WASHINGTON, D.C. / CryptoWire.AI / – Crypto super PACs are pouring money into congressional races ahead of the November 3 midterm elections, hoping to shape the lawmakers who will write the next round of digital asset rules. Crypto-tied organisations have contributed more than $200 million this cycle, according to Public Citizen. The watchdog said the groups form the largest cohort of single-issue super PACs in U.S. history.
The industry wants to repeat its 2024 success, when super PACs spent $250 million to elect pro-crypto candidates. This cycle, Fairshake and its affiliates are supporting 33 House candidates from both parties, 19 Republicans and 14 Democrats. Six incumbents are receiving at least $1 million each. They are Republicans Bryan Steil, French Hill and Bill Huizenga, and Democrats Janelle Bynum, Derek Tran and Steven Horsford.
Large exchanges and payment firms are funding much of the effort. Coinbase gave Fairshake $25 million in 2025, while Ripple also donated $25 million, according to the super PAC. In the 2024 cycle, Coinbase contributed $79 million to federal races, OpenSecrets data show. That included a $1 million personal donation from chief executive Brian Armstrong to Fairshake in 2023. Ripple spent $63.65 million in the same cycle.
Market structure bill remains stuck
The industry’s main legislative goal is a comprehensive market structure bill for digital assets. The Clarity Act, a bipartisan package of such rules, stalled in the Senate in September. Democrats argued it did not go far enough to prevent senior officials from profiting from crypto ventures. If the bill does not advance before the end of the year, Congress will have to start again with a new market structure bill.
Ripple chief legal officer Stu Alderoty told CNBC the industry had earned a very good return on its political spending. He pointed to the GENIUS Act, the first federal framework for dollar-backed stablecoins, signed into law in July 2025. Ripple also received final approval from the Office of the Comptroller of the Currency on October 26 to charter Ripple National Trust Bank. Alderoty said regulators had also given the industry clearer rules.
Close races and shifting voter mood
Fairshake has already spent $55 million to oppose Democrat Sherrod Brown in Ohio, where he is challenging Republican Senator Jon Husted. The group spent about $40 million to defeat Brown in 2024. A Marist poll taken October 15 to 18 put Brown four points ahead, within the margin of error. Stand With Crypto executive director Mason Lynaugh told CNBC that many races will be extremely tight. Stand With Crypto, launched by Coinbase in 2023, has endorsed 45 candidates this cycle.
Voter priorities may limit the industry’s leverage. Only 20% of respondents in the latest CNBC All-America Economic Survey rated the economy as excellent or good, down from 27% in July. Representative Steven Horsford said affordability is the main issue for voters, though crypto still comes up at town halls. Horsford introduced bipartisan legislation in May to modernise federal tax rules for digital assets. Coinbase’s VanGrack said regulatory clarity will keep improving regardless of which party controls Congress.