voters, it’s important that we find a way that we can move money more cheaply, that we can invest more easily, and that we can transact more quickly, and fundamentally that is not something that Democrats or Republicans should oppose,” he said. 

The industry faced pushback in the current Congress as it urged lawmakers to pass landmark crypto legislation. In September, the Clarity Act, a bipartisan set of market structure rules for digital assets, stalled in the Senate after Democrats argued it didn’t do enough to prevent top government officials from profiting off crypto ventures.

Shifting voter priorities

The stalemate over ethics comes as Americans grow increasingly gloomy toward government corruption. A Gallup poll released in September found a record 89% of U.S. adults say government corruption is widespread.

Changing voter priorities also present a headwind for crypto’s legislative efforts. The latest CNBC All-America Economic Survey this month found…