Crypto companies have contributed $206 million toward the 2026 U.S. election cycle as industry backed political groups continue directing money into congressional races ahead of the November midterms.
Summary
- Crypto companies have contributed $206 million toward the 2026 US election cycle, according to Public Citizen’s analysis of FEC records.
- Fairshake reported nearly $113 million in cash at the end of July after directing funds into congressional races across both major parties.
- The Fairshake network has supported nearly 50 candidates who secured party nominations during the 2026 primary season.
- Fairshake is preparing at least $30 million to oppose former Sen. Sherrod Brown in the Ohio Senate race.
Public Citizen said in an Aug. 27 analysis of Federal Election Commission records that cryptocurrency companies represented the largest of three technology related sectors driving corporate political spending this election cycle. Crypto contributions reached $206 million, compared with $76 million from online betting companies and $62 million from Big Tech, AI and data center related businesses.
Corporate contributions across all sectors have reached $646 million so far, according to the consumer advocacy group. The figure is already 40% above the $461 million recorded across the entire 2024 presidential election cycle and more than triple the $184.1 million reported during the 2022 midterms.
Crypto companies, online betting firms and businesses connected with AI and data centers contributed a combined $344 million, accounting for 53% of the corporate contributions disclosed to the FEC in Public Citizen’s analysis.
Crypto PAC Fairshake remains at center of election spending
Fairshake has remained the main political vehicle for crypto companies during the 2026 election cycle, with Public Citizen calculating $83 million in corporate contributions to the super PAC through the second quarter. The group listed total crypto corporate contributions at $206 million over the same period.
Federal Election Commission records currently show Fairshake reported $137.4 million in total receipts between Jan. 1, 2025 and July 31, 2026. The committee recorded $88.7 million in total disbursements over the period, including $65 million transferred to affiliated committees and approximately $13.3 million in independent expenditures. Its cash on hand stood at nearly $113 million at the end of July.
Fairshake works alongside Protect Progress, which has primarily participated in Democratic contests, and Defend American Jobs, which has focused on Republican races.
The network entered the election year with substantially more money available. As crypto.news previously reported, Fairshake had built a $193 million war chest by January, backed by crypto companies and investors including Coinbase and Andreessen Horowitz.
By August, Fairshake affiliates had directed money into races across several states. Protect Progress spent roughly $113,120 supporting Rep. Suzan DelBene, around $105,040 backing Rep. Kim Schrier and approximately $103,020 supporting Rep. Marilyn Strickland in Washington. Defend American Jobs spent close to $506,917 supporting Republican Amanda McKinney.
The network had supported nearly 50 candidates who secured party nominations by the end of the primary season. Fairshake entered the final stage of the election cycle with a reported $122 million available for spending before the Nov. 3 general election.
Fairshake has spent across Democratic and Republican races
Fairshake’s affiliates have intervened in races involving candidates from both major parties, with their spending centered on congressional candidates and digital asset policy.
Protect Progress spent $5 million supporting Democrat Christian Menefee in the Texas 18th Congressional District runoff and another $2.8 million opposing then Rep. Al Green. Menefee defeated Green in the May Democratic primary runoff.
Spending continued into other primaries. Fairshake linked groups deployed more than $8 million across races in Maryland, New York and Utah in June, including expenditures supporting Adrian Boafo and Rep. Ritchie Torres.
Protect Progress later spent nearly $1 million in Michigan’s 13th Congressional District Democratic primary in activity tied to Rep. Shri Thanedar and challenger Donavan McKinney. Fairshake affiliates separately supported candidates in Michigan and Washington during August.
Public Citizen described the crypto sector’s 2026 activity as an extension of its 2024 election strategy, when industry backed groups participated in Democratic and Republican primaries and supported or opposed candidates from either party. The organization characterized Fairshake and similar industry funded committees as groups structured around the interests of their corporate backers.
Crypto companies spread political contributions beyond Fairshake
Fairshake has not received all of the sector’s political money.
Gemini Trust Company contributed $10 million to MAGA Inc., a super PAC aligned with President Donald Trump, according to Public Citizen’s review of second quarter filings. The contribution represented most of the $17 million in new corporate money reported by MAGA Inc. during the period.
FEC filings showed the contribution consisted of two Bitcoin transactions made on June 19 and valued at more than $5 million each. The $10 million Gemini contribution was reported in July.
Jump Crypto Holdings contributed another $4 million to Jump PAC during the second quarter, according to the Public Citizen analysis.
Earlier estimates had already placed crypto near the top of corporate political spending. Public Citizen calculated in June that the industry had contributed $189 million during the 2026 cycle. Its August analysis raised the figure to $206 million after incorporating second quarter disclosures, an increase of $17 million from the earlier estimate.
Fairshake prepares another $30 million election push
Fairshake’s spending is continuing as the general election approaches.
The super PAC has prepared at least $30 million to oppose former Sen. Sherrod Brown in Ohio, which would represent its largest planned expenditure of the 2026 election cycle. Brown is seeking a return to the Senate against Republican Sen. Jon Husted in the state’s November special election.
The $30 million Ohio campaign emerged days after the Senate failed to advance the Digital Asset Market Clarity Act on Sept. 15. A procedural motion to begin debate received 50 votes to 49 but needed 60 votes to advance. Disagreements during negotiations included stablecoin rewards, presidential ethics provisions, protections for decentralized software developers and the division of regulatory authority.
Brown previously chaired the Senate Banking Committee between 2021 and January 2025 and raised concerns during his tenure about consumer risks, illicit finance and money laundering involving digital assets. Fairshake spokesperson Josh Vlasto said in 2025 that the group would continue supporting candidates it considers favorable toward crypto and opposing candidates it views as hostile to the industry.
Ohio was Fairshake’s most expensive target during the 2024 election cycle as well. The network spent more than $40 million supporting Republican Bernie Moreno against Brown, according to reporting cited in the latest coverage. Moreno defeated Brown in November 2024 and later joined the Senate Banking Committee.
