Crypto Money Still Matters for the Midterms
Despite a cooling market and shifting public interest toward artificial intelligence, the cryptocurrency industry remains a dominant force in U.S. midterm election spending. Crypto-backed super PACs like Fairshake have funneled over $200 million into political races, maintaining significant influence over legislative outcomes.
Why it matters
It highlights how niche industries can exert outsized influence on national policy through aggressive campaign financing, even when public sentiment is lukewarm.
The industry is a surprising top spender in the races.
Camilo Freedman / Bloomberg / Getty September 4, 2026, 6:36 PM ET Share Save This is an edition of The Atlantic Daily, a newsletter that guides you through the biggest stories of the day, helps you discover new ideas, and recommends the best in culture. Sign up for it here.
The crypto industry has always moved in cycles: booms and busts; bull markets and harsh, unforgiving “winters.” We’re in something of a lull right now: Bitcoin, the original cryptocurrency, is worth about two-thirds of what it was last fall. Meanwhile, investors are turning their attention to flashier innovations in artificial intelligence. About half of Americans now use AI chatbots, whereas just about a fifth of the country has ever used or invested in crypto.
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