The crypto industry is once again increasing its political spending, preparing a record $263 million war chest ahead of the 2026 US midterm elections, nearly double what it deployed in 2024.
Key points to remember:
- The crypto industry has amassed a $263 million campaign war chest ahead of the 2026 midterm elections, surpassing 2024 oil and gas spending.
- Trump’s pardon of Binance founder Changpeng Zhao highlights the industry’s growing political influence.
- Major PACs like Fairshake, Digital Freedom Fund and Fellowship are candidates for funding.
According to Federal Election Commission filings and public statements, several crypto-focused super PACs, led by Fairshake, are pooling resources to influence congressional races and advance crypto-friendly legislation.
That figure also exceeds what the entire oil and gas sector spent in 2024, reflecting the industry’s growing political influence in Washington.
Trump Pardons Binance Founder as Crypto’s Influence in Washington Deepens
The sector’s influence has strengthened since 2024, when Republican majorities passed legislation favorable to digital assets and confirmed the alignment of regulators with the industry.
Relations deepened last week when President Donald Trump pardoned Binance co-founder Changpeng Zhao, who had served a four-month sentence for anti-money laundering violations under the Biden administration.
Fairshake remains the largest crypto super PAC, bringing in $141 million in funds by mid-2025 after spending more than $133 million in the previous cycle.
The PAC, backed by Coinbase, Ripple and venture capital firm Andreessen Horowitz, helped elect pro-crypto lawmakers from all parties, although most spending favored Republicans.
His biggest victory was unseating Senate Banking Committee Chairman Sherrod Brown in Ohio with a $40 million campaign boost.
The crypto lobby is now focused on passing a sweeping market structure bill that could shift oversight power to the Commodity Futures Trading Commission (CFTC), seen as more digital asset-friendly than the SEC.
To bolster support, industry executives met with top Republicans and Democrats in Washington last week, including Minority Leader Chuck Schumer.
New super PACs are also entering the field. The Digital Freedom Fund, backed by the Winklevoss twins and apparently backed by Trump’s World Liberty Financial platform, has pledged $21 million in Bitcoin donations for pro-crypto candidates.
Another Republican-aligned PAC, First Principles Digital, led by Republican strategist Jason Thielman, has raised nearly $1 million and supported candidates like Mike Rogers in Michigan.
Meanwhile, the newly formed Fellowship PAC has $100 million in commitments and alleged ties to stablecoin issuer Tether, which recently created a U.S.-based entity and hired former Trump crypto advisor Bo Hines.
Rep proposes crypto ban to lawmakers after Trump pardons CZ
As reported, U.S. Rep. Ro Khanna (D-Calif.) is drafting new legislation banning lawmakers from owning or launching cryptocurrencies, citing concerns about corruption and conflicts of interest.
Khanna accused Trump of “blatant corruption,” alleging ties between Zhao and the Trump family’s crypto project, World Liberty Finance.
Speaking on MSNBC, he claimed that Zhao’s activities included funding illicit actors, comments that were later found to exaggerate aspects of Zhao’s legal record.
The congressman said his proposal builds on his previous law prohibiting trading in congressional actions, expanding it to include digital assets.
While the previous bill stalled in committee, Khanna’s latest push signals renewed bipartisan interest in strengthening financial ethics and limiting crypto exposure among U.S. officials.
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