Why Crypto PACs Are Spending Over $200 Million on the 2026 Midterms?
Crypto-backed political action committees (PACs) are spending more than $206 million on the 2026 U.S. midterm elections, seeking to preserve industry-friendly lawmakers and revive Why Is Crypto Spending Big On The Midterms?Crypto-related PACs spent almost $250 million during the 2024 elections, with Fairshake-backed candidates winning 52 of 57 races, a 91% success rate, a CNBC show hosted by Talia Kaplan noted.The industry secured a major legislative victory when President Donald Trump signed the GENIUS Act into law in July 2025, establishing a federal regulatory framework for stablecoins.On the other hand, the broader Clarity Act, which seeks to establish comprehensive crypto market rules and clarify oversight between the SEC and CFTC, failed to advance in the Senate on Sept. 15.The legislation stalled partly over Democratic demands for stronger ethics provisions preventing senior government officials from profiting from crypto ventures.Coinbase, Fairshake Target Key Congressional RacesCoinbase Global Inc. donated $25 million to Fairshake in 2025 after contributing heavily during the previous election cycle.Coinbase-backed Stand With Crypto has endorsed 45 candidates, while Fairshake-affiliated PACs back 33 incumbents, including 19 Republicans and 14 Democrats.The Ohio Senate race has emerged as a major focus, with crypto PACs spending almost $55 million this cycle in opposition to Democratic candidate Sherrod Brown, a longtime industry critic.Brown faces Republican John Husted, who supports cryptocurrency-friendly policies.Fairshake has also committed at least $1 million each to several congressional candidates.Can Crypto Legislation Survive A Divided Congress?The industry’s biggest challenge remains securing permanent regulatory clarity.Democratic concerns over Trump’s crypto businesses have complicated bipartisan negotiations, while the SEC and CFTC are addressing gaps left by the stalled Clarity Act.Coinbase Vice Chair Ryan VanGrack expects regulatory progress regardless of the election outcome, but agency guidance can change under future administrations, making congressional legislation essential.Preview Image: Shutterstock