US Crypto Industry Ramps Up Midterm Spending, Gives $362,000 to Back Democratic Candidate
Summary
- The US digital-asset industry is increasing political spending ahead of the November midterm elections to support candidates seen as friendly to crypto.
- An affiliate of super PAC Fairshake is backing pro-crypto candidates, including by spending $362,000 on ads supporting Democratic Rep. Aisha Wahab.
- Fairshake and Defend American Jobs are pouring tens of millions of dollars into Senate races, with attention turning to how crypto-related political funding could affect the elections.
Forecast Trend Report by Period
The US digital-asset industry is expanding political spending ahead of the November midterm elections to support candidates viewed as friendly to crypto.
Cointelegraph reported on October 19 that Protect Progress, an affiliate of crypto-backed super PAC Fairshake, told the Federal Election Commission it spent $362,000 on ads supporting Democratic Rep. Aisha Wahab in California's 14th Congressional District.
Wahab won a special election held on August 18 with more than 53% of the vote, defeating fellow Democrat Melissa Hernandez. Both candidates had previously been classified by crypto policy group Stand With Crypto as strong supporters of the digital-asset industry, prompting questions about why the sector directed additional money to Wahab.
Fairshake was launched in 2023 with backing from Coinbase, Ripple Labs and Andreessen Horowitz. It has since expanded its influence in US congressional races by supporting candidates who favor policies friendly to the crypto industry. As of January, Fairshake held about $193 million in cash and cash equivalents.
Defend American Jobs, another Fairshake affiliate that mainly backs Republican candidates, has also poured large sums into key Senate races. In Nebraska, it spent more than $6.7 million on ads opposing independent candidate Dan Osborn. In Ohio, it deployed an additional $8 million to support Republican John Husted. Its cumulative spending in the Ohio race has exceeded $46 million.
The Ohio contest is emerging as a key test of the crypto industry's political influence. Democratic candidate Sherrod Brown lost to Republican Bernie Moreno in the 2024 Senate race after industry groups funded a wave of opposition ads against him. Attention is now turning to how crypto-related political money could shape this year's midterm campaigns.
