Election night delivered a sweeping win for Democrats—and an enormous loss for the crypto industry. The sector’s political action committees, which amassed hundreds of millions of dollars to back pro-crypto candidates nationwide, saw several high-profile picks lose, upending what had seemed like a reliable formula for turning money into political power. Crypto PACs including Fairshake, Defend American Jobs, and Protect Progress spent more than $170 million of their roughly $260 million war chest on the midterms, according to Tech Influence Watch, an independent public-interest tracker curated by software engineer and tech writer Molly White. Across Fairshake and its two affiliates, spending to support Republicans totaled roughly $75 million, compared with about $30 million to support Democrats. The network also spent roughly $36 million opposing Democratic candidates, including in party primaries. The bulk of the PACs’ money went to competitive races where their preferred candidates faced uphill battles—and ultimately lost. paywall removed for Redditors: https://fortune.com/2026/11/04/crypto-pacs-170-million-midterms-came-up-dry/?utm_source=reddit/
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