WASHINGTON / CryptoWire.AI / – The cryptocurrency industry has poured more than $200 million into the 2026 midterm elections as it pushes Congress for favorable rules. Crypto groups now form the largest cohort of single-issue super PACs in U.S. history, according to watchdog group Public Citizen. They have outpaced online betting and data center development groups in federal corporate political spending this cycle. The industry hopes to repeat 2024, when super PACs spent $250 million to elect pro-crypto lawmakers.
Fairshake and its affiliated super PACs are backing 33 House candidates, 19 Republicans and 14 Democrats, seen as key supporters of industry priorities. Six incumbents are receiving at least $1 million each. They include Republicans Bryan Steil of Wisconsin, French Hill of Arkansas and Bill Huizenga of Michigan. The Democrats are Janelle Bynum of Oregon, Derek Tran of California and Steven Horsford of Nevada. Steil chairs a House digital assets subcommittee, while Hill chairs the Financial Services Committee.
Coinbase Global has been a major source of Fairshake’s money. The exchange contributed $79 million to federal races in the 2024 cycle, according to OpenSecrets, and gave Fairshake $25 million in 2025. Ryan VanGrack, Coinbase’s vice chairman, told CNBC the goal is to bring a 20th-century financial system into the 21st century. VanGrack said moving money more cheaply and investing more easily should not be a partisan issue when affordability tops voters’ concerns.
Clarity Act stalls over ethics
A top priority for the industry is passing a comprehensive market structure bill for digital assets. In September, the bipartisan Clarity Act stalled in the Senate after Democrats argued it did not do enough to stop top officials from profiting from crypto ventures. The bill’s ethics language had already drawn criticism from Transparency International U.S. A Gallup poll released in September found a record 89% of U.S. adults believe government corruption is widespread.
Shifting voter priorities add another hurdle. CNBC’s latest All-America Economic Survey found only 20% of respondents rate the economy as excellent or good, down from 27% in July. Horsford, who introduced bipartisan legislation in May to modernize tax rules for digital assets, said the affordability crisis is the overwhelming issue. Horsford added that small businesses still raise crypto at town halls as customers ask whether they accept Bitcoin payments.
Ohio Senate race tests influence
The industry is focused on Ohio, where former Senator Sherrod Brown, a longtime crypto critic, is challenging Republican Jon Husted, who holds the seat. Fairshake spent about $40 million to unseat Brown in 2024 and says it has spent $55 million against Brown this cycle. A Marist poll conducted October 15 to 18 showed Brown leading by four points, within the 4.5-point margin of error. Stand With Crypto has endorsed 45 candidates this cycle.
Ripple, which spent $63.65 million on federal contributions last cycle, gave Fairshake $25 million in 2025. Stu Alderoty, Ripple’s chief legal officer, called the industry’s progress a very good return, citing the GENIUS Act, which President Donald Trump signed in July 2025 after the House cleared a set of crypto bills. Former New York Governor Andrew Cuomo, an OKX board member, told CNBC new crypto laws are unlikely if Congress changes hands in January.