(DCNF)—One-sixth of the next Congress will have been backed by crypto and artificial intelligence (AI) interests during the 2026 midterm elections.
Super political action committees (PACs) representing AI and crypto spent $127 million across more than 100 primaries in the 2026 cycle, Politico reported. Roughly 90% of the candidates backed by these industries won their primaries.
The crypto industry poured $189 million as of June 30 into candidates backing the Digital Asset Market Clarity (CLARITY) Act, which was the industry’s biggest legislative priority. Coinbase and Ripple Labs primarily donated to super PACs Fairshake and Protect Progress, which then spent on independent expenditures to support or oppose candidates in the 2026 cycle.
Ripple Labs contributed approximately $49 million in the 2026 election cycle, while Crypto.com spent $38.6 million and Coinbase spent $35.2 million, with the majority of that money going to Fairshake, according to a Public Citizen reported published on June 30.
Fairshake, which is primarily funded by Coinbase and Ripple Labs, received almost $137 million in the 2026 cycle and still had about $127 million on hand. It spent at least $51 million on two affiliated super PACs: Protect Progress and Defend American Jobs.
Fairshake affiliate Protect Progress, which specifically supports Democratic candidates, spent over $26 million on independent expenditures between Jan. 1 and July 31 on mostly pro-crypto Democratic candidates, according to FEC records.
Defend American Jobs, an affiliate of Fairshake, spent over $12 million in independent expenditures for Republican Alabama Rep. Barry Moore, $7.17 million for Republican Kentucky Rep. Andy Barr, $4.21 million for Democratic Georgia state Rep. Jasmine Clark, $5.2 million for Democratic Maryland state Rep. Adrian Boafo and $6.47 million for Democratic Texas Rep. Christian Menefee, according to FEC records.
Fairshake spent a total of $10 million in independent expenditures to oppose Democratic Illinois Lt. Gov. Juliana Stratton during her U.S. Senate campaign, according to the Federal Elections Commission (FEC). It also spent over $2.4 million to oppose Democratic Illinois Rep. La Shawn Ford’s congressional campaign and over $817,000 in independent expenditures against Democratic Illinois state Rep. Robert James Peters.
Marc Andreessen and Ben Horowitz, the founders of the Silicon Valley firm Andreessen Horowitz, donated $115.3 million, including $50 million to Leading the Future, a major super PAC supporting artificial intelligence (AI), according to The New York Times. They also donated $46.8 million to crypto super PAC Fairshake and $12 million to MAGA Inc., a super PAC supporting President Donald Trump.
Leading the Future affiliates spent money supporting a dozens candidates, all of whom won, Politico reported. The groups supported candidates including Democratic Florida Rep. Jared Moskowitz and Republican South Carolina Sen. Darline Graham.
OpenAI co-founder Greg Brockman and his wife, Anna, donated $50 million in the election cycle, saying they are motivated solely by American competitiveness in AI, according to The New York Times.
Most incumbents backed by the AI and crypto industries won their primaries by healthy margins, though some won by narrow margins. Democratic North Carolina Rep. Valerie Foushee won her primary by one percentage point after Jobs and Democracy PAC, a pro-AI Public First affiliate, spent $1.6 million supporting her.
Some of the biggest losses for the industries came from races where they spent the most, according to Politico. Democratic Michigan Rep. Shri Thanedar, a supporter of crypto, lost to his opponent despite Fairshake spending $2 million in support of him, according to Politico.
Thanedar was among several Democratic incumbents who lost their races to younger, further-left candidates.
The Jobs and Democracy PAC, Think Big, a Leading the Future affiliate and two smaller groups spent a total of $25 million on the race in New York’s 12th district. Think Big spent approximately $8 million opposing Democratic New York Assemblyman Alex Bores over his support for AI regulation, and he ultimately lost to Democratic New York congressional candidate Micah Lasher.
The top 20 biggest donors poured about $1.2 billion into the election cycle, including Elon Musk, George Soros and Miriam Adelson.
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