Crypto-linked super PACs have poured roughly $170 million into U.S. congressional races ahead of the Nov. 3 midterm elections, according to CoinDesk. The spending has leaned heavily toward Republican candidates even as recent polling and prediction-market data suggest Democrats are more likely to expand their influence in Congress.
Fairshake and affiliated groups, backed by Coinbase, Andreessen Horowitz (a16z) and Ripple Labs, have spent about $154 million so far and are still holding roughly $56 million for the next election cycle. The Digital Freedom Fund, supported by the Winklevoss brothers, spent more than $8 million this month, with a focus on blocking Democratic Senate candidates in Ohio, Texas and Iowa. Fellowship Fund, which has close ties to Cantor Fitzgerald and Tether, has mainly backed Republicans while also giving a combined $600,000 to three incumbent Democratic lawmakers.
CoinDesk said Fairshake alone spent nearly $56 million to oppose former Democratic Sen. Sherrod Brown and nearly $11 million to support Nebraska Republican Sen. Pete Ricketts. Prediction market Kalshi currently assigns Democrats about a 70% chance of controlling both chambers of Congress. Even if Republican candidates backed by the crypto industry win, major legislation on crypto market structure and taxation would still need Democratic support to clear the Senate’s usual 60-vote procedural threshold.
Crypto industry super PACs have spent about $170 million backing congressional candidates as the Nov. 3 U.S. midterm elections approach, according to CoinDesk. The overall flow of money has tilted clearly toward Republicans, even though recent polling and prediction-market data show Democrats are more likely to expand their influence in Congress.
Fairshake and its affiliated groups, backed by Coinbase, Andreessen Horowitz (a16z) and Ripple Labs, have spent about $154 million and are keeping roughly $56 million in reserve for the next election cycle. The Digital Freedom Fund, supported by the Winklevoss brothers, spent more than $8 million this month, focusing on efforts to stop Democratic candidates from winning Senate seats in Ohio, Texas and Iowa.
Fellowship Fund, which has close ties to Cantor Fitzgerald and Tether, has mainly supported Republican candidates. At the same time, it provided a combined $600,000 to three incumbent Democratic lawmakers.
CoinDesk reported that Fairshake has spent nearly $56 million to block former Democratic Sen. Sherrod Brown from returning to the Senate, and nearly $11 million to support Nebraska Republican Sen. Pete Ricketts.
Prediction market Kalshi currently gives Democrats about a 70% chance of controlling both the House and the Senate. Even if Republican candidates backed by the crypto industry prevail, major legislation on crypto market structure and taxation would still require Democratic support to overcome the Senate’s usual 60-vote procedural threshold.
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