On Thursday at the Consensus Miami 2026 Policy Summit, James Delmore, a research analyst from Breadcrumbs, provided a live assessment of how much money the crypto industry is pouring into the 2026 midterm elections. According to available Federal Election Commission data, the sector has already committed over $288 million for the upcoming cycle, more than twice the roughly $130 million spent during the entire 2024 election period.
Fairshake, the main super PAC backed by industry heavyweights like Coinbase, Ripple, and Andreessen Horowitz, still holds about $221 million in unspent funds, making it the fifth most well-funded PAC nationally. Delmore highlighted that this massive war chest positions crypto as a top-tier political force ahead of November.
The spending is already making an impact in key races. Fairshake and its affiliated groups have spent nearly $30 million on 2026 contests by the end of March. For instance, a Fairshake-allied group deployed $514,000 to support Representative James Baird in an Indiana primary, while another $10.3 million was used to oppose Illinois Lieutenant Governor Juliana Stratton in her Senate primary—a strategy reminiscent of the $10 million attack on Katie Porter during the 2024 California Senate race.
Delmore’s presentation comes as the CLARITY Act faces a critical deadline: it needs to reach the Senate floor before the August recess to avoid losing its legislative window. Major backers like Ripple, Coinbase, and Andreessen Horowitz are collectively aiming to shape the 120th Congress into the most pro-crypto session in U.S. history. The session underscored how crypto’s political influence has grown dramatically, with spending doubling and a focus on securing favorable legislation.