Crypto Super PACs Pour Millions Into Republican Races Before the Midterms

The crypto industry has put most of its high profile midterm money behind Republicans, even though polls suggest the party could take a heavy hit. Three leading super PACs have spent roughly $170 million, placing the sector near the top of political spenders. Kalshi betting puts the odds of Democrats winning both chambers at about 70%.

Fairshake and Other Major PACs

Fairshake, largely backed by Coinbase, a16z and Ripple Labs, spent $154 million with its affiliates and still holds $56 million for the next cycle. Spokesman Geoff Vetter said it supports pro crypto candidates from both parties. The Winklevoss twins’ Digital Freedom Fund committed over $8 million to stop Democratic Senate bids in Ohio, Texas and Iowa. The Fellowship Fund, tied to Tether and funded by Cantor Fitzgerald, gave $3.8 million to Republicans, including Ken Paxton, plus $600,000 to three Democrats, half of it to Representative Ritchie Torres.

Targeting Democrats in Key Senate Races

Almost $56 million from Fairshake went against former Senator Sherrod Brown, who is trying to return in Ohio, and nearly $11 million backed Nebraska’s Pete Ricketts. The Winklevoss group spends mostly on opposition, such as $393,000 against James Talarico and $474,000 against Josh Turek.

What It Means for Crypto Legislation

Even a bigger Republican crypto caucus would need Democratic votes to pass bills through the Senate’s 60 vote threshold, and the Clarity Act’s obstacles remain.