Crypto industry spent 176 million dollars on US midterms and watched Democrats take Congress

Cryptocurrency-backed political groups spent roughly $176 million across more than 100 congressional races in the 2026 election cycle, according to Reuters. The election returned a Democratic Congress. Fairshake, one of the industry's largest political action committees, led the spending with backing from Coinbase, Ripple and Andreessen Horowitz, and the objective was support for digital-asset legislation among lawmakers of both parties.

The placements followed interest rather than party. In October, Fairshake announced support for 32 incumbent House candidates — 19 Republicans and 13 Democrats. The most closely watched race was Ohio, where crypto-aligned groups spent about $63 million supporting Republican Jon Husted or opposing Democrat Sherrod Brown. Brown, who previously chaired the Senate Banking Committee and has criticized parts of the industry's regulatory agenda, won.

The industry's legislative centerpiece is the Digital Asset Market Clarity Act, which would assign clearer regulatory responsibilities to the Securities and Exchange Commission and the Commodity Futures Trading Commission. Supporters argue that businesses need predictable rules to operate and innovate in the United States; critics point to investor protections, regulatory gaps and potential conflicts of interest. In September the Senate failed to advance the bill in a procedural vote — while Republicans held the chamber. Congressional leadership now changes, and Democratic lawmakers have generally emphasized stronger oversight and consumer protections, though some have also supported legislation to set clearer rules for digital assets.

President Trump backed the market-structure bill as part of the administration's push for clearer industry rules. The Republican Senate could not pass it. The Democratic Congress that arrives in January counts among its members the thirteen House Democrats Fairshake backed in October — and Sherrod Brown, whom the industry's allies spent a reported $63 million trying to remove.

About 63 million dollars went into Ohio against Sherrod Brown. He won.