Crypto PACs Top $200 Million as Midterm Influence Faces Test

Crypto-tied organizations have contributed more than $200 million during the election cycle, outspending online betting and data center development groups in federal corporate political spending, according to Public Citizen data cited by CNBC. Fairshake and its affiliated super PACs are backing 33 House candidates.

The spending follows a 2024 cycle in which crypto super PACs spent $250 million to elect lawmakers supportive of the industry, CNBC reported. Fairshake is prioritizing six House incumbents with at least $1 million each: Republicans Bryan Steil, French Hill and Bill Huizenga, and Democrats Janelle Bynum, Derek Tran and Steven Horsford.

Spending and legislation

Coinbase gave Fairshake $25 million in 2025, according to the super PAC. OpenSecrets data cited by CNBC shows Coinbase contributed $79 million to federal races during the 2024 election cycle.

The industry’s campaign spending comes as crypto legislation faces obstacles. The Clarity Act, a bipartisan bill on digital-asset market rules, stalled in the Senate in September after Democrats argued it did not do enough to prevent senior government officials from profiting from crypto ventures.

Ripple Chief Legal Officer Stu Alderoty told CNBC that the industry had seen a strong return on its political spending. He pointed to the GENIUS Act, which established a federal framework for dollar-pegged stablecoins and was signed into law in July 2025, as well as Ripple’s final approval this week to charter a federally supervised national trust bank.

Voters and close races

Affordability and concerns about corruption may complicate the industry’s efforts. A September Gallup poll found that 89% of U.S. adults said government corruption was widespread. In a CNBC survey this month, 20% of respondents rated the economy excellent or good, down from 27% in July.

The Ohio Senate race is a key test of crypto groups’ influence. Fairshake has spent $55 million this cycle to oppose Democrat Sherrod Brown, a crypto critic, as he faces Republican Jon Husted, who supports crypto. A Marist poll conducted Oct. 15-18 showed Brown ahead by four points among likely voters, within the poll’s 4.5-point margin of error.

If the Clarity Act does not advance by year-end, Congress will need to start over on a new market-structure bill, according to CNBC. Coinbase executive Ryan VanGrack told the outlet that regulatory clarity would continue to advance, though he said it was uncertain whether lawmakers would complete the legislation.