Crypto’s heavy backing of Republicans alienated Democrats: Cuomo

Former New York Governor Andrew Cuomo cautioned the cryptocurrency industry to refrain from excessively supporting Republicans if they desire federal crypto legislation to pass. The industry's heavy investment in the Republican Party has alienated Democrats, who are crucial for passing the bill, said the ex-governor during a session at Token2049.

He alleged that crypto-focused political action committees have spent $54.3 million supporting Republicans in the 2026 election, compared with $26.2 million for Democrats. Additionally, $23.2 million has been spent opposing Democrats. "When you invest heavily in the Republican Party, by definition, you're going to alienate Democrats," Cuomo stated.

A prediction market indicated a 61% chance of Democrats maintaining both chambers of Congress. Cuomo argued that a Democratic-dominated Congress could either overturn crypto initiatives or collaborate with the Trump administration to pass the CLARITY Act. "You need Democrats to pass the bill. You need Republicans. You have to be more balanced," he added.

Cuomo disputed the notion that Democrats are inherently against crypto technology, stating that the technology could benefit the Democratic Party by empowering individuals who lack access to financial products. Crypto legislation has garnered support from both parties, although Republicans have been more cohesive behind major bills.