With $200 Million to Spend on the Midterms, Crypto Industry Seeks to Repeat 2024 Success: "It’s the Most Critical Time"
As the first primaries of the US midterm elections get underway, the cryptocurrency industry is mounting a significant political push, injecting millions of dollars into congressional races nationwide with a focused spotlight on Illinois. Other states receiving notable crypto-backed campaign financing include Arkansas, Alabama, and Texas.
Crypto’s Expanding Political Investment
According to data from the Federal Election Commission (FEC), cryptocurrency-related political action committees (PACs), firms, and investors have already contributed roughly $32 million to support pro-industry candidates and oppose their critics in this election cycle. This spending builds upon the industry’s considerable investment in the 2024 presidential election.
Leading the charge is Fairshake, a crypto-backed Super PAC, which reportedly held over $193 million in cash as of early 2026, making it the most heavily funded Super PAC in this election cycle. Fairshake and its affiliates are responsible for the majority of crypto-related political contributions so far.
Strategic Importance of the 2026 Midterms
For the crypto sector, the 2026 midterms are seen as a pivotal moment to consolidate gains achieved during the Trump administration and to guard against regulatory uncertainty. Although the current president has expressed ambitions for the US to become the "crypto capital of the world," industry leaders acknowledge that congressional approval is essential to realizing that vision.
“This is the biggest legislative agenda that crypto has ever seen. So, it’s the most critical time to make sure we have pro-crypto voters in Congress, because there’s a lot that needs to get done,” said Summer Mersinger, CEO of the Blockchain Association. Her organization’s PAC has spent approximately $38,500 during the current cycle.
The industry’s foremost legislative priority is the Clarity Act, a regulatory framework designed to remove legal ambiguities and unlock institutional capital for cryptocurrencies. However, the bill has encountered obstacles in the Senate amid a deadlock. Advocates warn it must reach a floor vote by July, before Congress adjourns for the midterms, or its future becomes uncertain.
Majority of Spending Backs Republicans
Crypto spending is occurring across 28 federal battleground races, with lobbyists describing their efforts as bipartisan. Yet a significant share of the contributions favors Republican candidates, consistent with the 2024 pattern, where about two-thirds of crypto-related spending supported Republicans and opposed Democrats.
“Spending will likely lean towards Republicans again this cycle, who have historically been more supportive of crypto,” an industry lobbyist told The Guardian on condition of anonymity.
This preference relates in part to key congressional committee leadership. For instance, the House Banking Committee, influential in financial services policy, is chaired by Republican French Hill, a prominent crypto advocate who recently received $4 million in crypto-backed contributions during a primary in Arkansas—an election he won decisively. Meanwhile, Democrat Maxine Waters, a vocal crypto critic, serves as the ranking member and is poised to become chair should Democrats regain control of the House. Industry insiders warn that her leadership could stall crypto-friendly legislation.
Pinpointing Key Races: Illinois as the Epicenter
Illinois has emerged as the most significant battleground for crypto political spending in the midterms, with a notable $14.2 million deployed before the March 17 primary. The primary focus is the US Senate race, particularly the candidacy of Lieutenant Governor Juliana Stratton, a Democrat. Fairshake and affiliates have spent $10 million on attack ads against her campaign.
The ads criticize Stratton’s honesty and link her to the “Madigan machine,” referencing former House Speaker Michael Madigan, who is serving time for corruption, although no evidence implicates Stratton herself. Stratton has dismissed these attacks, calling Fairshake a “Trump-aligned Super PAC.”
Despite Stratton’s lack of a crypto policy record, her campaign is supported by Illinois Governor JB Pritzker, a billionaire who has donated $6 million to her supporting Super PAC. Pritzker has championed state-level crypto regulations viewed by the industry as undermining the push for federal clarity.
Stratton’s leading opponent is Democratic Representative Raja Krishnamoorthi, who has received $25,300 in crypto donations. Known as a pro-industry ally, Krishnamoorthi voted in favor of crypto legislation passed in the House last year and supports a regulatory framework promoting innovation.
In Chicago, Fairshake has also targeted state representative La Shawn Ford with nearly $2.5 million in attack ads. Ford’s vote in favor of state-level crypto regulations in August 2025 has attracted industry ire. The ads focus on an old federal tax fraud charge against Ford, though all felony charges were later dropped. Ford and other local Democrats accuse Fairshake of spreading misleading narratives.
Other Notable Crypto-Backed Candidates
In Alabama, Representative Barry Moore, a strong crypto advocate, is the industry’s top funded candidate so far, with his Senate campaign slated to receive $5 million from a Fairshake PAC in a competitive race.
In Texas, Representative Christian Menefee has indicated support for crypto innovations ahead of a May runoff in Houston. He challenges Democratic Representative Al Green, a consistent opponent of pro-crypto legislation. Menefee’s shift towards crypto aligns with the industry’s strategy of backing candidates who can support blockchain growth in Congress.
Looking Ahead
With an estimated $200 million earmarked for the 2026 midterm elections, the cryptocurrency industry is doubling down on its political investments, viewing this moment as perhaps the most critical to date. The outcome of these races will significantly shape the regulatory landscape and the future of digital assets in the United States.
“We’re not just blindly supporting folks that are supportive of crypto,” said Colin McLaren, head of government relations at the Solana Policy Institute. “This is a large amount of money being spent in a few key places in a way that most advantages the industry going forward.”
As the political calendar advances, the industry is expected to intensify spending in crucial districts, particularly where races are tight and where lawmakers with strong crypto voting records are in contention. The midterms may well determine whether the industry’s vision of a supportive regulatory environment becomes reality or remains mired in uncertainty.
This article is based on data and reporting from The Guardian, March 2026.