The cryptocurrency sector contributed a record $471 million to the 2026 U.S. midterm elections, according to Federal Election Commission records analyzed by blockchain analyst James Delmore. This amount is nearly double the $250 million spent in the 2024 cycle.
Distribution of Contributions
Of the total contributions, $302 million (about 65%) went to Republican-aligned candidates, while $96 million (approximately 21%) supported Democratic-aligned candidates. Non‑crypto political action committees and committees received more than $250 million of these contributions.
Crypto‑Focused PAC Activity
Crypto‑focused PACs, primarily the Fairshake PAC and its affiliates Protect Progress and Defend American Jobs, recorded about $163 million in spending. Of this spending, 82% supported Republicans or opposed Democrats, and 18% supported Democrats or opposed Republicans.
Election Outcomes
Crypto PAC spending backed 90 congressional candidates; 73 of those candidates won, yielding a winning rate above 80%. However, more than half of the $163 million spent by crypto PACs went to candidates who ultimately lost, including $64 million in an Ohio Senate race that failed to unseat incumbent Sherrod Brown.
Top Donors
The five largest donors accounted for $288 million, roughly 61% of total contributions. Crypto‑native and crypto‑affiliated businesses together contributed about $346 million, while individuals in the crypto space contributed $125.4 million.
Key Takeaways
- The crypto industry’s political spending nearly doubled from the previous election cycle.
- Republican candidates received the majority of crypto contributions.
- Crypto‑focused PACs achieved a high success rate for supported candidates but also incurred substantial losses.
