Opinion: The crypto industry's overbet on the Republican Party has alienated the Democratic Party, and advancing the CLARITY Act requires bipartisan support.

BlockBeats news, October 8: Former New York Governor Andrew Cuomo said at Token2049 that the crypto industry's strong support for the Republican Party in the past has alienated the Democratic Party, and that advancing U.S. federal crypto legislation requires bipartisan support. Cuomo said the industry previously "bet heavily on the Republican Party" to push the CLARITY Act, but "you need the Democrats, and you also need the Republicans, and it has to be more balanced."

In the 2026 election cycle, crypto industry-related political action committees have spent $54.3 million to support Republicans, $26.2 million to support Democrats, and another $23.2 million to oppose Democratic candidates.

Cuomo also pushed back on the view that Democrats are "anti-crypto," saying crypto technology actually aligns with Democratic ideals because it can help people who otherwise lack access to financial products obtain financial services. He said that if Democrats control Congress after the midterm elections, they may choose to weaken the Trump administration's crypto policies, or they may work with it to advance a complete CLARITY Act.

Currently, Fairshake has announced that it will support 32 House candidates in the November midterm elections, including 19 Republican candidates and 13 Democratic candidates.