Crypto election spending hits $176M as Fairshake targets US midterms

The U.S. crypto industry has spent approximately $176 million across more than 100 congressional races ahead of the November 3 midterm elections, seeking to build political support for digital asset legislation that could survive beyond President Donald Trump’s administration.

According to an October 27 Reuters investigation, campaign finance records show that Fairshake and its affiliated political action committees spent $150.8 million through October 20, while other crypto-backed groups contributed roughly $25 million in election spending. The campaign targets candidates from both major parties, with industry strategists describing a long-term effort to establish relationships with lawmakers who could influence future cryptocurrency regulation.

Fairshake reported that 53 of the 58 candidates it supported during primaries and special elections won their races. The super PAC network, primarily funded by Coinbase, Ripple and Andreessen Horowitz, is now concentrating resources on competitive congressional contests, including Ohio’s Senate race.

Fairshake leads $176 million crypto election spending campaign

Fairshake has become the industry’s main political spending vehicle, building on its $196 million expenditure during the 2024 election cycle. Its affiliated groups, Defend American Jobs and Protect Progress, finance advertisements supporting or opposing candidates without coordinating directly with their campaigns.

The committees frequently run advertisements about taxes, immigration and other political issues without explicitly discussing cryptocurrency. Fairshake spokesperson Geoff Vetter said the organization supports candidates who favor American financial innovation across both parties.

The network previously announced support for 32 House incumbents, allocating an initial $6 million across three Republicans and three Democrats. As crypto.news reported on October 5, all 32 candidates had supported the CLARITY Act, which seeks to establish federal rules for digital asset markets.

The group’s political strategy extends beyond individual election victories, according to industry representatives interviewed by Reuters. Colin McLaren, head of government relations at the Solana Policy Institute, called the spending “an investment in the future,” describing the effort as a way to secure predictable cryptocurrency regulations over the coming decades.

Crypto industry targets congressional support beyond Trump

The spending campaign follows regulatory changes introduced during Trump’s presidency, including the 2025 GENIUS Act establishing a federal framework for payment stablecoins. Industry representatives have argued that legislation offers more lasting certainty than regulatory policies that future administrations could reverse.

Their principal unfinished priority is the Digital Asset Market Clarity Act, which would establish a clearer division of responsibilities between the Securities and Exchange Commission and Commodity Futures Trading Commission. The legislation has stalled in the Senate amid disputes over oversight requirements and provisions addressing public officials’ cryptocurrency interests.

Although Fairshake supports House candidates from both parties, Reuters reported that its Senate spending has favored Republicans following Democratic opposition to the legislation. The industry’s political involvement therefore remains bipartisan in the House while following a different pattern in Senate contests.

Coinbase, Ripple and Andreessen Horowitz have supplied substantial funding for this effort. A previous analysis of Ripple’s political contributions placed its election-related spending at approximately $48 million during the 2026 cycle, illustrating the financial commitments behind the industry’s lobbying objectives.

Ohio Senate race draws more than $68 million

Ohio has become one of the most expensive contests involving cryptocurrency-backed political spending, with groups directing more than $68 million toward the Senate race between Democrat Sherrod Brown and Republican Jon Husted, according to advertising data cited by Reuters.

Brown previously chaired the Senate Banking Committee and criticized several industry-backed regulatory proposals before losing his seat in 2024. Fairshake-aligned organizations have since invested heavily in opposing his return to Congress.

An October 16 report documented more than $46 million in spending by Defend American Jobs against Brown and in support of Husted. A separate Winklevoss-backed political committee had reported nearly $6 million in related Ohio expenditures.

Brown’s campaign has criticized the advertisements, which include attacks unrelated to cryptocurrency policy. Reuters identified one advertisement repeating a claim about Internal Revenue Service agents and Social Security benefits that its fact-checking had previously rejected.

Crypto PAC spending faces opposition in other races

Outside Ohio, Fairshake’s spending has encountered resistance from candidates who say the industry’s advertisements have targeted them unfairly. In Illinois, the network spent more than $10 million opposing Lieutenant Governor Juliana Stratton and another $2.5 million against state Representative La Shawn Ford.

Both candidates defeated their primary opponents despite the campaigns against them. Ford’s campaign subsequently issued a cease-and-desist letter accusing Fairshake of making defamatory statements involving a federal indictment that authorities dropped years ago.

Ford linked the opposition to his support for Illinois legislation requiring cryptocurrency businesses to register with state regulators. Describing the advertisements across television, radio and social media, he told Reuters, “It was personal and it was hurtful,” criticizing the effect the campaign had on his family.