We're still eight months out from Election Day, but the cryptocurrency industry has already dumped at least $288 million into the 2026 midterms -- more than double what they spent in the entire 2024 cycle, when their $130 million in spending was itself a historic sum that reshaped Congress. That earlier investment bought them Trump, a deregulatory Congress, and the systematic dismantling of financial oversight that they'd spent years demanding. With Republican anxiety mounting as midterms approach, and the crypto industry's wishlist only partially fulfilled, it seems they're preparing to spend whatever it takes to finish the job.

The pro-crypto super PACs that were the focus of my 2024 campaign finance reporting are sitting on $221 million in unspent cash, waiting to deploy it against candidates who might otherwise be tempted to stand up to the crypto industry's deregulatory demands and self-drafted legislation. And these PACs claim to have $100 million more in committed funds that haven't shown up in official filings yet.

I've been hard at work updating FollowTheCrypto.org, a website I built and maintain to track cryptocurrency industry political spending. I have more work to do, but the numbers that have emerged already reveal the staggering amount the crypto industry is preparing to spend to cement their grip on Congress as they work to rewrite the rules for their companies.

This year, I'm also more closely tracking direct contributions from cryptocurrency companies and their executives to candidates and other campaign committees. The industry's political operation has matured beyond simply funneling money through pro-crypto super PACs -- individual companies and executives have developed their own funding strategies, backing candidates and causes that serve their interests. A significant portion of this direct spending has gone toward buying favor with President Trump through contributions to Trump-aligned PACs -- and that's not counting funding for his pet projects like the East Wing ballroom renovation or military parade, or the money the industry has funneled to his family's crypto ventures.

By The Numbers



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