Midterms: Elon Musk and the crypto industry spent millions… in vain?

Elon Musk and the crypto industry spent hundreds of millions of dollars to influence the U.S. midterm elections, but Democrats regained control of Congress despite those record outlays. The result marks a setback for the billionaire and major crypto firms that had hoped to speed passage of legislation favorable to the sector. The article did not disclose specific token prices, total value locked, trading volumes, market capitalization or funding figures beyond the headline characterization of spending in the millions to hundreds of millions. It matters because the industry's legislative agenda now faces a divided or opposition-controlled Congress rather than the friendlier path donors had bankrolled. What to watch next is whether crypto-backed lawmakers and lobbying groups can still advance market-structure and stablecoin bills, and whether donors keep spending at the same pace in the next election cycle.