Industry Outlook

The crypto industry has already spent more on the 2026 midterms than it spent on the entire 2024 cycle. With political spending reaching at least $206 million by October 2026, the goal is not just to win this November but to lock in rules that survive whoever controls Congress next.

The Money Behind the Message

Most of that spending flows through the Fairshake super PAC network, which entered the election cycle with between $120 million and $193 million in resources. The pace has been steady, with crypto spending on the midterms already surpassing $189 million as of June 2026.

The CLARITY Act: A Federal Framework for Digital Assets

The CLARITY Act aims to create a federal framework for digital asset markets, spelling out which regulators oversee which crypto activities and under what rules. The bill passed the House in 2025 but stalled in the Senate in September 2026. The industry stepped up its political contributions to support the bill, which could have significant implications for the sector.

The House Flip Problem

As of early October 2026, polls suggested Democrats could potentially flip the House. This has led to 13 Democrats on Fairshake's endorsement list, as the industry aims to build a bloc of lawmakers in both parties who already support market structure legislation. A Republican-only coalition could leave the industry exposed if the House changes hands.

Reputational Risk

The industry faces a reputational risk too. Being the largest corporate political donor brings scrutiny along with influence. A nearly $30 million campaign against one candidate is the kind of number that ends up in opponents' talking points. For crypto companies, the midterms are less about one election night and more about insurance. The spending is aimed at building a bloc of lawmakers in both parties who already support market structure legislation.