Crypto firms put $206 million behind the midterms: here’s who their political machine is backing

Crypto corporations contributed $206 million to super PACs and hybrid PACs through the second quarter of 2026, according to Public Citizen's Aug. 27 analysis of FEC records.That makes the industry the largest disclosed corporate donor sector tracked in this midterm cycle.Yet that figure doesn't capture how much of the amount has reached a campaign ad, and the industry's political apparatus splits across several distinct organizations that each deserve separate accounting.ChannelFigureWhat it measuresWhat it does not measureCorporate contributions$206MCrypto corporate donations to super PACs and hybrid PACs through Q2Not ad spendingFairshake-network independent expenditures~$70MSpending tracked across 54 racesNot the entire crypto political operationStand With Crypto endorsements38 House candidatesEndorsement and voter-mobilization activityNot PAC spendingFellowship PAC independent expenditures$4.45MSeparate PAC spending across 12 racesNot part of Fairshake’s totalDigital Freedom Fund independent expenditures$0Reported candidate-facing ad spendingNot equal to its $22.4M in receiptsFairshake's books tell a specific storyFairshake, the central committee anchoring crypto's political ne...