Former New York Governor Andrew Cuomo said the crypto industry needs to stop leaning too heavily toward one political party if it wants federal crypto legislation to pass. Speaking during a panel discussion with OKX CEO Star Xu at Token2049, Cuomo argued that backing Republicans too aggressively risks alienating Democrats, even if the industry believed that major spending on the Republican side could help move the CLARITY Act forward.
Cuomo said support from both parties is necessary to get legislation through Congress. He also pushed back on the idea that Democrats are inherently opposed to crypto, arguing that the technology fits Democratic priorities because it can expand access for people who have historically been excluded from financial products.
Data tracked by Tech Influence Watch shows crypto-related political action committees have spent $54.3 million backing Republicans in the 2026 election cycle, compared with $26.2 million for Democrats, while another $23.2 million has gone toward opposing Democratic candidates. The discussion also comes against a backdrop of cross-party votes on recent legislation: the House passed the CLARITY Act in July 2025 with support from 78 Democrats and 216 Republicans, while 134 Democrats voted against it. In June 2025, 18 Democratic senators supported the GENIUS Act in the Senate.
Former New York Governor Andrew Cuomo said the crypto industry needs to keep its political support balanced between Democrats and Republicans if it wants federal crypto legislation to become law.
Speaking during a panel discussion with OKX CEO Star Xu at Token2049, Cuomo said the industry had previously believed that spending heavily on Republicans would help push the CLARITY Act through. But, he said, 「when you invest heavily in Republicans, by definition you alienate Democrats」.
Cuomo argues legislation needs support from both parties
Cuomo said passing a bill requires backing from both Democrats and Republicans, and that the industry should take a more even approach.
He also rejected the view that Democrats are naturally opposed to crypto. In his view, crypto technology is actually a fit for Democrats because it gives access to people who were previously unable to obtain financial products.
Political spending data shows a Republican tilt
According to data tracked by Tech Influence Watch, crypto-related political action committees have spent $54.3 million supporting Republicans in the 2026 election cycle, compared with $26.2 million supporting Democrats. Another $23.2 million has been used to oppose Democratic candidates.
Prediction market Kalshi puts the probability of Democrats winning both chambers of Congress at about 61%.
Recent votes show some Democratic support for crypto bills
As background, the House passed the CLARITY Act in July 2025 with support from 78 Democratic lawmakers and 216 Republicans, while 134 Democrats voted against it. In June 2025, when the Senate passed the GENIUS Act, 18 Democratic senators voted in favor.
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