US Crypto Industry Spends $2.7 Million to Back Pro-Crypto House Candidates Ahead of 2026 Midterms

The US crypto industry is pouring significant political funding into efforts to support pro-crypto candidates for the US House of Representatives ahead of the midterm elections.

Cointelegraph reported on October 12 that Defend American Jobs and Protect Progress, two groups affiliated with US crypto political action committee Fairshake, recently spent a combined $2.7 million on election advertising.

Federal Election Commission filings show the money was used for advertisements and campaign mailers for Republican and Democratic candidates running in the 2026 midterm elections. Major beneficiaries included Republican House Majority Whip Tom Emmer and House Agriculture Committee Chairman Glenn Thompson. More than $76,000 was spent on Emmer, while Thompson received $73,000. Democratic Representatives Pete Aguilar and Josh Gottheimer were allocated $512,000 and $500,000, respectively.

Fairshake had previously announced plans to support 32 additional House candidates. Six of them are set to receive $1 million each in advertising support. Fairshake is backed by major financial and crypto firms including Coinbase, Ripple Labs and Cantor Fitzgerald, and was reported to have held about $122 million in cash as of August. It also earmarked at least $30 million in advertising to block the election of former Senate Banking Committee Chairman Sherrod Brown, who is running in Ohio's Senate race.

The political spending also coincides with efforts tied to the CLARITY Act, a US crypto market structure bill. All of the lawmakers receiving support voted for the measure in the House last year. The CLARITY Act would revamp the regulatory framework for digital assets, including by expanding the Commodity Futures Trading Commission's authority over the sector. The bill passed the House last year with bipartisan support, but failed after it did not clear a procedural vote in the Senate in September.

The crypto industry appears to be using the midterm elections to expand its political base in Congress. Stand With Crypto, the political advocacy group launched by Coinbase, said after the CLARITY Act failed that politicians who did not move the legislation forward could face accountability at the ballot box. Following the 2024 election, the industry plans to continue encouraging participation this year from voters with a strong interest in crypto policy.