According to a Bitcoin.com investigation by blockchain analyst James Delmore, the cryptocurrency industry poured a record $471 million into the 2026 U.S. midterm elections, almost twice the amount spent in the 2024 cycle. The analysis, based on Federal Election Commission data, details how the money was allocated across candidates, committees and political action committees, and highlights the sector’s strategic focus on influencing digital‑asset policy in Washington.

BTC / USD
Source: CoinGecko. Prices are indicative.

Distribution of Contributions

Delmore’s research shows that 65% of the total—about $302 million—was directed toward Republican‑aligned candidates or used to oppose Democrats, while Democratic‑aligned candidates received roughly $96 million, or 21% of the total. The remaining funds were split among independent and third‑party efforts, with non‑crypto PACs and committees receiving more than $250 million in contributions from the industry.

Crypto‑Focused PAC Activity

The bulk of PAC spending came from the crypto‑centric super‑PAC Fairshake, which funneled money to its affiliates Protect Progress and Defend American Jobs. Together these entities recorded roughly $163 million in expenditures. Of that spending, 82% supported Republican candidates or opposed Democrats, and 18% backed Democrats or opposed Republicans.

Electoral Outcomes

Crypto‑aligned PACs backed 90 congressional candidates; 73 of them won, giving the group an 80%‑plus success rate. However, more than half of the $163 million PAC budget—about $88 million—was spent on candidates who ultimately lost. The Ohio Senate race alone accounted for $64 million of the spending, a losing effort against incumbent Sherrod Brown. In contrast, the PACs saw better returns in states such as Nebraska, Alabama and Kentucky, where $34 million was spent on winning campaigns.

What to Watch Next

Future reporting will monitor whether the industry’s heavy spending translates into legislative gains, especially as Congress considers new digital‑asset regulations. Analysts will also track the performance of crypto‑aligned PACs in upcoming election cycles and assess any shifts in donor strategy following the mixed electoral outcomes of 2026.