Crypto Money Still Matters for the Midterms

The crypto industry has always moved in cycles: booms and busts; bull markets and harsh, unforgiving “winters.” We’re in something of a lull right now: Bitcoin, the original cryptocurrency, is worth about two-thirds of what it was last fall. Meanwhile, investors are turning their attention to flashier innovations in artificial intelligence. About half of Americans now use AI chatbots, whereas just about a fifth of the country has ever used or invested in crypto.

But the crypto industry isn’t dead—as of today, the combined value of all digital currencies is still more than $2.7 trillion—and neither are its political ambitions. Crypto companies have so far put $206 million toward this year’s midterm elections, more than any other corporate sector, including the AI industry, according to a Public Citizen analysis of OpenSecrets and Federal Election Commission data. Fairshake, the industry’s foremost super PAC, has a giant war chest and a reputation for backing winners from both parties (Senate Minority Leader Chuck Schumer has reportedly warned of the risks of crossing it). Crypto is much further from the spotlight now than it was during its 2024 election-spending spree; back then, the industry was flush with cash, but its reputation was still recovering from the crash of two years prior and from the spectacle of Sam Bankman-Fried’s fraud trial. Even as Americans continue to distrust crypto, they’re now reserving their outrage for other corners of the tech industry, such as data centers and surveillance cameras. Although crypto is no longer as central to the public conversation, it’s still finding ways to flex its power.