Three major U.S. crypto political action committees spent approximately $170 million to influence the midterm elections, with funding clearly leaning toward the Republican Party.

On November 1, CoinDesk reported that as the U.S. midterm elections on November 3 approach, three major crypto industry Political Action Committees (PACs) have collectively invested approximately $170 million supporting congressional candidates. Overall funding flows clearly lean toward the Republican Party, despite recent polling and prediction market data indicating that Democrats are more likely to expand their influence in Congress.

Among them, Fairshake, supported by Coinbase, a16z, and Ripple Labs, along with its affiliated organizations, has invested roughly $154 million and retained approximately $56 million for the next round of elections. Backed by the Winklevoss brothers, the Digital Freedom Fund invested over $8 million this month, focusing on blocking Democratic candidates in Ohio, Texas, and Iowa from winning Senate seats. The Fellowship Fund, which is closely tied to Cantor Fitzgerald and Tether, primarily supports Republican candidates while also contributing a combined $600,000 to three incumbent Democratic lawmakers.

Reports indicate that Fairshake has deployed nearly $56 million to prevent former Democratic Senator Sherrod Brown from reclaiming his Senate seat, and contributed nearly $11 million to support Nebraska Republican Senator Pete Ricketts.

At present, the prediction market Kalshi assigns a roughly 70% probability to Democrats simultaneously controlling both chambers of Congress. Even if Republican candidates backed by the crypto sector prevail, future major legislation regarding crypto market structure and taxation will still need to secure Democratic support to overcome the Senate's typical procedural threshold of 60 votes.