The crypto sector has mobilized significant political spending ahead of the November midterms, deploying almost $200 million to influence outcomes in key congressional races and to press lawmakers to approve legislation that would govern digital assets at the federal level.
According to a June report from watchdog group Public Citizen, the industry has spent $189 million on this year's elections. Much of that money has been channeled through Fairshake, a prominent super political action committee established to support candidates seen as pro-crypto. Fairshake operates through separate Democratic and Republican affiliate super PACs that fund independent activities in support of candidates, including advertising, according to Federal Election Commission filings. Super PACs do not contribute directly to candidate campaigns.
The industry's current spending spree builds on roughly $170 million it directed toward congressional candidates during the 2024 elections, many of whom prevailed. That earlier investment helped the sector claim a legislative win last year when Congress passed the Genius Act, a measure that set federal rules for dollar-backed crypto tokens commonly known as stablecoins, an outcome that supporters say could help wider stablecoin adoption.
Beyond stablecoin rules, the industry is pushing for a more expansive measure, the Clarity Act, which proponents argue would provide a stronger legal framework for broader crypto activity. That bill is progressing through the Senate but faces a tight timeline to become law before the chamber departs for its August recess.
How the money is flowing
Fairshake has raised in excess of $136 million during this election cycle, making it the largest conduit for crypto-aligned spending. The entity funnels resources through its Republican and Democratic affiliate super PACs, which then undertake independent expenditures on behalf of candidates. Fairshake did not respond to a request for comment.
Below is a breakdown of the 10 congressional candidates who have received the most spending support from the Fairshake network this cycle, with the amounts spent and the candidates' relevant positions or activity on crypto-related policy.
- Barry Moore (R): $9.43 million
Representative Barry Moore, an Alabama Republican running for the Senate, has voted to advance several crypto-friendly measures, including the Genius Act. He also voted for the House-passed version of the Clarity Act last July. Moore introduced legislation to formally create a strategic bitcoin reserve and a digital asset stockpile within the Treasury Department. President Donald Trump signed an executive order last year to establish both initiatives, but observers cited in reporting say those structures would require legislative backing to be durable beyond a single administration. - Andy Barr (R): $7.17 million
Representative Andy Barr, a Republican candidate for the Senate in Kentucky, voted for both the Genius and Clarity acts in the House last July. He has voiced support for crypto firms contesting what they describe as unfair denial of banking services by regulators under the Biden administration; banks and regulators have disputed those claims. - Christian Menefee (D): $6.47 million
Christian Menefee, a Democrat who has served as a Texas representative since February after winning a special election, has not cast votes on crypto-specific legislation. Following redistricting in Texas, Menefee faced a primary contest against long-serving Representative Al Green, who has alleged that the crypto industry spent millions to "control Congress." Menefee prevailed in that primary and will contest the redistricted seat in November. - Jasmine Clark (D): $4.21 million
Jasmine Clark, a Democratic state representative in Georgia running for the 13th congressional district, voted in March to advance a state-level bill establishing a regulatory and licensing framework for stablecoins in Georgia. In a social media post in March she wrote that, as Congress considers similar measures, lawmakers should remember digital assets are "the future" and can deliver financial tools to unbanked communities. - Adrian Boafo (D): $3.29 million
Maryland State Delegate Adrian Boafo, a Democrat seeking a House seat, introduced a bill in the Maryland General Assembly in March designed to prohibit certain state agency restrictions on digital assets; that bill has not passed. In January, Boafo also proposed legislation to create a Digital Asset and Blockchain Technology Task Force to develop recommendations for crypto use in Maryland. Governor Wes Moore approved that latter bill. - Randy Fine (R): $1.67 million
Representative Randy Fine, a Republican who won a Florida special election in 2025, is running for reelection. Defend American Jobs, the Fairshake Republican affiliate, spent $1.67 million to support Fine during last year's special election. Fine voted to advance both the Genius and Clarity acts and wrote on social media in January 2025 that "Floridians want crypto innovation," pledging to help preserve innovation jobs in America. - James Walkinshaw (D): $1.01 million
Representative James Walkinshaw, a Democrat who won a Virginia special election last year to replace former Representative Gerry Connolly and is running again, received $1.01 million from Protect Progress, Fairshake's Democratic affiliate, during that special election. Walkinshaw was not in Congress when the House considered the Genius and Clarity acts, but in June 2025 he co-authored an opinion piece in a local newspaper asserting that blockchain technology could diversify his district's economy. - Jessica Hart Steinmann (R): $771,657
Jessica Hart Steinmann, a Republican who served in the Justice Department during President Trump's first term, is running in a Texas congressional contest. Advocacy group Stand With Crypto, backed by crypto exchange Coinbase and which monitors candidates' crypto positions, reports that Steinmann has signaled support for "clear legislative frameworks to regulate digital assets." - Houston Gaines (R): $708,828
Houston Gaines, a Republican and Georgia state representative seeking a congressional seat, is listed by Stand With Crypto as a supporter of both the Genius and Clarity acts. - Carlos De La Cruz (R): $615,885
Carlos De La Cruz, a Republican running for a Texas congressional district, is described by Stand With Crypto as favoring clear federal rules to foster innovation.
Context and implications
The concentrated spending through Fairshake and its affiliates highlights how the crypto sector is attempting to translate campaign investments into legislative outcomes. The Genius Act, already enacted, provided federal rules for stablecoins, and supporters view that step as potentially encouraging stablecoin use. The Clarity Act, if enacted, would represent a broader statutory framework, but it faces a narrow window before the Senate's August recess for further progress.
Industry officials and allied candidates have argued that clearer rules would spur broader adoption of digital assets and support innovation. Some candidates on the receiving end of industry spending have themselves sponsored or supported state-level initiatives to regulate stablecoins or to promote task forces and legal structures for crypto activities.
Responses and disputes
Advocates for the industry contend that federal legislation such as the Clarity Act could put crypto on a firmer legal footing and encourage adoption. At the same time, the article notes disputes tied to industry claims about banking regulators: some candidates have echoed assertions that regulators unfairly denied banking access to crypto firms, while banks and regulators have pushed back against those claims.
Separately, concerns about political influence have surfaced in campaign discourse. One longtime lawmaker, Al Green, charged that the crypto industry spent millions to try to exert control over Congress — a claim that figures in the political debates that followed redistricting contests and primaries.
Funding and transparency
Public Citizen's June report provided the aggregate spending figure of $189 million for this election cycle. Fairshake's role as a major conduit — having raised more than $136 million — underscores the prominence of super PAC vehicles in channeling industry funds into independent campaign activities. Federal Election Commission filings document the flow of funds from Fairshake through its partisan affiliates to candidate-support expenditures.
Requests for comment from Fairshake and representatives for the candidates did not elicit responses, according to the reporting that supplied these figures.
As lawmakers approach the summer recess, industry stakeholders and political operatives will be watching closely to see whether the narrow legislative window is sufficient to advance the Clarity Act, while candidates backed by crypto-aligned spending prepare for November contests.