Democrats are drawing closer to the crypto industry despite Trump divisions
Supreme Court News
As President Donald Trump builds a crypto empire ? including hosting a private dinner with top investors at his golf club ? Democrats have united in condemning what they call blatant corruption from the White House.
But the Democratic Party’s own relationship with the emerging crypto industry is far less cut and dried.
Work in the Republican-led Senate to legitimize cryptocurrency by adding guardrails has drawn backing from some Democrats, underscoring growing support for the industry in the party. But divisions have opened over the bill, with many demanding it prevent the Republican president and his family from directly profiting from cryptocurrency.
“I’m all on board with the idea of regulating crypto,” said Sen. Chris Murphy, D-Conn. “But at this moment, when cryptocurrency is being so clearly used by Donald Trump to facilitate his corruption, I don’t think you can close your eyes to that when you’re legislating.”
The legislation is moving ahead more rapidly than Congress usually acts when an industry is new. But the big money and campaign donations flowing from cryptocurrency firms have made them a new powerhouse on the political scene, one that’s increasingly gaining allies and capturing the attention of lawmakers.
A look at what to know about the industry’s clout and the political fight over what’s known as the GENIUS Act.
To understand the growing clout of the crypto industry, look no further than the 2024 election. Fairshake, a crypto super political action committee, and its affiliated PACs spent more than $130 million in congressional races.
Fairshake spent roughly $40 million supporting Republican Bernie Moreno in Ohio in an effort to defeat Democratic Sen. Sherrod Brown. Brown, who lost to Moreno by more than 3 percentage points, was seen as a chief critic of the industry as the chairman of the Senate Banking Committee.
“DC received a clear message that being anti-crypto is a good way to end your career, as it doesn’t represent the will of the voters,” Brian Armstrong, the CEO of Coinbase, wrote in a social media post the day after the 2024 election.
Coinbase ? the largest crypto exchange in the U.S. and biggest contributor to Fairshake ? does not view support for its industry as partisan, according to Kara Calvert, the company’s vice president of U.S. policy. The industry also spent heavily to support Democrats Ruben Gallego and Elissa Slotkin in their races for open Senate seats in battleground states.
Fairshake spent $10 million in support of Slotkin during her successful Senate run against Republican Mike Rodgers, and Slotkin, who won the Michigan race by fewer than 20,000 votes, spoke in favor of crypto on the campaign trail.
Similar dynamics are setting up ahead of 2026 in contested House and Senate races. Fairshake said in January that it already had $116 million in cash on hand aimed at the 2026 midterm elections.
Related listings
-
US communities spanning from red to blue blast Trump sanctuary list
U.S. Supreme Court News 06/11/2025State and local officials blasted the Trump administration’s widely anticipated list of “sanctuary” jurisdictions that are deemed uncooperative with federal immigration enforcement, with some of the most enthusiastic supporters of t...
-
World financial markets welcome court ruling against Trump's tariffs
U.S. Supreme Court News 05/30/2025Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law.U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose agains...
-
Appeals court allows Trump’s anti-union order to take effect
News Releases 05/25/2025An appeals court has cleared the way for President Donald Trump’s executive order aimed at ending collective bargaining rights for hundreds of thousands of federal employees while a lawsuit plays out.The Friday ruling came after the Trump admin...

The Law Offices of John M. Lynch, LLC - Our goal is to serve you and make your experience a pleasant one
Our firm founder John M. Lynch is a proven trial lawyer with a record of success in state and federal courts. His former service as a police investigator and federal drug task force agent enable him to see a case from all sides. He is routinely hired by other attorneys to assist with criminal cases. His peer recognition is also evident in the recognition that he has earned with Top 100 Trial Lawyers, AV Preeminent Rating and Super Lawyers. He has also been named as one of the Best Attorneys in St. Louis, a Rising Star in Missouri and a Rising Star in Kansas. His unique and broad -based experience has led to unparalleled success that include dismissal of charges, acquittal and markedly beneficial settlements.
Attorney John M. Lynch comes from a strong law enforcement background with a decade of experience as a police investigator and federal drug task force agent. Paired with his legal degree from St. Louis University School of Law, Mr. Lynch provides a unique and candid perspective for people charged with a full range of criminal activities.