Crypto industry looks beyond the US midterm elections
With the CLARITY Act stalled in the Senate, crypto's political machine is spending big on candidates and planning for whoever holds power next
The crypto industry has already spent more on the 2026 midterms than it spent on the entire 2024 cycle. Now it is thinking about what comes after.
Political spending tied to the sector reached at least $206 million by October 2026. The goal is not just to win this November. It is to lock in rules that survive whoever controls Congress next.
The money behind the message
Most of that spending flows through the Fairshake super PAC network. Fairshake entered this election cycle with between $120 million and $193 million in resources.
The pace has been steady. As of June 2026, crypto spending on the midterms had already passed $189 million. At that point it was estimated to hit approximately $206 million, a figure it reached by October.
As of July 2026, more than one-third of tracked corporate political contributions came from the crypto sector. That makes the industry the top corporate political donor this cycle.
Who gets the checks, and who gets the opposition
In October 2026, Fairshake announced support for 32 House candidates who backed the CLARITY Act. That group includes 19 Republicans and 13 Democrats.
Fairshake targeted Ohio Democrat Sherrod Brown with a campaign against him worth nearly $30 million in 2026.
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Why the CLARITY Act sits at the center
The CLARITY Act aims to create a federal framework for digital asset markets, spelling out which regulators oversee which crypto activities and under what rules.
The bill passed the House in 2025. It then stalled in the Senate in September 2026. That failure is a big reason the industry stepped up its political contributions heading into November.
Crypto has scored a federal win before. Congress previously passed the GENIUS Act, which addresses stablecoins, the digital tokens designed to track the value of assets like the US dollar.
The backdrop includes looming actions from the SEC and CFTC, the two agencies most involved in overseeing crypto markets. Without a statute, the industry’s operating rules depend heavily on how those regulators choose to act.
The House flip problem
As of early October 2026, polls suggested Democrats could potentially flip the House.
That explains the 13 Democrats on Fairshake’s endorsement list. A Republican-only coalition could leave the industry exposed if the House changes hands.
What this means for the industry and investors
For crypto companies, the midterms are less about one election night and more about insurance. The spending is aimed at building a bloc of lawmakers in both parties who already support market structure legislation.
There is a reputational risk too. Being the largest corporate political donor brings scrutiny along with influence. A nearly $30 million campaign against one candidate is the kind of number that ends up in opponents’ talking points.