Imagine a world where the phrase “money is power” takes on a whole new meaning. A world where the wealth of the crypto industry’s lobbyists has become so vast that it threatens to upend the traditional concept of campaign finance. The crypto industry has amassed a staggering $135 million to influence the 2024 election, with a whopping $180 million more ready to be deployed between now and November. This unprecedented war chest has the potential to reshape the political landscape in ways both subtle and profound. As the midterms approach, one thing is clear: the crypto lobby has more money than God.
The Rise of Crypto PACs
Crypto PACs, or political action committees, have become a major force in the 2024 election. These committees are formed to raise and spend money on behalf of a specific cause or industry, in this case, the crypto industry. Fairshake, the largest single-issue PAC in history during the 2024 election cycle, is a prime example. Funded by big names in the crypto world like Coinbase, Andreessen Horowitz, and Ripple Labs, Fairshake aims to elect politicians who will be “light on regulations” and in favor of abolishing consumer protection laws. But Fairshake is not alone; other crypto PACs like Protect Progress and Defend American Jobs have also spent money on both Democrats and Republicans, demonstrating the industry’s willingness to play both sides of the aisle.
One of the most striking aspects of the crypto industry’s influence is its alignment with the far-right. President Donald Trump, a long-time skeptic of cryptocurrency, has become deeply immersed in the world of crypto, hosting a high-profile conference at Mar-a-Lago in April. The event promises to be the “most exclusive crypto and business conference in the world,” with Mike Tyson and Tony Robbins set to speak alongside the President. This alignment has raised eyebrows, particularly given the industry’s tendency to prioritize profits over people.
The Money Trail
So, where does all this money come from? The answer lies in the industry’s ability to amass enormous profits. According to Forbes, President Trump made a staggering $1 billion from crypto in the first half of 2025 alone. This kind of wealth is unprecedented in modern politics, where the mildest of consequences often accompany such actions. It’s worth noting that the GOP’s Congressional Leadership fund had $91.4 million on hand as of early March, while the Republican Party’s Senate Leadership fund had $166.4 million. But the crypto lobby’s war chest dwarfs these figures, with a total of $180 million ready to be deployed between now and November.
But the money trail goes far beyond just the 2024 election. Crypto groups have spent over $20 million in the 2026 cycle so far, including on ads in places like Illinois, where they oppose the election of La Shawn Ford, a state representative running for federal office. The ads, which attacked Ford for “ripping off” and evicting “those in need,” were purchased last month, according to Google’s ad transparency center. Ford has called the ads “false, misleading, and defamatory.”
Where’s the Money Coming From?
So, who’s behind this massive influx of cash? The answer lies in the stablecoin company Tether, backed by Fellowship PAC, which has more than $100 million to deploy. Jesse Spiro, Vice President of Regulatory Affairs at Tether, is the chairman of Fellowship, according to The Block. Tether, in turn, has ties to the Trump regime through Commerce Secretary Howard Lutnick, who founded Cantor Fitzgerald, now run by his sons. Cantor Fitzgerald holds a 5% stake in Tether and works as its asset manager. The potential for conflicts of interest is clear.
But the story doesn’t end there. The crypto industry’s influence extends far beyond its lobby and PACs. The industry’s war chest is a symptom of a broader issue: the normalization of corruption in politics. As the industry’s profits continue to soar, so too will its influence. It’s time for policymakers to take a closer look at the money trail and ask: what’s the cost of this kind of influence?
What’s at Stake?
The stakes are high, and the consequences are clear. The crypto industry’s influence could lead to a rollback of consumer protection laws, leaving citizens vulnerable to financial exploitation. It could also lead to a further polarization of politics, as the industry’s vast resources are used to sway elections. But it’s not all doom and gloom. There are those who are fighting back, advocating for greater transparency and accountability in the industry. It’s time for policymakers to take action and ensure that the money trail is transparent and accountable.
One potential solution is for policymakers to introduce stricter regulations on the industry. This could include disclosure requirements for crypto companies, as well as stricter rules on campaign finance. It’s also essential to hold industry leaders accountable for their actions, whether through investigations or other means. By taking a closer look at the money trail, policymakers can ensure that the crypto industry’s influence is used for the greater good, rather than the profit of a select few.
Conclusion
The crypto industry’s war chest has reached unprecedented heights, threatening to upend the traditional concept of campaign finance. The industry’s influence extends far beyond its lobby and PACs, with ties to the Trump regime and a potential conflict of interest. But it’s not all doom and gloom. There are those who are fighting back, advocating for greater transparency and accountability in the industry. It’s time for policymakers to take action and ensure that the money trail is transparent and accountable. Only then can we ensure that the crypto industry’s influence is used for the greater good, rather than the profit of a select few.
