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Cryptocurrency funds have increased their influence on US elections - ForkLog: cryptocurrencies, AI, singularity, the future
The crypto industry is ramping up pressure on American politics ahead of Congressional elections. Hundreds of millions of dollars have already been directed to support loyal candidates — the balance is increasingly shifting toward Republicans, reports CoinDesk.
The main player is Fairshake. The committee and related entities are actively intervening in the primaries. In Texas, the organization invested $6.5 million in Christian Menefee's campaign, who outperformed Congressman El Green, known for criticizing the crypto industry.
Support was also given to other Texas House Republicans: Alex Miller, Tom Selle, Carlos De La Cruz, and John Bonk. Spending on their campaigns ranged from $348,000 to $607,000.
A separate role is played by the Fellowship committee, associated with Tether and Cantor Fitzgerald. It allocated $500,000 to support Texas Attorney General Ken Paxton in his bid for a Senate seat. In the Republican primary, Paxton defeated John Cornyn.
Not long ago, the industry tried to maintain a bipartisan balance. Fairshake operated through structures Protect Progress and Defend American Jobs — for Democrats and Republicans, respectively. By 2026, the focus is shifting to the right.
Among other centers of influence are the Digital Freedom Fund of the Winklevoss brothers with $21 million in capital, and the Blockchain Leadership Fund supported by Anchorage Digital and Chainlink, positioning itself as more moderate and formally bipartisan.
Sentinel Action Fund, backed by the Solana Policy Institute and Multicoin Capital, initially announced a campaign against former Senator Sherrod Brown, then directed nearly $900,000 to support Republican Mike Rogers in the Michigan Senate race.
According to Follow the Crypto, industry-related companies and investors have already invested over $320 million in the 2026 election cycle. The reserves of specialized committees exceed $245 million.
Recall that in the 2024 elections, over 20% of respondents in several states considered cryptocurrency a key issue.