Three major political action committees backed by the U.S. crypto industry have spent about $170 million to influence the midterm elections, with funding clearly favoring Republicans.

TechFlow reported on November 1, citing CoinDesk, that as the U.S. midterm elections on November 3 approach, three major super political action committees (PACs) backed by the crypto industry have collectively spent about $170 million supporting congressional candidates, with overall funding clearly favoring Republicans, even though the latest polls and prediction market data suggest Democrats are more likely to expand their influence in Congress.

Among them, Fairshake and its affiliated organizations, backed by Coinbase, a16z and Ripple Labs, have spent about $154 million and reserved about $56 million for the next election cycle. The Digital Freedom Fund, backed by the Winklevoss brothers, has spent more than $8 million this month, focusing on blocking Democratic candidates in Ohio, Texas and Iowa from winning Senate seats. The Fellowship Fund, closely associated with Cantor Fitzgerald and Tether, has primarily supported Republican candidates while also providing a total of $600,000 to three incumbent Democratic lawmakers.

The report said Fairshake has spent nearly $56 million to prevent former Democratic Senator Sherrod Brown from returning to the Senate and nearly $11 million to support Nebraska Republican Senator Pete Ricketts.

Currently, prediction market Kalshi gives Democrats about a 70% probability of controlling both the House and Senate simultaneously. Even if Republican candidates backed by the crypto industry win, major future legislation on crypto market structure and taxation will still need Democratic support to clear the 60-vote procedural threshold typically required in the Senate.

Source: TechFlow