At the end of June, crypto super PAC Fairshake had almost $127 million cash on hand, second among outside campaign groups only to the primary Republican PAC, the Senate Leadership Fund. The crypto industry has already spent $189 million on House and Senate races this year on top of $133 million spent during the 2024 cycle, according to campaign finance disclosures. While they struggle to maintain consumer interest in their product, crypto has gone all-in on political spending as a top business strategy. “There’s no secret that what they’re up to is trying to use their hundreds of millions of dollars to buy influence and buy the result they want,” said Sen. Chris Van Hollen (D-MD) in an interview.

A year ago, that…