Crypto PACs eye 2028 “new map” as Democrats take Congress

Crypto super PACs poured over $176 million into the 2026 midterms, but the Democrats' victory in Congress prompts a looming threat of increased scrutiny on the industry. Despite crypto spending of $64 million failing to keep Senator Sherrod Brown in the Senate, he managed to return to office, driven by additional support. The sweeping Democratic win also places Elizabeth Warren, a prominent critic of crypto, in a position to chair the Senate Banking Committee.

Crypto super PACs invested roughly $176 million across 100 seats, including primaries, which is a significant uptick from the $130 million spent in 2024. Fairshake, an affiliate of the super PACs, contributed $154.5 million to 89 races. Kyle Bligen, executive director of the Decentralization Research Center, predicts a "fundamentally different environment" for crypto in Washington with the upcoming Congress, with the industry anticipating substantial oversight.

Currently holding over $67 million for the 2028 elections, Fairshake is gearing up for a new political landscape. In Ohio, the industry's heaviest bet, crypto PACs spent $64 million to retain Senator Jon Husted, a task ultimately thwarted by the victory of former Senator Sherrod Brown. Brown is set to join the Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission (CFTC).

Before the election, crypto supporters in Ohio threatened to label defeating crypto PACs a political miscalculation. In Nebraska, crypto PACs achieved a win with the re-election of Senator Pete Ricketts, after Fairshake and its associated PACs spent $13.5 million against independent challenger Dan Osborn. Other Senate races saw mixed results, with Fairshake's $10 million spent against Illinois Democratic primary candidate Juliana Stratton proving ineffective as she still secured her Senate nomination.

Massachusetts saw John Deaton lose despite $700,000 from the Commonwealth Unity Fund, while Texas Senator Ken Paxton, backed by crypto PACs, lost to James Talarico in a runoff. Digital assets Subcommittee Chair Bryan Steil also lost to Democrat Mitchell Berman despite $1.9 million in crypto PAC funding. Despite these setbacks, BitGo CEO and co-founder Mike Belshe remains optimistic, stating that the election results will not alter the industry's course as crypto continues to advance.

For pro-crypto advocates, the focus now shifts towards forming relationships with newly elected lawmakers, with many still lacking familiarity with the crypto sector.