Crypto Industry Raining Millions On Candidates That Back Its Favorite Bill

The crypto industry poured nearly $200 million so far into candidates backing the Digital Asset Market Clarity (CLARITY) Act, which was the industry’s biggest legislative priority.

Cryptocurrency companies contributed $189 million as of Jun 30 toward influencing the 2026 midterm elections. The crypto industry gave money to MAGA Inc., a Cantor Fitzgerald-aligned PAC and spent on candidates from both parties who supported their industry in the 2026 election cycle, particularly supporters and co-sponsors of the Clarity Act.

The Clarity Act would establish a regulatory framework for cryptocurrency and digital assets. Critics, particularly the banking industry, argued the legislation would create loopholes that threatened the financial safety of state and local banks.

Coinbase and Ripple Labs primarily donated to outside groups, including pro-crypto super PACs Fairshake and Protect Progress, who then spent on independent expenditures to support or oppose candidates in the 2026 cycle. Ripple Labs contributed approximately $49 million in the 2026 election cycle, while Crypto.com spent $38.6 million and Coinbase spent $35.2 million, with the majority of that money going to Fairshake, according to a Public Citizen reported published on June 30.

Coinbase is the largest cryptocurrency exchange based in the U.S.

As of June 30, Fairshake, which is primarily funded by Coinbase and Ripple Labs, received almost $137 million in the 2026 cycle and still had about $127 million on hand. It spent at least $51 million on two affiliated super PACs, Protect Progress and Defend American Jobs.

Fairshake spent a total of $10 million in independent expenditures to oppose Democratic Illinois Lt. Gov. Juliana Stratton during her U.S. Senate campaign, according to the Federal Elections Commission (FEC). It also spent over $2.4 million to oppose Democratic Illinois Rep. La Shawn Ford’s congressional campaign and over $817,000 in independent expenditures against Democratic Illinois state Rep. Robert James Peters.

Crypto groups opposed Stratton because of her alignment with Democratic Illinois Gov. J.B. Pritzker, who signed legislation in June to place a 0.2% tax on crypto transactions. Ford supported this legislation and issued a cease-and-desist letter over the industry’s ads against him.

Crypto.com largely gave money to MAGA Inc., the main super PAC supporting President Donald Trump and aligned candidates, in the 2026 cycle. In the cycle thus far, MAGA Inc. received $35 million from Foris Dax, the owner of Crypto.com.

Trump and most congressional Republicans largely supported the Clarity Act.

Coinbase gave $2.5 million to Protect Progress and Defend American Jobs, according to OpenSecrets. It also gave money to Future Forward USA, the House Majority PAC, the Senate Majority PAC and the Congressional Leadership Fund.

Fairshake affiliate Protect Progress, which specifically supports Democratic candidates, spent over $26 million on independent expenditures between Jan. 1 and July 31 on mostly pro-crypto Democratic candidates, according to FEC records. It spent $5.3 million in independent expenditures in support of Boafo, $6.4 million for Menefee, $4.2 million for Clark, $1.4 million for Democratic New York Rep. Ritchie Torres and over $1 million for Democratic Virginia Rep. James Walkinshaw. All of these candidates and elected officials either supported the Clarity Act.

Coinbase, Crypto.com, Ripple, Barr, Moore and Torres did not respond to the Daily Caller News Foundation’s request for comment.

Protect Progress spent over $119,000 in independent expenditures to oppose Stratton and over $47,000 opposing Democratic Texas Rep. Al Green, according to FEC records.

Between Jan. 1 and June 30 pro-crypto super PAC Defend American Jobs spent over $33 million on pro-crypto Republican candidates, according to the FEC. It spent over $12 million in support of Moore, $7.1 million on Barr, $1.6 million on Republican Florida Rep. Randy Fine, over $771,000 to Republican Texas congressional candidate Jessica Hart Steinmann and over $735,000 to Republican Oklahoma Rep. Kevin Hern, according to FEC records. Defend American Jobs specifically supports Republican candidates.

Defend American Jobs, an affiliate of Fairshake, spent over $12 million in independent expenditures for Republican Alabama Rep. Barry Moore, $7.17 million for Republican Kentucky Rep. Andy Barr, $4.21 million for Democratic Georgia state Rep. Jasmine Clark, $5.2 million for Democratic Maryland state Rep. Adrian Boafo and $6.47 million for Democratic Texas Rep. Christian Menefee, according to FEC records.

Moore, Menefee and others supported by Fairshake also expressed support for the legislation.

Stand with Crypto endorsed 32 House candidates on Monday, including House Majority Whip Tom Emmer of Minnesota and Democratic New Jersey Rep. Josh Gottheimer. It also endorsed Republican Reps. Brian Fitzpatrick of Pennsylvania and Juan Ciscomani of Arizona, who will both face competitive races in November.

Fine, Hern, Emmer, Fitzpatrick, Ciscomani and Torres voted to pass the Clarity Act in July 2025, according to a roll call vote.

Banks expressed concerns about whether crypto firms should be allowed to offer rewards programs that pay yield to customers who hold stablecoins, a form of cryptocurrency designed to maintain a value of $1. The industry was worried that crypto rewards programs could lead customers to pull billions of dollars out of checking and savings accounts, which would threaten their business model.

Digital Chamber, Coinbase and the Blockchain Association, Stand with Crypto, Kraken and Andreessen Horowitz have lobbied for the legislation. Coinbase CEO Brian Armstrong said the legislation was a “win” for the “future of America as a global leader for finance, innovation, and national security.”

Several banking organizations, including JP Morgan Chase, the American Banking Association and the Community Bankers Association, lobbied against the bill. JPMorgan Chase CEO Jamie Dimon opposed the bill, arguing against its treatment of stablecoin yields and its lack of legal protections.

“It allows cryptocurrency firms to effectively pay interest on deposits — stablecoins or something like that — without the protection that they should have,” Dimon said. “It has almost no legal protections,” Dimon said on Fox Business in May.

The Senate left for August recess without passing the Clarity Act. The crypto industry and members of Congress looked to August as a key deadline for passing the legislation. Senate Majority Leader John Thune announced the legislation would reach the floor in September.

Some Republican senators, including Sens. Josh Hawley of Missouri and John Curtis of Utah, were hesitant to support the legislation due to the bank industry’s concerns.