Crypto companies spend $189M on 2026 US elections, topping last cycle's record

The cryptocurrency industry has poured $189 million into the 2026 US midterm elections, surpassing its record-breaking 2024 spending with more than four months until November, according to a report Tuesday from consumer advocacy group Public Citizen.

"These super PACs prioritize the interests of their business backers over either major political party or any candidate," Rick Claypool, research director at Public Citizen and author of the report, said. "The big takeaway is that corporate money is playing a bigger role than ever in our elections, and it's only expanding."

Crypto companies now account for 37% of all corporate political contributions tracked this cycle, the report found. The industry's primary vehicle, the Fairshake super PAC, has collected $82 million in donations, backed by Coinbase, Ripple Labs, Andreessen Horowitz and Foris DAX, the entity affiliated with Crypto.com. The MAGA Inc. Super PAC, largely funded by Crypto.com, has spent more than $56 million. Combined, Fairshake and its affiliates held a $193 million war chest as of January.

The spending blitz follows the industry's 2024 playbook, which yielded the passage of federal stablecoin legislation last year. The sector is now pushing for the CLARITY Act, a bill creating broader regulatory frameworks for digital assets that has stalled in the Senate. If the chamber fails to pass the bill this year, analysts said it is unlikely to become law in the foreseeable future, particularly with Democrats expected to take control of the House.

Colorado voters head to the polls today in primaries for the state's 8th congressional district, where crypto PAC money is already flowing. The You Can Push Back Super PAC, backed by Ripple Labs co-founder Chris Larsen, spent $1 million on media supporting Democrat Manny Rutinel. The committee's previous bet — $3.3 million on Democrat Alex Bores in New York's 12th Congressional District — ended in a loss last week to Micah Lasher, who had criticized Larsen's involvement in the race.

Combined contributions from the crypto, artificial intelligence, big tech and online betting sectors total approximately $294 million for the 2026 midterms, according to Public Citizen. The crypto industry alone accounts for roughly 64% of that combined figure.

The industry's political strategy remains heavily concentrated in a single vehicle — Fairshake — and a small number of corporate donors. With reserves that could exceed $200 million and midterm campaigns entering their most expensive phase, which races Fairshake targets will reveal which committees and policy levers the industry considers most critical to its future.

This article is for informational purposes only and does not constitute investment advice.