$193M Crypto War Chest Forces White House to the Table
The cryptocurrency industry has built a significant political war chest of $193 million ahead of the midterm elections, prompting the White House to engage in negotiations over a stalled digital asset bill. With major contributions from firms like Ripple and Coinbase, the industry is poised to influence pro-crypto candidates while the CLARITY Act faces challenges due to conflicts between crypto firms and traditional banks. The banking sector is alarmed, warning of potential losses as the stablecoin market grows, which adds urgency to the negotiations.
The cryptocurrency industry has amassed $193 million in political firepower with midterm elections just ten months away, and the White House is now scrambling to rescue a stalled digital asset bill. With that kind of money on the table, the Trump administration has effectively been summoned to the negotiating table. War Chest Loaded Before The Battle Even Begins Crypto political action committee Fairshake announced Tuesday that it held $193 million at the end of 2025—nearly matching the $195 million it spent during the entire 2024 election cycle. The money is already in the bank, and the campaign hasn’t even started. Ripple contributed $25 million, and venture capital firm a16z added $24 million in the second half of last year, while Coinbase gave $25 million in the first half. A Fairshake spokesperson said the PAC remains committed to backing pro-crypto candidates and opposing lawmakers hostile to the industry. Bill Stalls, White House Steps In The problem: while this financial arsenal looms over Washington, the industry’s top legislative priority is stuck. The CLARITY Act, a comprehensive bill on digital asset market structure, was pulled from a Senate Banking Committee vote earlier this month after crypto firms and traditional banks clashed over stablecoin yield provisions. Now the White House is intervening directly. President Trump’s crypto policy council will convene executives from both camps on Monday to hammer out a compromise. The Blockchain Association, Digital Chamber, and Crypto Council for Innovation have confirmed their participation. Banks Sound The Alarm: $1.5 Trillion At Risk The banking industry’s opposition isn’t theatrical—it’s existential. Standard Chartered’s global head of digital assets research, Geoff Kendrick, issued a stark warning this week, estimating that US bank deposits could shrink by roughly one-third of the total stablecoin market cap. If that market grows to $2 trillion, developed-market banks could lose roughly $500 billion i...
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