With $200m to spend on the midterms, crypto hopes to repeat its 2024 success: ‘It’s the most critical time’

## Summary
Photograph: Ken Cedeno/Reuters With $200m to spend on the midterms, crypto hopes to repeat its 2024 success: ‘It’s the most critical time’ Candidates in both parties – but mostly Republicans – are seeing cash infusions after merely indicating support W ith the first primaries of the US midterm elections now under way, the cryptocurrency industry is injecting millions of dollars into congressional races across the country, with particular emphasis on Illinois, which has attracted the bulk of the campaign financing. Crypto Pacs , firms and investors have already spent $32m supporting industry-friendly candidates and opposing its detractors, according to Federal Election Commission data, building on the industry’s expansive spending in the 2024 presidential election. So, it’s the most critical time to make sure that we have pro-crypto voters in Congress, because there’s a lot that needs to get done,” said Summer Mersinger, CEO of the Blockchain Association, whose Pac has spent $38,500 this election cycle. This is a large amount of money being spent in a few key places in a way that most advantages the industry going forward,” said Colin McLaren, head of government relations at Solana Policy Institute, who worked on spending at Fairshake in 2024. “There are plenty of people who will come and say: ‘Oh, my gosh, I’m polling at 10% but I’m really pro-crypto.

## Article Content
Democrat Raja Krishnamoorthi, who is running for US Senate in Illinois, has received $25,300 from crypto companies and executives.
Photograph: Ken Cedeno/Reuters
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Democrat Raja Krishnamoorthi, who is running for US Senate in Illinois, has received $25,300 from crypto companies and executives.
Photograph: Ken Cedeno/Reuters
With $200m to spend on the midterms, crypto hopes to repeat its 2024 success: ‘It’s the most critical time’
Candidates in both parties – but mostly Republicans – are seeing cash infusions after merely indicating support
W
ith the first primaries of the US midterm elections now under way, the cryptocurrency industry is injecting millions of dollars into congressional races across the country, with particular emphasis on Illinois, which has attracted the bulk of the campaign financing. Arkansas, Alabama and Texas have also drawn the industry’s donations.
Crypto
Pacs
, firms and investors have already spent $32m supporting industry-friendly candidates and opposing its detractors, according to Federal Election Commission data, building on the industry’s expansive spending in the 2024 presidential election.
The bulk of that comes from Fairshake, a crypto-backed Super Pac, and its affiliates. Heading into 2026, Fairshake held
more
than $193m in cash, FEC filings show, making it the most
heavily funded
Super Pac of this election cycle.
To the crypto industry, the midterms present an opportunity to cement nascent Trump-era gains and future-proof against a backslide into regulatory limbo. Despite electing a president who dreams of the US as the “crypto capital of the world”, the industry now needs Congress to agree.
“This is the biggest legislative agenda that crypto has ever seen. So, it’s the most critical time to make sure that we have pro-crypto voters in Congress, because there’s a lot that needs to get done,” said Summer Mersinger, CEO of the Blockchain Association, whose Pac has spent $38,500 this election cycle.
The industry’s most urgent legislative priority is passing the
Clarity act
, a regulatory crypto framework that would remove legal risks and, the industry says, unleash institutional capital. The bill has, however, stalled in the Senate amid gridlocked negotiations. It must advance to a floor vote by July before Congress breaks for the midterms or face an uncertain future.
A boost for Republicans
The industry has already
dipped
into 28 federal
battlegrounds
this election. While crypto lobbyists insist the industry’s approach is bipartisan, the majority of spending in those contests flows to Republican candidates. Likewise, in 2024, roughly two-thirds of spending was directed towards
supporting
Republicans and opposing Democrats.
“Spending will likely lean towards Republicans again this cycle, who have historically been more supportive when it comes to crypto,” said one lobbyist, speaking on the condition of anonymity.
The House banking committee, which oversees the financial services industry, is led by the Republican French Hill as chair, followed by the Democrat Maxine Waters as the ranking member. Hill is one of crypto’s chief advocates, while Waters is one of its staunchest adversaries. Should the Democrats regain the House as expected, Waters is set to become chair.
“A chairman who is not pro-crypto can delay or complicate the next step on legislative effort. You have influence. You can try to represent the party line,” the lobbyist said.
Hill received a $4m boost from the crypto industry going into the Republican House primary in Arkansas last week. He won by a landslide.
In the 2024 elections, throwing on a “Make Bitcoin Great Again” cap could prove lucrative. Today, however, the industry has
classified
some 500 federal politicians as “pro-crypto”, so lobbyists are targeting competitive races and candidates on committees overseeing market structure.
“We’re not just blindly supporting folks that are supportive of crypto. This is a large amount of money being spent in a few key places in a way that most advantages the industry going forward,” said Colin McLaren, head of government relations at Solana Policy Institute, who worked on spending at Fairshake in 2024. “There are plenty of people who will come and say: ‘Oh, my gosh, I’m polling at 10% but I’m really pro-crypto. Can you come in and help me?’”
McLaren predicted Fairshake will swoop in during the final weeks of a close, expensive race “where every dollar counts” and there’s a candidate with got a strong crypto voting record.
The biggest midterm crypto battleground: Illinois
Illinois has attracted the most crypto spending so far, with $14.2m deployed before a 17 March primary.
The top target is the lieutenant governor, Juliana Stratton, a Democrat running for the US Senate. Fairshake and its affiliates have spent $10m on attack ads opposing her campaign.
“Stratton isn’t being honest about who she is,” one
ad
opens. Another labels her part of the “Madigan machine”, referring to former Illinois Hous

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## Expert Analysis

### Merits
- Photograph: Ken Cedeno/Reuters With $200m to spend on the midterms, crypto hopes to repeat its 2024 success: ‘It’s the most critical time’ Candidates in both parties – but mostly Republicans – are seeing cash infusions after merely indicating support W ith the first primaries of the US midterm elections now under way, the cryptocurrency industry is injecting millions of dollars into congressional races across the country, with particular emphasis on Illinois, which has attracted the bulk of the campaign financing.
- Can you come in and help me?’” McLaren predicted Fairshake will swoop in during the final weeks of a close, expensive race “where every dollar counts” and there’s a candidate with got a strong crypto voting record.
- A pro-industry ally, Krishnamoorthi voted in favour of both crypto bills that passed the House last year, and has “expressed strong support for establishing a clear, pro-innovation regulatory framework for digital assets”, according to the advocacy organisation Stand With Crypto.
- Menefee, who had no track record on crypto, recently signalled his support . “We should make sure the next generation of blockchain innovation is built in America,” he told Stand With Crypto in a January questionnaire.

### Areas for Consideration
N/A

### Implications
- To the crypto industry, the midterms present an opportunity to cement nascent Trump-era gains and future-proof against a backslide into regulatory limbo.
- It must advance to a floor vote by July before Congress breaks for the midterms or face an uncertain future.
- Likewise, in 2024, roughly two-thirds of spending was directed towards supporting Republicans and opposing Democrats. “Spending will likely lean towards Republicans again this cycle, who have historically been more supportive when it comes to crypto,” said one lobbyist, speaking on the condition of anonymity.
- Should the Democrats regain the House as expected, Waters is set to become chair. “A chairman who is not pro-crypto can delay or complicate the next step on legislative effort.

### Expert Commentary
This article covers crypto, industry, fairshake topics. Notable strengths include discussion of crypto. Readability: Flesch-Kincaid grade 0.0. Word count: 1637.