You can feel the shift in Washington, D.C. when crypto money starts lining up behind an election.
This time, it's not just about blocking bad rules or buying time. It's about shaping what comes next.
Related: New $100M PAC backs pro-crypto politicians
Crypto industry's donation spikes as midterms approach
Fairshake, a crypto-backed political action committee (PAC), has raised roughly $193 million ahead of the U.S. midterm elections in November 2026, as per a latest Bloomberg report .
The donation underscores the industry's growing push to influence U.S. lawmakers as digital asset regulation inches forward.
The funding is centered around Fairshake, a bipartisan super PAC network that also includes Democrat-focused Protect Progress and Republican-aligned Defend American Jobs.
Together, the groups aim to support candidates seen as open to clearer crypto rules while opposing lawmakers viewed as hostile to the industry.
Major crypto firms have fueled the latest fundraising surge. The crypto company Ripple contributed $25 million in the second half of 2025, while the digital asset-focused venture capital firm Andreessen Horowitz added $24 million.
Coinbase (Nasdaq: COIN), the largest crypto trading exchange in the United States, had already donated $25 million during the first half of the year.
"With the midterms approaching, we are united behind our mission with Fairshake continuing to oppose anti-crypto politicians and support pro-crypto leaders," said Fairshake spokesperson Josh Vlasto.
The scale of the war chest is notable.
Fairshake and its affiliates spent roughly the same amount during the 2024 election cycle, when crypto-backed spending helped elevate several lawmakers who later supported stablecoin legislation.
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Senate committee advances key crypto legislation
The news coincides with progress on key crypto legislation.
On Jan. 29, the Senate Agriculture Committee voted to advance its version of a long-awaited crypto market structure bill to the Senate floor, following a markup hearing that debated amendments and core provisions of the legislation.
The bill passed the committee on a party-line vote, with 12 Republican senators in favor and 11 Democrat senators opposed, sending it to the next stage of the legislative process.
While far from final passage, the vote marked the first time a Senate committee has formally moved comprehensive crypto market structure legislation forward in this Congress.
The Agriculture Committee's bill focuses on defining the role of the Commodity Futures Trading Commission (CFTC) in overseeing digital asset markets, particularly spot markets for crypto commodities.
It aims to clarify when crypto assets should be regulated like commodities rather than securities.
Committee Chair John Boozman described the vote as an early but important step, noting that
"Advancing this bill is the first step, and there are many steps to come."
Attention now turns to the Senate Banking Committee, which has jurisdiction over securities markets and banking rules.
That panel postponed its own markup earlier this month and has yet to reschedule, leaving a key piece of the regulatory puzzle unresolved.
Political donation meets legislative gridlock
For crypto firms, the timing is no coincidence.
While President Donald Trump signed the GENIUS Act into law last year, it created a federal framework for USD-pegged stablecoins, broader rules for exchanges, token classifications and regulatory jurisdiction remain unfinished.
Related: Wall Street's GENIUS Act could spell trouble for the largest stablecoin issuer
The GENIUS Act focused narrowly on stablecoins, requiring issuers to back tokens one-for-one with high-quality assets and comply with oversight standards. It did not address how most cryptocurrencies should be regulated or which regulatory agency has final authority over them.
That gap is what market structure legislation is meant to fill.
With the Senate split across committees and midterm elections looming, industry players see committee control and legislative momentum as decisive.
At the time of writing, markets were under pressure. Bitcoin (BTC) traded near $85,083, down 5.0% over the past 24 hours.
Ethereum (ETH) hovered around $2,833, sliding 5.6%, while XRP stood at roughly $1.80, down 5.1%, according to market data .
Related: Coinbase, Ripple urge Senate Committee to preserve 'genius' rewards
This story was originally published by TheStreet on Jan 29, 2026, where it first appeared in the Policy section. Add TheStreet as a Preferred Source by clicking here.
