According to a review of campaign expenditures by Reuters, the crypto industry has invested approximately $176 million in over 100 mid-term elections this round. This funding is part of their plan to establish a cross-party alliance in Congress in order to protect the industry after President Donald Trump leaves office.
The largest super political action committee in the industry ( super PAC Fairshake ) led this effort. The organization spent $196 million during the 2024 electoral cycle and is now once again responsible for strategy formulation. According to Reuters, as of October 20, Fairshake and its affiliated PAC have spent approximately $150.8 million this year, while other crypto groups have spent around $25 million. Fairshake stated that 53 out of the 58 candidates they supported in primary or special elections have won, and these candidates will appear on the ballot on November 3rd.
Super PAC is able to raise and spend unlimited funds, but cannot coordinate with the campaign team. The advertisements for Fairshake are placed through affiliated organizations named “Defend American Jobs” and “Protect Progress”, etc., with content often focusing on taxation and immigration rather than cryptocurrency issues. Voters have almost no way of knowing who is funding these advertisements.
The watchdog organization Public Citizen stated that by 2026, the crypto industry had become the largest corporate spender in federal elections. The report cited the analysis of this watchdog organization, which indicated that crypto companies were leading in corporate political spending at that time.
Coinbase, Ripple and Andreessen Horowitz are the main funders. Industry strategists and campaign team staff stated that these funds are akin to a "business card," with the purpose of establishing relationships with the elected officials.
The long-term strategy of the encryption industry in Congress
According to Reuters, Solana Policy Institute, the head of government relations who donated $4.9 million to the mid-term elections, described it as an "investment in the future."
This approach reflects a clear change. In 2018, members of Congress were not even able to reserve a room within the offices of the House of Representatives or the Senate for their first bipartisan crypto roundtable meeting, and thus had to meet at the Library of Congress. Subsequently, during the Biden administration, according to a study by the Georgetown University Law School, the U.S. Securities and Exchange Commission imposed fines totaling over $6 billion in 98 cases.
As a result, corporate executives concluded that they needed political power. The Chief Policy Officer Faryar Shirzad initiated Stand With Crypto and Fairshake in 2023. The number of members rated as "A" by Stand With Crypto has increased from 96 at the time of the organization's establishment to 332.
Subsequently, legislative progress was also made. In 2025, with broad bipartisan support, the "GENIUS Act" was passed, establishing the first federal regulatory framework for stablecoins. The next goal for the industry is the "Clarity Act," which would transfer regulatory authority to the Commodity Futures Trading Commission (CFTC). However, this bill encountered obstacles during this legislative session. Democratic senators prevented it from reaching final voting, as one of the moral provisions in the bill would have forced the Trump family to sell their holdings of crypto assets.
According to the data from AdImpact, Fairshake helped defeat the then Chairman of the Senate Banking Committee, Sherrod Brown, in 2024. Subsequently, over 68 million dollars were invested in the industry during their rematch against the Republican Jon Husted.
The ads placed by Fairshake targeting Brown did not mention the topic of encryption. Brown campaign manager Patrick Eisenhauer stated, "These special interest groups are panicking." Reuters reported that in Illinois, Fairshake spent over 10.1 million dollars attacking Deputy Governor Juliana Stratton and 2.5 million dollars targeting State Representative La Shawn Ford, but both are expected to win on November 3rd.
Cameron Winklevoss and Tyler Winklevoss each donated approximately 13 million US dollars this round, with the majority of that amount going to MAGA Inc.
What do voters think?
Public attitudes vary. A survey conducted in September, as seen by Bitcoin Magazine, found that Ipsos was commissioned by DeFi Education Fund to survey 1,545 American adults. The results indicated that 22% of respondents had held or used crypto assets at some point, which is higher than the 18% in 2025. Only 19% of respondents believed that the U.S. financial system is safe.
The survey also found that 35% of respondents stated that it is important for candidates to support the development of next-generation financial technologies in the United States. If blockchain, encryption, or DeFi were directly mentioned in the question, only 13% would hold the same view. DeFi Education Fund is a digital asset advocacy organization, so the wording of its questions reflects this stance.
The leadership of Stand With Crypto has always argued that encrypted ballots will determine the outcome of these mid-term elections.
