WirecompaniesDextape brief
Crypto PACs spent $170 million on the midterms—and came up nearly dry
In Ohio, $40 million in support couldn’t save crypto PACs’ preferred candidate.
Dextape brief
Crypto political action committees spent more than $170 million of roughly $260 million available on the midterm elections, according to Tech Influence Watch, a public-interest tracker run by software engineer and writer Molly White. Fairshake and its two affiliates directed about $75 million toward Republicans, roughly $30 million toward Democrats, and around $36 million against Democratic candidates. Much of the money went to competitive races where the backed candidates ultimately lost, including in Ohio, where the network put over $40 million behind Republican Senator Jon Husted and $24 million against Sherrod Brown, who won. Preferred candidates also lost in Wisconsin, Texas, Michigan and Iowa, despite crypto spending in each race. The network still helped Republican Pete Ricketts keep his Nebraska seat and backed Andy Barr, who won Mitch McConnell's Kentucky seat.
Why it matters: The results show that heavy crypto PAC spending does not reliably translate into electoral wins, which matters for lawmakers shaping digital asset policy.
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