Reuters estimated that crypto interests had spent about $176 million across more than 100 U.S. midterm races as the industry seeks allies for its legislative priorities beyond President Donald Trump’s presidency.
Federal Election Commission records show Fairshake reported $169.5 million in disbursements from Jan. 1, 2025, through Oct. 14, 2026. The total included $139 million in transfers to affiliated committees and $19.4 million in independent expenditures. Separate FEC filings list $88.3 million in independent expenditures by Defend American Jobs and $29.2 million by Protect Progress over the same period.
Those committee filings do not establish Reuters’ industry-wide estimate. Reuters did not state the estimate’s full committee list or cutoff date.
The Associated Press reported Oct. 5 that Fairshake planned to support 32 House candidates, 19 Republicans and 13 Democrats. Six candidates were slated for $1 million in spending each, while the group had pledged nearly $30 million against Democratic Senate candidate Sherrod Brown in Ohio, AP reported.
The FEC says super PACs may take unlimited contributions from individuals, companies, labor groups and political committees, subject to restrictions on prohibited donors. Those include foreign nationals, federal contractors, national banks and federally chartered corporations. Super PACs cannot contribute directly to candidates. The commission also treats communications coordinated with a candidate or party as in-kind contributions, which the committees are barred from making.
On Sept. 15, the Senate voted 49-50 against cloture on a motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act; one senator did not vote. Colin McLaren, head of government relations at the Solana Policy Institute, called the spending “an investment in the future,” Reuters reported. Lisa Gilbert, co-president of Public Citizen, said in an Aug. 27 statement, “The fate of elections should be decided by the voters, not profit-driven corporations.”
Voters are scheduled to cast ballots in the U.S. general election on Nov. 3, 2026.
