The cryptocurrency industry has invested approximately $176 million to support allies in the U.S. midterm elections, laying the groundwork for the post-Trump era

The cryptocurrency industry has spent approximately $176 million in this round of the U.S. midterm election cycle, covering over 100 elections, aiming to establish a bipartisan network of congressional allies to continue advancing legislative demands after Trump's departure. As of October 20, the super political action committee Fairshake and its affiliated organizations have spent about $150.8 million, with other cryptocurrency organizations spending around $25 million, major funders including Coinbase, Ripple, and a16z.

Fairshake claims that among the 58 candidates it supported in primaries or special elections this year, 53 won. The organization supported bipartisan candidates in the House elections; after Senate Democrats blocked the CLARITY Act from reaching a final vote, it decided to support only Republican candidates in the Senate elections.

The industry's spending in the Ohio Senate election has exceeded $68 million, focusing on long-time critic of the cryptocurrency industry Sherrod Brown, with related advertisements mostly avoiding mentioning cryptocurrencies and instead focusing on issues like taxes. Pushing for the passage of the CLARITY Act is a core goal of the industry, but the bill has stalled in this Congress. JPMorgan analysts indicate that without the bill, rules set by regulators during Trump's term may be overturned by subsequent administrations.