Revealing the moment crypto started reshaping American elections
After FTX’s collapse, crypto looked like a likely target for heavy regulation, with the SEC pursuing aggressive enforcement against major firms. But the industry quickly shifted into politics, building a large cross-party lobbying and super PAC network led by groups like Fairshake. Crypto companies spent about $139 million on the 2024 elections and have raised more than $220 million for 2026. That spending helped reshape the political landscape: most backed candidates won, including many races where ads never mentioned crypto directly. The shift was followed by major policy changes, including dropped or narrowed SEC cases, a new SEC leadership posture, and passage of the GENIUS Act creating a federal stablecoin framework. Crypto money is now being used to reward allies and punish dissenters in key races, especially in Texas. Critics argue the timing of enforcement rollbacks suggests political influence is affecting regulatory outcomes, while supporters say the earlier crackdown was overreaching.
