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

Crypto industry PACs spent over $170 million of their roughly $260 million war chest on the 2026 midterms but saw several high-profile preferred candidates lose, according to Tech Influence Watch. Fairshake and affiliates Defend American Jobs and Protect Progress directed about $75 million to Republicans versus $30 million to Democrats, plus roughly $36 million opposing Democratic candidates. In Ohio, more than $40 million backing incumbent Republican Sen. Jon Husted and $24 million opposing Democrat Sherrod Brown failed to prevent Brown's victory, a reversal from 2024 when crypto money helped Bernie Moreno unseat him. In Wisconsin, nearly $2 million went to support Republican Rep. The results undercut the sector's assumption that concentrated spending reliably converts into political influence, with most funds deployed in competitive races their candidates ultimately lost. Watch whether the PAC network recalibrates its spending strategy and candidate targeting ahead of the next election cycle.