Crypto's $176 million midterm bet: the Senate races that decide it

The crypto industry heads into Tuesday's U.S. midterm elections having spent roughly $176 million across more than 100 races, according to a Reuters review published on investing.com. Fairshake and its affiliate super PACs account for about $150.8 million of that through Oct. 20, with other crypto groups adding around $25 million.

The spending serves one legislative goal. The industry wants Congress to pass the Clarity Act, which would put most crypto oversight under the Commodity Futures Trading Commission. The bill stalled this session after Senate Democrats blocked it from reaching a final vote, and Reuters reports it faces an uphill battle next year if Democrats win control of either chamber. Our earlier reporting on the Senate's crypto market structure bill covers how it got this far, and our crypto regulation coverage tracks what happened next.

Where the money went

Ohio dwarfs every other race. Fairshake's Republican-side affiliate, Defend American Jobs, has reported about $36.9 million in ads supporting Sen. Jon Husted and $19.7 million opposing Democrat Sherrod Brown, according to independent expenditure reports filed with the Federal Election Commission (fec.gov) through Oct. 27. Add $7.2 million from the Winklevoss twins' Digital Freedom Fund and the industry's Ohio stake reaches about $63 million, per coindesk.com. Brown chaired the Senate Banking Committee until 2024 and refused to move crypto bills. Fairshake spent about $40 million to help unseat him that year.

The next-largest bets are also Senate seats. The same filings show Defend American Jobs spending about $13.5 million against independent Dan Osborn in Nebraska, $12.2 million backing Rep. Barry Moore in Alabama and $7.2 million for Andy Barr's Senate campaign in Kentucky, primaries included. Reuters reported that Fairshake chose to back only Republicans in Senate races after Democrats stopped the Clarity Act, while still funding House candidates from both parties. In Illinois it spent more than $10.1 million attacking Lt. Gov. Juliana Stratton, who is expected to win her Senate race anyway.

The ads rarely mention crypto. Reuters found they focus on taxes or immigration and run under names like "Defend American Jobs" and "Protect Progress." Fairshake says 53 of the 58 candidates it supported in primaries or special elections won and will be on the Nov. 3 ballot.

Who writes the checks

The money comes from a short list of companies. FEC receipts show Coinbase gave Fairshake $25 million between March and June 2025, and Ripple Labs added $25 million in August 2025. In December 2025, Andreessen Horowitz's AH Capital Management contributed $23.8 million, and co-founders Marc Andreessen and Ben Horowitz gave $11.9 million each. Ripple, which recently secured final approval for its federal trust bank, did not answer Reuters' questions; Coinbase and Andreessen Horowitz declined to comment.

Polls show Brown slightly ahead of Husted in Ohio, within the margin of error in most surveys, CoinDesk reported. Whatever happens Tuesday, the war chest is not empty: Fairshake reported about $33 million in cash at its last full reporting date, Oct. 14, and Defend American Jobs another $18.5 million, according to FEC summaries.