The industry's leading super PAC network, Fairshake, had more than $193 million in cash on hand at the start of 2026 and has already announced several of its targets this cycle — boosting Rep. Barry Moore (R-Ala.) in the Alabama Senate race and ousting Rep. Al Green (D-Texas) from the House.
After spending heavily in the last election — and claiming victories in at least two high-profile races, paving the way for some early wins for the industry in Congress — the crypto world has found itself in a newly elevated position in Washington.
"It's going to be similar to the previous cycle where they will kind of flex their muscles to show the political power of the crypto industry," said Leonard Kostovetsky, an associate professor of finance at Baruch College, who's been more vocally skeptical of crypto use.
The crypto industry made its biggest mark in 2024, when it spent tens of millions wading into a number of primaries and contested elections. The Fairshake super PAC network, which includes three different affiliated groups, spent close to $180 million in the last cycle, according to 2024 campaign filings.
Some of the most prominent candidates it targeted included former Rep. Katie Porter (D-Calif.) in her California Senate bid and former Sen. Sherrod Brown's (D-Ohio) reelection campaign against Sen. Bernie Moreno (R-Ohio) — both candidates that were defeated in their respective races.
Crypto groups also waded into the Democratic primary in Arizona's 3rd District, a stronghold for the party, where the crypto industry backed Rep. Yassamin Ansari (D-Ariz.) over former state Sen. Raquel Terán.
Some strategists have questioned the degree to which the crypto industry has actually moved the needle in some races.
Skeptics of crypto's impact noted Ohio had been trending Republican for a while and was expected to turn against its last Democrat elected to statewide office. Porter was also one of several Democratic contenders in a crowded California Senate election.
"It's not an unreasonable point to make that crypto spent against someone who's going to lose anyway," said a Democratic executive in the crypto industry who requested anonymity to speak candidly, referring to Brown.
But the executive said crypto's spending likely made a difference in several more-competitive races last cycle.
"At the same time, I would note in Michigan, crypto spent $10 million for [Sen. Elissa] Slotkin," whom the executive noted narrowly won her race. The executive also pointed out Ansari's narrow win in her primary, which was 39 votes.
Check out the full report at TheHill.com this weekend.
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