- Faruk Fatih Ozer, founder of the collapsed Thodex crypto exchange, was found dead on the morning of November 1, 2025, in his single-person cell at a Turkish prison.
- Fundraising surpasses oil and gas political spending in 2024.
- Effort coincides with new crypto legislation including the GENIUS Act and FinCEN AML delay.
Crypto-focused political action committees (Crypto PACs) have built a $263 million political war chest, surpassing oil and gas spending and positioning digital assets among the most well-funded sectors in U.S. politics.
The $263 million figure represents an aggregate total intended to influence congressional races. The largest contributor is Fairshake, which spent about $135 million across more than 50 congressional races in the 2024 cycle.
Crypto PACs Outspend Oil and Gas Industry in 2026 Election Cycle
The scale of the crypto industry’s political spending now surpasses that of the traditional energy sector. The $263 million raised by Crypto PACs exceeds the $260 million total political spending by the oil and gas industry during the 2024 election cycle, according to data compiled by OpenSecrets.
This comparison derived from FEC data confirms the digital asset sector has rapidly increased its political financial footprint. Major contributors to these PACs include Coinbase Global Inc., Ripple Labs, and venture capital firms such as Andreessen Horowitz.
Crypto Fundraising Aligns With GENIUS Act Passage and FinCEN AML Delay
The increased crypto fundraising activity has coincided with several significant policy developments. In July 2025, President Donald Trump signed the Generating Efficient National Infrastructure for Uniform Stablecoins (GENIUS Act), establishing a unified federal framework for stablecoin issuers.
The Act requires issuers to comply with the Bank Secrecy Act for anti-money laundering protocols and clarifies that payment stablecoins are neither securities nor commodities. Additionally, the Financial Crimes Enforcement Network (FinCEN) postponed implementation of its new anti-money laundering (AML) rule for investment advisers from January 1, 2026, to January 1, 2028, citing industry feedback.
CFTC Acting Chair Caroline Pham said on October 30, 2025, that a new “crypto sprint” initiative aims to align oversight between the CFTC and SEC, seeking a departure from the previous era of “regulation by enforcement.”
Congress Examines Ethics Rules Amid Expanding Crypto Political Influence
The expansion of political investment has prompted legislative scrutiny over conflicts of interest. Representative Ro Khanna (D-CA) introduced the “Ban Crypto Corruption” resolution on October 27.
The measure seeks to prohibit the President, members of Congress, and their families from owning or trading cryptocurrencies to prevent conflicts of interest. Khanna stated the proposal aims to prevent officials from profiting from their office.
Chain Street’s Take
With more than $260 million raised and several months remaining before the 2026 elections, crypto PACs are expected to play a visible role in campaign financing and issue advocacy. The extent of their influence will depend on how effectively they align with congressional and state-level candidates during the next phase of the election cycle.
