Crypto-linked political spending ramps up ahead of 2026 elections

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Crypto-backed political groups are amassing large war chests as they prepare for an expanded role in US elections, both at the state and federal level.

In California, Grow California plans to focus narrowly on state legislative races, avoiding the 2026 gubernatorial contest and expensive ballot initiatives. Larsen has argued that unions and special interests dominate the state’s political system and says lessons from recent crypto-backed campaigns show sustained spending can shift outcomes.

At the federal level, industry-backed super PAC Fairshake disclosed this week that it is sitting on $193 million in cash, fueled by major contributions from Ripple Labs, Andreessen Horowitz, and Coinbase. The group spent more than $130 million during the 2024 election cycle and says it intends to remain active through the 2026 midterms.

As debates over digital asset regulation intensify in Congress, crypto firms are increasingly treating political spending as a long-term strategy to shape policy and counter lawmakers they view as hostile to the industry.

[johnblockbuster]

grow california focusing on state legislative races makes sense, way cheaper than governor or ballot initiatives