The crypto industry is ramping up political spending once again, preparing a record-breaking $263 million war chest ahead of the 2026 US midterm elections, nearly double what it deployed in 2024.
Key Takeaways:
- The crypto industry has built a $263 million campaign war chest ahead of the 2026 midterms, surpassing oil and gas spending in 2024.
- Trump’s pardon of Binance founder Changpeng Zhao underscores the sector’s growing political influence.
- Major PACs like Fairshake, Digital Freedom Fund, and Fellowship are funding candidates.
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.
The figure also surpasses what the entire oil and gas sector spent in 2024, reflecting the industry’s growing political clout in Washington.
Trump Pardons Binance Founder as Crypto’s Washington Influence Deepens
The sector’s influence has surged since 2024, when Republican majorities passed legislation favorable to digital assets and confirmed regulators aligned with the industry.
The relationship 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, reporting $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 firm Andreessen Horowitz, helped elect pro-crypto lawmakers across party lines, though most spending favored Republicans.
Its biggest win was unseating Senate Banking Committee chair Sherrod Brown in Ohio with $40 million in campaign funding.
The crypto lobby is now focusing on passing a sweeping market structure bill that could shift oversight power toward the Commodity Futures Trading Commission (CFTC), seen as more favorable to digital assets than the SEC.
To build support, industry leaders 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 reportedly supported by Trump’s World Liberty Financial platform, has pledged $21 million in Bitcoin donations for pro-crypto candidates.
Another GOP-aligned PAC, First Principles Digital, led by Republican strategist Jason Thielman, has raised nearly $1 million and endorsed candidates like Mike Rogers in Michigan.
Meanwhile, the newly formed Fellowship PAC has $100 million in commitments and rumored ties to stablecoin issuer Tether, which recently set up a US-based entity and hired Trump’s former crypto advisor Bo Hines.
Rep. Proposes Crypto Ban for Lawmakers After Trump Pardons CZ
As reported, US Representative Ro Khanna (D-Calif.) is drafting new legislation to ban lawmakers from owning or launching cryptocurrencies, citing concerns over 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 Zhao’s activities included funding illicit actors, comments that were later found to exaggerate aspects of Zhao’s legal case.
The congressman said his proposal builds on his earlier Ban Congressional Stock Trading Act, expanding it to include digital assets.
While the earlier bill stalled in committee, Khanna’s latest push signals renewed bipartisan interest in tightening financial ethics and limiting crypto exposure among US officials.
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