Gizmodo Crypto PACs Suffer Major Losses in 2026 Midterms
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- •Crypto and AI PACs spent over $250 million in the 2026 midterms but faced significant losses.
- •Democrat Sherrod Brown won in Ohio despite $64 million in opposition spending from crypto PACs.
- •The Democratic sweep indicates a potential increase in regulatory scrutiny for the crypto industry.
In the 2026 midterm elections, cryptocurrency and AI super PACs spent over $250 million, but the Democratic Party won control of both chambers of Congress, leading to significant losses for the crypto industry. Notably, Democrat Sherrod Brown defeated Republican Jon Husted in Ohio, despite over $64 million spent against him by crypto PACs. Overall, crypto PACs lost nine out of twelve competitive races, with $75.7 million spent on losing candidates. The election results signal a shift towards increased scrutiny of the crypto industry, particularly with Elizabeth Warren poised to chair the Senate Banking Committee. The total spending by crypto PACs was up from $130 million in 2024, indicating a growing influence in political financing. However, the losses may weaken the perceived electoral repercussions of opposing crypto funding. The outcome raises questions about the future regulatory landscape for the crypto industry.
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