Crypto blitzes midterms with $176 million to support allies as it prepares for post-Trump era

What happened

The crypto industry has spent roughly $176 million across more than 100 midterm races this election cycle. Its largest super political action committee, Fairshake, said 53 of the 58 candidates it supported in primaries or special elections this year won and will be on the ballot on November 3.

Confirmed

Global impact / market context

The spending aims to build a bipartisan group of allies in Congress who can push the industry's legislative agenda long after President Trump leaves office. This could shape future rules for crypto companies such as Coinbase, affecting their costs, revenue and access to capital.

Analyst inference

Super PACs can accept and spend unlimited sums but cannot coordinate directly with campaigns, so tens of millions of dollars are flowing into ads in several races. This heavy spending may influence which candidates win and how lawmakers treat crypto rules.

Analyst inference

What to watch

1. Fairshake said 53 of the 58 candidates it supported in primaries or special elections this year won and will be on the ballot on November 3. Confirmed
2. The industry plans to keep building a bipartisan coalition of allies in Congress that can advance its interests after Trump leaves office. Proposed
3. Watch whether candidates backed by crypto spending win in November, because their victories could shape rules on digital assets that affect Coinbase's costs and revenue. Analyst inference

Evidence

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