The crypto industry is ramping up its influence on American politics ahead of the Congressional elections. Hundreds of millions of dollars have already been directed to support loyal candidates, with a noticeable shift towards Republicans, reports CoinDesk.
The main player is Fairshake. The committee and its affiliated organizations are actively intervening in the primaries. In Texas, the organization invested $6.5 million in the campaign of Christian Menefee, who defeated Congressman Al Green, known for his criticism of the crypto industry.
Other Republicans in the Texas House of Representatives also received support: Alex Miller, Tom Selle, Carlos De La Cruz, and John Bonk. Their campaign expenses ranged from $348,000 to $607,000.
A separate role is played by the Fellowship committee, linked to Tether and Cantor Fitzgerald. It allocated $500,000 to support Texas Attorney General Ken Paxton in his Senate race. In the Republican primary, Paxton defeated John Cornyn.
Not long ago, the industry aimed to maintain a bipartisan balance. Fairshake operated through entities Protect Progress and Defend American Jobs — for Democrats and Republicans, respectively. By 2026, the focus is shifting to the right.
Among other centers of influence are the Digital Freedom Fund, backed by the Winklevoss twins with a capital of $21 million, and the Blockchain Leadership Fund, supported by Anchorage Digital and Chainlink, which positions itself as more moderate and formally bipartisan.
The Sentinel Action Fund, backed by the Solana Policy Institute and Multicoin Capital, initially launched a campaign against former Senator Sherrod Brown, then directed nearly $900,000 to support Republican Mike Rogers in the Senate race in Michigan.
According to Follow the Crypto, industry-related companies and investors have already invested over $320 million in the 2026 election cycle. The reserves of specialized committees exceed $245 million.
It is worth noting that in the 2024 elections, over 20% of respondents in several states considered cryptocurrency a key issue.