Crypto companies have already contributed $189 million to influencing the 2026 midterms, giving the industry an enormous pool of money to reward allies and punish critics. A new Public Citizen report shows how quickly crypto has become one of Washington’s most powerful corporate forces, even before voters reach the general election.

Much of the money has flowed into Fairshake and its affiliated groups, Defend American Jobs and Protect Progress, which intervene in races involving candidates from both parties. But a substantial portion has also gone to explicitly Republican organizations, including the Trump-aligned MAGA Inc., Digital Freedom Fund, and Fellowship PAC. Backed by corporate crypto giants like Coinbase and…