Crypto Super PACs Spent About $170 Million in the Midterms, Mostly for Republicans, Two Days Before Election Day

Three leading crypto super PACs have spent about $170 million in the midterm elections, and most of it favored Republicans or opposed Democrats, CoinDesk reported ahead of the November 3 vote.

Fairshake and its affiliates spent $154 million on favored candidates, according to a spokesman, and still hold $56 million. Nearly $56 million went to defeat former Democratic Senator Sherrod Brown in Ohio, and about $11 million to bolster Republican Pete Ricketts in Nebraska. The Winklevoss-backed Digital Freedom Fund put more than $8 million into the general election this month across Ohio, Texas and Iowa, including $7.2 million in Ohio, of which $4.2 million opposed Brown. The Cantor Fitzgerald-funded Fellowship Fund, which is tied to Tether, gave $3.8 million to Republicans earlier, including Ken Paxton, and $600,000 to Democratic incumbents, half of it to Ritchie Torres.

The figures exclude dark money and individual donations. Prediction market Kalshi gave a 70% chance that Democrats win both chambers of Congress, so the spending could meet a different outcome than the one it favored.

The result will shape the political backdrop for pending crypto legislation.

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Sources:

• CoinDesk: Crypto PACs made big Republican push in final weeks before November 3 election