Crypto spent $176M on the midterms. Can it move the CLARITY Act?

Crypto-linked political groups have spent roughly $176 million across more than 100 U.S. midterm races, according to a Reuters review of campaign-finance filings through October 20. Fairshake and its affiliates account for about $150.8 million. The spending may help elect lawmakers sympathetic to digital assets, but the CLARITY Act’s last Senate hurdle was a 49-to-50 vote on whether to begin debate, eleven votes short of the usual threshold. Summary Reuters counted about $176 million in industry-linked election spending through October 20, with $150.8 million from Fairshake’s network. The Senate rejected cloture on a motion to proceed to the CLARITY Act by 49 to 50 on September 15; it did not vote on final passage. Fairshake says 53 of 58 candidates it backed in primaries or special elections won, while the general election is November 3. Its House slate includes 32 incumbents who supported CLARITY, split between 19 Republicans and 13 Democrats. FEC committee totals include $139 million transferred between Fairshake and affiliates, so simply adding all their disbursements double counts that money. A campaign dollar buys an advertisement, not a senator’s vote. The distinction is esp...