Crypto PACs Win 28 of 30 Called House Races but Stumble in Key Senate Contests

Four prominent cryptocurrency super PACs saw their favored candidates win 28 of 30 called US House races but secured victory in just one of four called Senate contests, according to an analysis of Federal Election Commission filings by Unchained ¹. Despite an overall win rate of roughly 93% in called House contests, only $21.9 million of the $89.5 million spent across all projected races—amounting to 24.4%—backed victorious candidates ¹. The figures encompass independent expenditures disseminated since Sept. 1 and reported to the FEC as of Nov. 4, with additional reports covering late spending still pending ¹.

The financial shortfall stemmed largely from a heavy concentration of resources in the Ohio special Senate race, which absorbed $64.05 million, or 71% of the $90.22 million targeted across 36 general election races ¹. In Ohio, Defend American Jobs and Digital Freedom Fund spent aggressively to back Republican Sen. Jon Husted and oppose Democrat Sherrod Brown ¹. Brown's projected victory accounted for 94.7% of the $67.66 million that crypto super PACs lost on defeated candidates ¹. The committees found their sole projected Senate victory in Nebraska, where Defend American Jobs deployed $13.48 million against independent Dan Osborn in support of Republican Sen. Pete Ricketts ¹.

House Incumbent Splits and Legislative Fallout

In the lower chamber, crypto campaign committees experienced targeted upsets despite broad success ¹. Fairshake, which deployed about $1 million each during October to support six incumbents who previously backed the market structure Clarity Act in 2025, saw two of those lawmakers defeated ¹. Rep. Bryan Steil (R-Wis.) lost to Democrat Mitchell Berman, and Rep. Bill Huizenga (R-Mich.) lost to Democrat Sean McCann, while House Financial Services Committee Chair French Hill (R-Ark.) retained his seat by a projected 1.8-point margin ¹. Overall committee records diverged: Protect Progress went 9 for 9, Defend American Jobs went 16 for 17, Fairshake finished 4 for 6, and Digital Freedom Fund ended 0 for 3 ¹.

The expenditure push followed earlier industry funding disclosures, as tracked when crypto PACs deployed $176M as US midterms threatened congressional majorities ¹. However, with NBC projecting Democratic control of both chambers—holding 238 House seats and 54 Senate seats at the time of tallying—the legislative path for stalled digital asset market bills faces a reconstituted Congress ¹. Digital Chamber CEO Cody Carbone previously noted that delayed votes on the Clarity Act reflected legislative hesitancy surrounding campaign spending ¹. At the time of writing, $BTC traded around $80,101 while $ETH stood near $2,417.