The three major political action committees in the U.S. cryptocurrency industry spent approximately $170 million to influence the midterm elections, with funding clearly favoring the Republican Party

According to CoinDesk, as the U.S. midterm elections on November 3 approach, the three major political action committees (PACs) in the cryptocurrency industry have collectively invested about $170 million to support congressional candidates, with the overall funding flow clearly favoring the Republican Party, despite recent polls and prediction markets indicating that the Democratic Party is more likely to expand its influence in Congress.

Among them, Fairshake, supported by Coinbase, a16z, and Ripple Labs, has invested about $154 million and retained approximately $56 million for the next round of elections. The Digital Freedom Fund, backed by the Winklevoss brothers, has invested over $8 million this month, focusing on preventing Democratic candidates in Ohio, Texas, and Iowa from winning Senate seats. The Fellowship Fund, closely related to Cantor Fitzgerald and Tether, primarily supports Republican candidates while providing a total of $600,000 to three incumbent Democratic lawmakers.

Reports indicate that Fairshake has invested nearly $56 million to prevent former Democratic Senator Sherrod Brown from returning to the Senate and has invested nearly $11 million to support Nebraska Republican Senator Pete Ricketts.

Currently, the prediction market Kalshi gives the Democratic Party about a 70% chance of controlling both the House and Senate simultaneously. Even if the Republican candidates supported by the cryptocurrency industry win, significant legislation regarding the future structure of the cryptocurrency market and taxation will still need to seek Democratic support to overcome the procedural threshold of 60 votes typically required in the Senate.