The cryptocurrency industry has poured up to $200 million into the 2026 U.S. midterm elections, securing key primary victories in Michigan and Washington. Led by the political action committee Fairshake and its affiliates, Protect Progress and Defend American Jobs, the sector is backing candidates like Representative Bill Huizenga to build congressional support. This massive spending campaign aims to drive legislative momentum for major regulatory frameworks, including the stablecoin-focused Genius Act and the sweeping Clarity Act.
Crypto industry election spending
- ▪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 cryptocurrency industry has spent approximately $189 million to $200 million on the 2026 U.S. midterm elections.
- ▪The political action committee Fairshake entered the 2026 midterm election cycle with a reported war chest of $193 million.
- ▪Fairshake operates through two affiliate super PACs: Protect Progress for Democratic candidates and Defend American Jobs for Republican candidates.
Fairshake-backed congressional candidates
- ▪Democratic Representative Christian Menefee defeated Representative Al Green in a Texas primary runoff in May 2026 after receiving backing from Fairshake.
- ▪Democratic Representatives Suzan DelBene, Kim Schrier, and Marilyn Strickland won their primaries in Washington after receiving a combined total of over $321,000 from Protect Progress.
- ▪Republican Representative Bill Huizenga won the Republican primary in Michigan's 4th Congressional District after receiving nearly $512,000 from Defend American Jobs.
- ▪Republican Amanda McKinney advanced from her primary in Washington after receiving $506,917 from Defend American Jobs.
- ▪Protect Progress spent over $2 million on broadcast and digital media supporting Representative Shri Thanedar in Michigan's 13th Congressional District Democratic primary.
Stablecoin regulation legislation
- ▪Representative Jasmine Clark voted to advance a bill in March 2026 to establish a state-level regulatory and licensing framework for stablecoins in Georgia.
- ▪The Genius Act, which passed Congress in 2025, established federal regulatory rules for dollar-backed cryptocurrency tokens known as stablecoins.
Digital asset market structure
- ▪The National Consumers League opposed the Clarity Act due to a decentralized finance loophole that exempts developers of decentralized platforms from accountability.
- ▪The Clarity Act is a sweeping market structure proposal designed to establish a federal regulatory framework for digital assets.
- ▪Representative Angie Craig worked with Republican Representative Tom Emmer to introduce the Clarity Act, shepherding the bill through the House of Representatives in July 2025.
Strategic bitcoin reserve proposals
- ▪Representative Barry Moore introduced a bill to formally establish a strategic bitcoin reserve and a digital asset stockpile within the United States Department of the Treasury.
- ▪President Donald Trump signed an executive order in 2025 to establish a strategic bitcoin reserve and a Treasury digital asset stockpile.
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