The cryptocurrency sector is increasing its political spending ahead of the midterm elections, aiming to replicate the success it achieved during the 2024 federal races.
Crypto Industry Gears Up For Midterms
Fairshake, a super PAC focused on cryptocurrency policy, announced last month that it had raised $191 million for the 2026 midterm elections. The group brought in $132.83 million in 2025, according to FEC filings, and combined with unused funds from the 2024 cycle, its total war chest now exceeds $190 million.
Major industry players such as Ripple Labs (CRYPTO: XRP) and Coinbase Global Inc. (NASDAQ:COIN) are some of the biggest donors to the super PAC. Ripple put in $25 million, Coinbase added $25 million, and Andreessen Horowitz contributed $24 million.
Fairshake emerged as one of the most influential PACs in 2024, spending over $195 million to support pro-cryptocurrency candidates for Congress. It poured more than $10 million into defeating former lawmaker Katie Porter’s bid for the California Senate, according to Open Secrets.
Meanwhile, the Bitcoin Freedom PAC, another super PAC, entered 2026 with $78,667 in cash on hand.
The Areas Of Potential Conflict?
The crypto market structure bill—aimed at splitting regulatory oversight—remains stalled in the Senate amid discord among top PAC backers.
Coinbase CEO Brian Armstrong opposed the latest draft less than 24 hours before a planned Senate Banking markup, posting on X that it “would be materially worse than the current status quo.” However, Ripple and Andreessen Horowitz disagreed and expressed support for the bill.
But things have accelerated this month, following a closed-door meeting where Senate Majority Leader Chuck Schumer reportedly urged Senate Democrats to get the legislation “over the finish line.” SkyBridge Capital founder Anthony Scaramucci and vocal Bitcoin (CRYPTO: BTC) advocate linked this to the surge in industry campaign funding for midterms.
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