Crypto PACs spent $170 million on the midterms—and came up nearly dry

Election night delivered a sweeping win for Democrats—and an enormous loss for the crypto industry. The sector’s political action committees, which amassed hundreds of millions of dollars to back pro-crypto candidates nationwide, saw several high-profile picks lose, upending what had seemed like a reliable formula for turning money into political power.

Crypto PACs including Fairshake, Defend American Jobs, and Protect Progress spent more than $170 million of their roughly $260 million war chest on the midterms, according to Tech Influence Watch, an independent public-interest tracker curated by software engineer and tech writer Molly White.

Across Fairshake and its two affiliates, spending to support Republicans totaled roughly $75 million, compared with about $30 million to support Democrats. The network also spent roughly $36 million opposing Democratic candidates, including in party primaries.

The bulk of the PACs’ money went to competitive races where their preferred candidates faced uphill battles—and ultimately lost.

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