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The Price of Crossing Crypto Could Be Higher in 2026

After spending $130 million in 2024, the crypto industry's political machine is richer and more fractured heading into the midterms.
Four people stand at a podium during an official event, with an American flag visible in the background, as a man in a gray suit and green striped tie speaks into a microphone while three women in blue attire stand beside him applauding.
Sen. Sherrod Brown of Ohio gives a concession speech during an Election Night party on November 5, 2024, in Columbus, Ohio. (Photo by Stephen Maturen/Getty Images)

While two new players plan to back GOP candidates, the biggest one works both sides of the aisle.

When Illinois Lt. Gov. Juliana Stratton emerged victorious from the state’s Democratic Senate primary in March, she didn’t just defeat her Democratic opponents, she also overcame a $10.3 million campaign by the crypto industry’s largest PAC, Fairshake, to sink her candidacy.

Alex Demas is a reporter at The Dispatch and is based in Washington, D.C. Prior to joining the company in 2023, he worked in England as a financial journalist and earned his MA in Political Economy at King's College London. When not heroically combating misinformation online, Alex can be found mixing cocktails, watching his beloved soccer team Aston Villa lose a match, or attempting to pet stray cats.

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