Crypto Industry Spends $176 Million on Midterm Races

The cryptocurrency industry has spent about $176 million across more than 100 U.S. midterm races, with Fairshake and affiliated political action committees accounting for most of the disclosed spending through October 20, according to federal campaign-finance filings reviewed by Reuters. Fairshake and its affiliates spent about $150.8 million during the election cycle, while other crypto groups spent roughly $25 million, the filings show. The totals reflect reported spending across races and are based on one review of campaign-finance records. Fairshake, the industry’s largest super PAC, spent $196 million in the 2024 election cycle. Fairshake said 53 of the 58 candidates it supported in primaries or special elections won and would appear on the November 3 ballot. The figure is the group’s own account of its record. Super PACs can raise and spend unlimited sums but cannot coordinate directly with candidates’ campaigns. The campaign is aimed at building congressional support for crypto-related legislation beyond President Donald Trump’s time in office, industry strategists and political finance officials said. The industry’s principal unfinished legislative goal, the Clarity...