Crypto and AI super PACs spent $250M in 2026 midterms, but lost 9/12 competitive races called so far, spending $74.7M on losing candidates and $28.3M on winners (Molly White/Citation Needed)
Crypto and AI companies spent $250 million in the midterms in hopes of picking the lawmakers who will decide how — or whether — their industries will be regulated.
This year saw the highest spending ever by AI super PACs in campaign finance, with $79 million allocated to 68 House and Senate seats, according to Tech Influence Watch. The majority of this money was spent early, with the most contentious primary occurring in New York's 12th District race between Assemblymember Alex Bores and Leading the Future.
The race was one of the most expensive of the cycle, with over $40 million in outside spending. However, after the primary, there was a significant drop in spending on general election races, with Leading the Future only spending $7.4 million despite having $34 million in cash. The industry is divided into two factions, with Leading the Future advocating for light regulation and a single national AI standard, and Public First pushing for stronger AI safeguards.
The outcomes of races backed by these super PACs show that the AI money was not enough to counter the overall Democratic trend, with most of the backed Republicans losing their races, including Darline Graham in South Carolina and Aaron Flint in Montana.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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