Delmore maps crypto PAC money for 2026 midterms

Breadcrumbs analyst James Delmore presented a live breakdown of crypto PAC spending at the Consensus Miami 2026 Policy Summit on Thursday.

James Delmore, a research analyst at Breadcrumbs who has tracked crypto industry political spending since the 2024 cycle, took the Consensus Miami 2026 Policy Summit stage on Thursday to lay out where the money is going heading into November. The session arrived as the crypto industry sits on more political capital, literally, than at any previous point in its history.

The industry has committed over $288 million to the 2026 midterm cycle, according to available FEC data, more than double the roughly $130 million spent across the entire 2024 election.

Fairshake, the industry’s flagship super PAC backed by Coinbase, Ripple, and Andreessen Horowitz, holds approximately $221 million in unspent funds, making it the fifth most-funded PAC in the country.

Where the money is going

As crypto.news reported, a Fairshake-aligned group spent $514,000 in Indiana supporting Representative James Baird in his primary race. Fairshake and affiliated groups had already spent nearly $30 million on 2026 races by the end of March.

Earlier, Fairshake deployed $10.3 million opposing Illinois Lieutenant Governor Juliana Stratton in a Senate primary, mirroring a similar $10 million attack on Katie Porter in the 2024 California Senate primary.

The political context surrounding the session is defined by the CLARITY Act, which must reach the Senate floor before the August recess or risk losing its legislative window entirely.

As crypto.news noted, Ripple, Coinbase, and Andreessen Horowitz are among the largest backers of the spending push, collectively aiming to ensure the 120th Congress is the most pro-crypto session in U.S. history.