Crypto PACs Pour $1.5M Into Michigan and Iowa Senate Races, Signaling Potential Bigger Push

Two crypto-aligned political groups are launching a combined $1.5 million in advertising to back Republican Senate hopefuls in Michigan and Iowa, a move that could presage broader industry spending as federal crypto regulation is debated.

First Principles Digital is placing an $800,000 television and cable buy to support former Rep. Mike Rogers ahead of Michigan's Senate primary, concentrating ads in the Detroit media market. A related group, America First Digital, is committing $750,000 to promote Rep. Ashley Hinson in Iowa, with statewide spots running through mid-August.

"Mike Rogers has spent his career doing the work. Now he's ready to fight to lower the cost of living and protect the American Dream for Michigan families," said Jason Thielman, executive director of both First Principles Digital and America First Digital, in a statement to Axios.

Last cycle, crypto-funded groups spent roughly $10 million targeting Rogers on behalf of now-Sen. Elissa Slotkin (D-Mich.). Industry insiders also say more than $125 million in crypto-related cash remains largely on the sidelines with fewer than 100 days until the midterm elections.

"Rep. Ashley Hinson has built a record of taking on tough challenges and delivering meaningful results for working Iowans," Thielman added. "Our campaign will help ensure her constituents are aware of her commitment to delivering real results."

Meanwhile, Fairshake — the crypto sector's largest super PAC — has stayed neutral as negotiators attempt a last-minute push to secure the 60 votes needed to advance the market-structure CLARITY Act this summer. That restraint has frustrated some Republicans who want the bill put on the floor to force clear votes.

Senate Majority Leader John Thune (R-S.D.) indicated a procedural vote on the CLARITY Act is likely before the Senate adjourns. "We'll probably have a vote on the CLARITY Act," Thune said. "We'll see if the Democrats give us the votes to get on that."

Sen. Kirsten Gillibrand (D-N.Y.), a key Democratic negotiator on the CLARITY Act who also chairs the Democratic Senatorial Campaign Committee, could face complications if crypto donors start targeting candidates she supports. Gillibrand has also drawn personal criticism from progressives over her role in the talks.

Bottom line: Party leaders and campaign operatives on both sides are watching whether Fairshake will enter the 2026 cycle after spending aggressively in the previous cycle — more than $40 million in races including efforts in Ohio. The recent $1.5 million buys in Michigan and Iowa suggest the crypto industry is ready to be a more visible political player if negotiations over federal rules falter.