By Hannah Lang
August 3 (Reuters) - The crypto industry has poured close to $200 million into the November midterm elections, underscoring the sector's muscle in Congress, where it is pushing lawmakers to pass legislation that will reshape federal oversight of digital assets. This week is crunch time for that bill, before the Senate departs for August recess.
The industry's spending spree builds on the $170 million it spent supporting congressional candidates during the 2024 elections, many of whom
won their races. That helped the industry score a victory last year when Congress passed the Genius Act, which created rules for dollar-backed crypto tokens called stablecoins, potentially boosting their adoption.
The sector is also pushing Congress to pass the more sweeping Clarity Act that some proponents say would encourage broader crypto adoption by putting the industry on a stronger legal footing. That bill, working its way through the Senate, has a narrow window to become law before the August recess.
The industry has spent $189 million on this year's elections, according to a June report by watchdog group Public Citizen. Much of that has been directed through Fairshake, a major super political action committee created to support pro-crypto candidates.
Fairshake funnels its money through two separate Democratic and Republican affiliate super PACs that in turn fund independent activities supporting the candidates, such as advertising, Federal Election Commission filings show. Super PACs do not contribute to candidates directly.
Fairshake has raised more than $136 million this election cycle. It did not respond to a request for comment. Below are the 10 congressional candidates on whom Fairshake has spent the most.
1. Barry Moore (R): $9.43 million
Representative Barry Moore, an Alabama Republican running for Senate, has voted to advance several crypto-friendly measures, including the Genius Act.
He also voted to pass the House of Representatives' version of the Clarity Act last July. Moore introduced a bill to formally establish a strategic bitcoin reserve, as well as a digital asset stockpile within the Treasury Department.
President Donald Trump signed an executive order to establish both last year, but analysts say it needs to be enshrined in law to endure beyond his administration.
2. Andy Barr (R): $7.17 million
Representative Andy Barr, a Republican running for Senate in Kentucky, voted to pass both the Genius and Clarity acts in the House last July. He has also backed crypto companies' claims that banking regulators under former Democratic President Joe Biden targeted them and unfairly denied banking accounts. Banks and regulators have disputed the claims.
3. Christian Menefee (D): $6.47 million
Christian Menefee, a Democrat, has been a Texas Representative since February following a special election, and has not voted on any crypto-related legislation. Because of redistricting in Texas, Menefee ran in a primary against longtime Representative Al Green, who has accused the crypto industry of spending millions to "control Congress."
Menefee won that primary and will compete for the redistricted seat in November.
4. Jasmine Clark (D): $4.21 million
A Democratic state representative in Georgia, Jasmine Clark is running to represent Georgia's 13th congressional district. She voted to advance a bill in March to provide a state regulatory and licensing framework for stablecoins in Georgia.
"As Congress considers similar legislation, they should remember that digital assets are the future and provide long-overdue financial tools for unbanked communities," she said in a social media post in March.
5. Adrian Boafo (D): $3.29 million
Maryland State Delegate Adrian Boafo, a Democrat, is running for the House. In the Maryland General Assembly in March, he introduced a bill that would ban certain restrictions on digital assets by any state agencies. That bill has not passed.
In January, Boafo also introduced a bill in the Maryland General Assembly to establish a Digital Asset and Blockchain Technology Task Force to make recommendations for crypto use in Maryland. Maryland Governor Wes Moore approved the bill.
6. Randy Fine (R): $1.67 million
Representative Randy Fine, a Republican, won a special election in Florida in 2025, and is running for reelection. Defend American Jobs — the Fairshake Republican affiliate — spent $1.67 million to support Fine during last year's special election.
Fine voted to advance both the Genius and Clarity acts.
In a social media post in January 2025, he said "Floridians want crypto innovation" and pledged he would work to "keep innovation jobs in America."
7. James Walkinshaw (D): $1.01 million
Representative James Walkinshaw, a Democrat, won a special election in Virginia last year to replace former Representative Gerry Connolly, and is running for reelection. Fairshake's Democratic affiliate, Protect Progress, spent $1.01 million to support Walkinshaw during that special election.
Walkinshaw was not a member of Congress when the House considered the Genius and Clarity acts, but in June 2025 he co-wrote an op-ed in a local paper arguing that blockchain technology could diversify the economy in his district.
8. Jessica Hart Steinmann (R): $771,657
Jessica Hart Steinmann, a Republican who worked in the Justice Department during Trump's first term, is running to represent a district in Texas.
Advocacy group Stand With Crypto — which is backed by crypto exchange Coinbase and tracks candidates' and elected officials' crypto positions — says Steinmann has indicated that she supports "clear legislative frameworks to regulate digital assets."
9. Houston Gaines (R): $708,828
Houston Gaines, a Republican Georgia state representative, is running for Congress. According to Stand With Crypto, Gaines supports the Genius and Clarity acts.
10. Carlos De La Cruz (R): $615,885
Carlos De La Cruz is running to represent a Texas congressional district. De La Cruz, a Republican, supports clear federal rules to foster innovation, according to Stand With Crypto.
Representatives for the candidates' campaigns did not respond to requests for comment.
(Reporting by Hannah Lang in New York; Editing by Michelle Price and Rod Nickel)
