Crypto and AI Sectors Face Setback After $250M Midterm Spending Push

Crypto and AI companies poured $250 million into the midterms to shape future regulatory legislation, but suffered major setbacks in key battleground races. In the 12 decisive competitive races that have been called, candidates backed by crypto and AI super PACs lost nine. Spending on losing bids reached $74.7 million, dwarfing the $28.3 million spent on winning candidates. While industry money held a high win rate in safe seats, defeats in multi-million-dollar marquee showdowns—such as the Ohio Senate race—have weakened its political deterrence in Congress.