The crypto industry is pouring $200 million into the 2026 US midterm elections — and it is not being subtle about it.
Crypto-backed Super PAC Fairshake and its affiliates have already spent $32 million supporting friendly candidates and attacking their opponents. Heading into the midterms, Fairshake held over $193 million in cash, making it the most heavily funded Super PAC of this entire election cycle.
The industry’s goal is simple: get enough pro-crypto lawmakers into Congress to pass the Clarity Act, a bill that would create a federal regulatory framework for digital assets. The bill has stalled in the Senate and must pass by July or it dies.
Most of the money is flowing to Republicans. Lobbyists admit spending will “likely lean Republican again this cycle,” mirroring 2024 when roughly two-thirds of crypto donations backed Republican candidates or opposed Democrats.
Illinois has become the biggest battleground, with $14.2 million already deployed ahead of a March 17 primary. The top target is Democratic lieutenant governor Juliana Stratton, who is running for Senate. Fairshake has spent $10 million on attack ads against her — largely because her boss, Governor JB Pritzker, signed state-level crypto regulations that clash with what the industry wants federally.
Some candidates are cashing in simply by declaring support. Texas Republican Jessica Steinmann called herself “a strong supporter of digital assets” with no voting history on crypto — and received nearly $800,000 from the industry within weeks. She went on to win her primary.
In 2024, Fairshake spent $130 million on congressional races and won over 90% of them. Now, with a bigger war chest and a clearer legislative agenda, the industry is betting it can do it all over again.
