Crypto Industry Pumps $200 Million into US Midterm Elections

The cryptocurrency sector has spent close to $200 million on the 2024 U.S. midterm elections, aiming to shape federal oversight of digital assets. Most of the money is funneled through Fairshake, a super‑PAC that operates separate Democratic and Republican affiliates to fund independent advertising and other campaign activities.

The industry’s spending builds on $170 million it contributed in the 2024 election cycle and helped secure the passage of the Genius Act, which establishes rules for stablecoins. It is now pushing Congress to adopt the broader Clarity Act, which would provide a stronger legal framework for crypto adoption. Fairshake has raised more than $136 million this cycle and has directed the largest contributions to candidates such as Alabama Republican Barry Moore ($9.43 million) and Kentucky Republican Andy Barr ($7.17 million), both supporters of the crypto‑friendly legislation.