Spending $189 million, what did the crypto donors get?

Crypto industry donors spent $189 million on the 2026 U.S. midterm election cycle, up from $119 million in 2024, but Democrats swept both chambers of Congress and nine of the 12 candidates backed by crypto and AI super PACs lost. The biggest defeat came in Ohio, where Fairshake affiliate spent $64 million backing Jon Husted against crypto critic Sherrod Brown, who won; Fairshake said it will stay engaged through 2028. The results threaten the industry's regulatory gains, including the GENIUS Act stablecoin framework signed by Trump and lighter agency treatment of digital asset firms, though Trump-appointed regulators remain in place. Pro-crypto lawmakers still hold 228 House and 19 Senate seats, per Stand With Crypto, but a Democratic-controlled Congress is expected to pursue stricter oversight and curb agency discretion. Politically exposed tokens sold off, with World Liberty Financial's WLFI falling about 6% and Trump's meme coin dropping roughly 20%. Watch whether the new Congress moves to tighten stablecoin and digital asset rules, and whether Fairshake and other crypto PACs shift strategy or spending ahead of 2028.