Crypto comes to rescue vulnerable House banking Republicans

• Key insight: Several senior banking Republicans are welcoming campaign help from the crypto industry in an election year when even traditionally strong red districts are at risk of flipping to Democrats. 
• Forward look: Most election prognosticators expect Democrats to win in the House, but while odds of flipping the Senate have improved, they remain too close to call. 

WASHINGTON —  Some of the most influential Republicans on financial services policy are facing unexpectedly competitive elections this November, and the cryptocurrency industry is coming to their rescue. 

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Fresh off a legislative defeat after a much-vaunted crypto market structure bill failed to pass the Senate last month, the crypto industry has ramped up spending in the 2026 midterm campaign to keep its allies in power. 

The president's party traditionally loses seats in midterm elections, but Republicans in 2026 are projected to have an uncommonly tough time at the ballot box in November, fueled by broad unease about rising prices and the ongoing war in Iran. That unease has expanded Democrats' playing field, with a number of what had been safely Republican districts suddenly in play. 

While none of these previously safe seats are necessarily expected to flip in November, their competitiveness is unusual — and cuts deep into Republican leadership in the House Financial Services Committee.