The crypto industry has invested approximately $176 million to support allies in the U.S. midterm elections, laying the groundwork for the post-Trump era.

October 28 — The crypto industry has spent approximately $176 million in this U.S. midterm election cycle, covering over 100 races, aiming to build a bipartisan network of congressional allies to continue advancing its legislative priorities after Trump leaves office.

As of October 20, the super PAC Fairshake and its affiliated organizations had spent approximately $150.8 million, while other crypto organizations spent about $25 million. Major funders of the relevant committees include Coinbase, Ripple, and a16z. Fairshake stated that 53 of the 58 candidates it supported in primaries or special elections this year won.

Fairshake supported candidates from both parties in House races, but after Senate Democrats blocked the CLARITY Act from reaching a final vote, it decided to support only Republican candidates in Senate races. The industry's spending in the Ohio Senate race has exceeded $68 million, targeting longtime crypto critic Sherrod Brown. Most of the related ads do not mention cryptocurrency, instead focusing on issues such as taxes.

Passing the CLARITY Act is the industry's core objective, but the bill has stalled in the current Congress. JPMorgan analysts said that without the bill, rules formulated by regulators during Trump's term could be overturned by subsequent administrations.