Blockchain Leadership Fund, supported by Chainlink Labs and Anchorage Digital, has endorsed 10 candidates across seven states for the 2026 midterm elections, marking an aggressive push by the crypto industry to shape electoral outcomes. The endorsements span four Senate races and six House contests, with backing from contributors including Anchorage Digital ($100,000) and Chainlink Labs ($75,000). Separately, Fellowship PAC disclosed a $500,000 commitment to Texas Attorney General Ken Paxton’s US Senate bid, signaling intensifying financial commitments ahead of the midterms.
Crypto Industry Mobilizes for 2026 Cycle
Blockchain Leadership Fund’s endorsements reflect a bipartisan strategy designed to advance candidates viewed as crypto-friendly across party lines. The slate includes Republican Senate candidates Barry Moore (Alabama), Kurt Alme (Montana), and Jon Husted (Ohio), alongside Democrat Angie Craig (Minnesota). House endorsements include Adrian Boafo (Maryland), Christian Menefee (Texas), and Don Davis (North Carolina). Anchorage Digital’s statement emphasized the group’s focus on “supporting responsible innovation and constructive policymaking that brings digital assets further into the regulatory perimeter.” The fund has raised $175,000 to date, positioning itself as a smaller but coordinated player in crypto political spending.
Fellowship PAC Doubles Down on Texas Senate Race
Fellowship PAC’s $500,000 commitment to Ken Paxton represents a significant concentration of crypto capital in a single race. The PAC, backed by Cantor Fitzgerald, holds $11 million in total funds and has previously withdrawn support for Paxton amid internal pressure before this latest disclosure to the Federal Election Commission. The Texas Senate race has become a focal point for crypto industry backing, with Trump’s endorsement of Paxton over incumbent John Cornyn in the Republican primary runoff amplifying interest. Competing crypto PACs, including Fairshake affiliates, have spent substantially more across overlapping races, with Defend American Jobs PAC spending $8.5 million and Protect Progress deploying $4.1 million on Menefee alone.
Crypto Spending Outpaces Traditional Political Norms
The crypto industry’s 2026 midterm strategy reflects lessons learned from 2024, when Fairshake-backed PACs emerged as top spenders in select races. Blockchain Leadership Fund and Fellowship PAC now represent a second wave of industry-backed political infrastructure focused on regulatory capture and policy alignment. The concentration of spending in Senate races, particularly Texas, underscores the industry’s targeting of upper-chamber seats with direct influence over financial regulation and digital asset policy. Competing PACs from Fairshake demonstrate fragmentation within the industry’s political apparatus, though shared objectives around regulatory clarity persist.
Next Milestones and Uncertainty Ahead
Blockchain Leadership Fund indicated it may endorse additional candidates beyond the initial 10, though specific timelines remain undisclosed. The 2026 midterms will test whether crypto-backed candidates can convert early endorsements and funding into electoral victories. Primary races in key states, including Texas’s Republican runoff dynamics, will emerge as early indicators of crypto PAC effectiveness. FEC disclosures will provide ongoing visibility into spending patterns and strategic shifts across competing crypto industry groups.
