Global Crypto Market Update / US Crypto Industry Backs Election Candidates

Ahead of the 2026 U.S. midterm elections, the American crypto industry has spent $2.7 million on advertising supporting crypto-friendly candidates in House of Representatives races.

Two groups, Defend American Jobs and Protect Progress, affiliated with the political action committee Fairshake, recently spent a combined $2.7 million on election campaigns.

According to Ambassador Arjan, the documents of the US Federal Election Commission showed that these amounts were spent on advertising and sending electoral letters in support of Republican and Democratic candidates in the 2026 mid-term elections.

Among the main recipients of these support are Tom Emmer, the Republican representative and the coordinator of the majority vote of the House of Representatives, and Glenn Thompson, the chairman of the Agriculture Committee of this House.

More than $76,000 was spent to support Emer and $73,000 for Thompson. Also, Pete Aguilar and Josh Guttheimer, Democratic representatives of the House of Representatives, have received $512,000 and $500,000 in campaign support, respectively.

"Firshik" announced earlier: He will support the other 32 candidates of the House of Representatives. Six of these candidates are supposed to receive one million dollars in advertising support each.

Major financial and cryptocurrency companies, including Coinbase, Ripple Labs, and Cantor Fitzgerald, are sponsors of this committee. The results of the reports showed that "Firshik" had about $122 million in cash until August.

The committee has also allocated at least $30 million to campaign to prevent the reelection of Sherrod Brown, the former chairman of the US Senate Banking Committee. Brown is running for Senate in Ohio.

These political expenditures coincide with efforts to advance the CLARITY Act, a bill related to the structure of the cryptocurrency market in the United States. All the legislators who have received these supports voted positively for this bill last year in the House of Representatives.

The "Transparency" law was formulated with the aim of revising the framework of digital asset regulations and, among other things, expands the powers of the Commodity Futures Trading Commission in this area. The bill passed the House of Representatives last year with bipartisan support, but failed to pass a preliminary vote in the Senate in September.

It appears that the cryptocurrency industry is trying to use the midterm elections to expand its political base in Congress. "Stand With Crypto" group, the organization that defends cryptocurrency policies that "Coinbase" launched, announced after the failure of the "Transparency" bill that politicians who did not act to advance this bill may face a response in the elections through the votes of the people.

According to a report by BloomingBeat, the industry also plans to encourage voters who care about crypto politics to turn out this year, continuing their efforts after the 2024 elections.

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