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Crypto’s Midterm Spending
Cryptocurrency companies have become the single largest corporate political spenders in the United States, pouring $189 million into the 2026 midterm elections, according to a report from consumer advocacy group Public Citizen.
“Cryptocurrency companies have become the single largest corporate political spenders in the United States, pouring $189 million into the 2026 midterm elections — more than they spent during the entire 2024 election cycle — according to a new report from the consumer advocacy group Public Citizen”
The crypto sector accounts for 37% of the $517 million that corporations have reported spending on the 2026 midterms so far, surpassing the previous record of $461 million set during the full 2024 cycle.
The report, authored by Public Citizen researcher Rick Claypool and published June 30, draws on Federal Election Commission data and finds corporations have now spent nearly one third of the $1.58 billion in total corporate election spending since the Supreme Court’s 2010 Citizens United decision.
At the center of the spending surge is a category the report calls “corporate supremacist super PACs,” with Fairshake described as the primary crypto-aligned vehicle receiving $82.6 million in corporate contributions this cycle.
Josh Vlasto, a co-leader of the super PAC and a former chief of staff for New York Gov. Andrew Cuomo, said the group is building “an aggressive, targeted strategy” to support pro-crypto candidates across the country.
Fairshake and Donors
Fairshake and its affiliated organizations, including Defend American Jobs and Protect Progress, are backed by cryptocurrency companies Coinbase and Ripple, and reported a $193 million war chest as of January, according to Cointelegraph.
Cointelegraph also reported that the You Can Push Back Super PAC backed by Ripple Labs co-founder Chris Larsen spent $1 million on media to support Democrat Manny Rutinel, after a previous major expenditure of $3.3 million supporting Democrat Alex Bores in New York’s 12th Congressional District.
Public Citizen’s June 30 report described Fairshake as the centerpiece of the spending blitz, with the super PAC having pulled in $82 million in donations this cycle, and Coinbase, Ripple Labs, Andreessen Horowitz, and Foris DAX listed among major backers.
The Independent quoted Rick Claypool saying, “The big takeaway is that corporate money is playing a bigger role than ever in our elections, and it’s only expanding,” as it described crypto’s push for additional legislation including the proposed “Clarity Act.”
The same Public Citizen analysis said the industry’s political investment in 2024 helped fuel momentum for crypto-friendly lawmakers and legislation, including a federal framework for stablecoins that passed last year with bipartisan support.
Clarity Act Stakes
The crypto industry’s political spending is tied to the Clarity Act debate, with The Independent saying supporters argue it would create clearer rules for digital assets and provide long-term certainty for the industry.
“Source: Public Citizen Fairshake and its affiliates Defend American Jobs and Protect Progress are backed by cryptocurrency companies Coinbase and Ripple, and reported a $193 million war chest as of January”
The Jerusalem Post reported that the Clarity Act has stalled in the Senate, and that it is unclear if it will pass before the elections, adding that many Democrats oppose it out of concern that it does not do enough to prevent politicians from profiting from crypto ventures.
The Bitcoin Magazine account placed the spending surge in the context of corporate political activity since the Supreme Court’s 2010 Citizens United decision, while also noting that the $517 million figure does not capture all corporate political activity.
It said Meta Platforms is spending an additional $65 million through non-federal super PACs to counter state-level AI regulation, and Anthropic has pledged $20 million to a group backing AI safety-oriented candidates, with those funds not yet reflected in FEC disclosures.
In the same reporting, Dark money organizations that are not required to disclose their donors add further uncertainty to the total, even as Fairshake’s cash and other crypto-linked committees position the sector for additional independent expenditures as the midterms approach.
