The crypto industry spent over $200 million across federal races during the 2026 US midterm election cycle, making it the highest-spending corporate sector in Washington. However, its single largest target, outspoken crypto critic and Democrat Sherrod Brown, successfully reclaimed an Ohio Senate seat, defeating Republican Senator Jon Husted by nearly five percentage points despite more than $60 million in targeted crypto political action committee (PAC) expenditures.
While Fairshake, the industry’s flagship bipartisan super PAC, secured victories in 29 of the 34 contests it contested, the high-profile Ohio defeat and high-stakes House losses signal a more adversarial legislative and oversight environment as Democrats prepare to take control of both congressional chambers on January 3.
How Much the Crypto Industry Spent on the 2026 Midterms
According to data compiled by congressional watchdog group Public Citizen and OpenSecrets, crypto political groups outspent traditional corporate lobbies, including commercial banking, big tech data centers, and online gaming.
Following the 2024 cycle, where crypto-funded PACs deployed roughly $250 million to secure cross-aisle allies, major industry participants renewed capital commitments early in 2025. Coinbase and Ripple contributed $25 million each to replenish Fairshake’s balance sheet.
However, rather than running pro-crypto advocacy campaigns, Fairshake’s affiliate networks (including Defend American Jobs and Protect Progress) predominantly ran attack ads focusing on candidates’ domestic policy, economic records, or personal backgrounds, avoiding explicit mentions of digital assets in swing-state broadcasts.
Why Sherrod Brown’s Victory Reshapes the Banking Committee
Sherrod Brown, long characterized as one of the digital asset sector’s staunchest skeptics during his tenure as Chairman of the Senate Banking Committee, was initially unseated during the 2024 general election after Fairshake directed roughly $40 million against him. Entering the 2026 cycle, PAC strategists treated Ohio as their primary national priority.
The defeat of Republican Senator Jon Husted represents the industry’s most significant electoral loss to date. Reuters noted that the outcome serves as “the greatest blow for the industry” because it demonstrated that overwhelming media spending cannot reliably overcome established statewide brand recognition.
When the 120th Congress convenes on January 3, Democrats will take the majority. Brown is positioned to assume a leadership role, potentially chairing the Senate Agriculture Committee, which holds direct jurisdictional authority over digital commodities, spot crypto exchange frameworks, and the CFTC.
Brown returns to a Democratic-controlled Senate in January, where he could chair the Senate Agriculture Committee, which oversees the CFTC.
Fairshake Wins Three of Its Six Marquee House Races
Fairshake put $1 million or more behind each of six House incumbents: Republicans Bryan Steil of Wisconsin, French Hill of Arkansas and Bill Huizenga of Michigan, and Democrats Janelle Bynum of Oregon, Derek Tran of California and Steven Horsford of Nevada. All three Democrats won, while Steil and Huizenga lost. Hill, who chairs the House Financial Services Committee, led by more than 4,000 votes, but his race was still too close to call on November 4.
Across all its races, Fairshake has won 29 of the 34 it spent on, with several still uncalled, Reuters reported. In Nebraska, it and its affiliates spent at least $13.5 million against independent Dan Osborn, who lost to Republican Senator Pete Ricketts. In Illinois, the Fairshake network spent about $10 million opposing Juliana Stratton in the Democratic Senate primary, and she went on to win both the primary and the seat.
Fairshake’s Strategy Following the 2026 Results
Fairshake says it has $56 million left on hand, according to CoinDesk. Spokesman Geoff Vetter said the PAC “played a meaningful role in winning competitive races” this year and that “we will do it again in 2028.”
“We see this as souring the political environment for crypto,” TD Cowen analyst Jaret Seiberg told Reuters. Democrats took control of both chambers on January 3, giving them the power to investigate the industry, including its ties to President Trump.
Where Crypto’s Political Influence Stands
While Fairshake carried most races it funded, it failed to stop its chief adversary in Ohio and lost key leadership allies on the House Financial Services Committee. As final ballots are tallied, French Hill’s undecided race in Arkansas remains the final outstanding contest among the PAC’s six largest House bets.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided here is for general informational purposes only and does not constitute investment advice. Please do your own research before making any investment decisions.
FAQs
1. How much did the crypto industry spend on the 2026 midterms?
The crypto industry spent over $200 million on federal congressional races during the 2026 midterm election cycle, according to reports from CNBC. Fairshake, the primary bipartisan crypto super PAC, and its affiliate organizations spent approximately $154 million on advertising campaigns, with over $56 million focused directly on the Ohio Senate contest.
2. What is Fairshake?
Fairshake is the crypto industry’s main super PAC, a political group that spends money supporting or opposing candidates. It backs lawmakers from both parties who favor crypto-friendly rules and is funded by crypto companies, including Ripple and a major US crypto exchange.
3. Why did crypto PACs spend money against Sherrod Brown?
Crypto PACs spent money against Sherrod Brown because he is a longtime critic of the crypto industry and chaired the Senate Banking Committee until he lost his seat in the 2024 election. Fairshake, the industry’s main super PAC, said it had spent $55 million opposing him this cycle, and Reuters put total crypto PAC spending against him at more than $60 million. Brown still won the Ohio Senate race by nearly 5 percentage points, according to CoinDesk.
4. Which races did crypto PACs win in 2026?
Fairshake, the crypto industry’s main super PAC, had won 29 of the 34 races it spent on in 2026, with several still uncalled, Reuters reported on November 4. Its wins included House Democrats Janelle Bynum, Derek Tran and Steven Horsford, and Republican Senator Pete Ricketts in Nebraska. It failed to defeat Sherrod Brown in Ohio and Juliana Stratton in the Illinois Democratic Senate primary, and Republican House members Bryan Steil and Bill Huizenga lost their seats. French Hill’s race in Arkansas was still too close to call.
