Crypto's Political Machine Targets 32 House Seats With Millions Ahead of US Midterms

The cryptocurrency industry is putting millions of dollars behind 32 US House incumbents as it prepares for another fight over digital asset regulation after a major crypto bill stalled in the Senate.

Fairshake, the industry's leading political action committee, said it will support 19 Republicans and 13 Democrats in November's midterm elections. Six of the candidates are set to receive $1 million each in planned spending. All 32 supported the CLARITY Act when it passed the House in 2025, making their voting records a key part of Fairshake's selection.

Six Candidates Get $1 Million Each

The six candidates receiving the largest disclosed spending are evenly divided between the two parties. The Republican recipients are French Hill of Arkansas, Bill Huizenga of Michigan, and Bryan Steil of Wisconsin.

Hill chairs the House Financial Services Committee, while Steil chairs its Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee. Huizenga is the committee's vice chair. The three Democratic recipients are Janelle Bynum of Oregon, Steven Horsford of Nevada, and Derek Tran of California.

Fairshake has not disclosed how much it plans to spend on the other 26 House candidates. Spokesman Geoff Vetter said the organisation supports candidates based on their positions on crypto policy rather than their party affiliation.

$120 Million Remains in Crypto's Political Network

Fairshake and its affiliated political action committees reported about $120 million in cash on hand at the end of August. The figure represents money held by the political network and is not the amount being spent on the 32 House races.

Fairshake and its affiliated groups had already spent about $71 million in primaries and special elections during the current election cycle, according to figures reported by the group. It said 53 of the 57 races it engaged in had produced victories for its backed candidates. The organisation has not said whether it will increase its House or Senate spending before November.

Why These House Seats Matter

The 32 candidates include lawmakers serving on committees that could influence future crypto legislation. Several sit on the House Financial Services Committee, while others serve on the Ways and Means Committee, which could have a role in tax legislation affecting digital assets.

The Agriculture, Science, and Judiciary committees are also represented. Their positions could become important if Congress revisits legislation covering cryptocurrency markets after the election. Fairshake's list is therefore focused on lawmakers who already hold influential positions in Congress and have previously supported legislation important to the crypto industry.

Senate Setback Raises the Stakes

The House spending comes after the CLARITY Act failed to advance in the Senate last month. The legislation was intended to establish a federal framework for digital asset markets. It had already passed the House before the Senate setback left the industry's broader market structure push unresolved. Attention is now turning towards the next Congress, where lawmakers could revisit the legislation.

Fairshake has also made a much larger investment in an Ohio Senate race. The group has pledged nearly $30 million to oppose former Democratic Senator Sherrod Brown, who is seeking to return to the Senate. That spending followed the Senate's failure to advance the crypto market structure bill.

Fairshake's Bipartisan Strategy

Fairshake's House list gives the crypto industry potential allies in both parties. Vetter said the group is an issue-focused organisation and backs pro-crypto candidates who support American innovation regardless of party affiliation.

The organisation's political spending is conducted independently of the campaigns it supports. Its advertising can focus on issues other than cryptocurrency, depending on the race and the messages it believes will appeal to voters. That approach allows Fairshake to support candidates across the political divide while concentrating its spending on races it considers important.

November Could Shape the Next Crypto Fight

The November elections could determine whether the crypto industry enters the next Congress with a stronger bloc of lawmakers willing to revisit market structure legislation. Fairshake's spending gives it a direct financial stake in those races, particularly as the Senate setback has left the industry's legislative agenda unresolved.

But even if its backed candidates win, the industry will still face a tougher test in the Senate. The next Congress would need to bridge the disagreements that stalled the CLARITY Act and build enough bipartisan support to move a new framework through both chambers. For Fairshake, the election is therefore not just about protecting pro-crypto incumbents, but about shaping the political landscape for the next attempt at crypto legislation.