Crypto blitzes midterms with $176 million to support allies as it prepares for post-Trump era

The crypto industry has allocated approximately $176 million across over 100 midterm races this election cycle, aiming to establish a bipartisan coalition of allies in Congress to support its interests post-Trump era. This expenditure, representing a fraction of the $2.75 trillion industry, is being directed towards electing favorable candidates while countering those perceived as threats, according to interviews with crypto political strategists and a review of spending by Reuters.

The industry's strategy extends beyond simply securing allies; it seeks candidates with a high likelihood of winning and who can help navigate future regulatory landscapes. The primary financier of these efforts, Coinbase, Ripple, and Andreessen Horowitz, are investing in relationships with elected officials rather than voter persuasion.

This long-term approach aims to ensure clear regulatory guidelines for the industry, anticipating a leadership transition in 2029 away from a personal interest in crypto similar to Donald Trump's. As of October 20, Fairshake, the industry's largest super PAC, and its affiliated PACs have spent around $150.8 million on midterms, with other crypto groups spending about $25 million.

Fairshake supports pro-crypto candidates across parties and aims to bolster what is now the largest pro-crypto caucus in American political history.