Crypto Industry Spends Over $200 Million on 2026 U.S. Midterm Elections, Secures Primary Wins

The cryptocurrency industry has poured nearly $200 million into the 2026 U.S. midterm elections, leveraging a massive $193 million war chest held by the super PAC Fairshake and its affiliates. This financial push has successfully secured primary victories for pro-crypto candidates like Representative Bill Huizenga in Michigan and Representatives Suzan DelBene, Kim Schrier, and Marilyn Strickland in Washington. The industry's aggressive spending aims to pressure Congress to pass key regulatory legislation, including the stablecoin-focused Genius Act and the broader Clarity Act, amid ongoing debates over federal oversight and proposals for a strategic U.S. bitcoin reserve.

Crypto industry election spending

• ▪The cryptocurrency industry has spent approximately $189 million to $200 million on the 2026 U.S. midterm elections.
• ▪Eight cryptocurrency and artificial intelligence political action committees spent over $100 million across more than 70 Congressional races in 28 states between January 1, 2025, and July 28, 2026.
• ▪The political action committee Fairshake entered the 2026 midterm elections with a reported war chest of $193 million.

Fairshake-backed congressional candidates

• ▪Republican Representative Bill Huizenga won Michigan's Republican primary after receiving nearly $512,000 in support from the Fairshake affiliate Defend American Jobs.
• ▪Democratic Representative Christian Menefee defeated Representative Al Green in a Texas Democratic primary runoff in May 2026 after receiving backing from Fairshake.
• ▪Democratic Representatives Suzan DelBene, Kim Schrier, and Marilyn Strickland won their party primaries in Washington after receiving campaign support from the Fairshake affiliate Protect Progress.

Stablecoin regulation legislation

• ▪The Genius Act, which passed Congress in 2025, established federal regulatory rules for dollar-backed cryptocurrency tokens known as stablecoins.
• ▪Georgia State Representative Jasmine Clark voted in March 2026 to advance a bill providing a state-level regulatory and licensing framework for stablecoins in Georgia.

Digital asset regulatory framework

• ▪The National Consumers League opposed the Clarity Act due to a loophole exempting decentralized platform developers, which the group argues allows illicit actors to route money without central accountability.
• ▪The Clarity Act is a proposed federal market structure bill currently under consideration in the U.S. Senate that aims to establish a regulatory framework for digital assets.

Strategic bitcoin reserve proposals

• ▪President Donald Trump signed an executive order in 2025 to establish a strategic bitcoin reserve and a Treasury digital asset stockpile.
• ▪Representative Barry Moore introduced a bill to formally establish a strategic bitcoin reserve and a digital asset stockpile within the U.S. Department of the Treasury.