US voters are choosing all 435 members of the House of Representatives and deciding 35 Senate races in midterm elections that could change control of Congress for the final two years of President Donald Trump’s second term. The outcome may also shape the future of cryptocurrency regulation and legislation.

Crypto industry groups have spent roughly $176 million across more than 100 races this election cycle, according to an Oct. 27 Reuters report. Coinbase, Ripple and Andreessen Horowitz are among the major backers of the Fairshake political network.

Republicans currently hold 219 House seats and 53 in the Senate, according to the Blockchain Association’s election dashboard. Democrats are seeking to overturn those majorities, with prediction markets favoring them to win both chambers, based on Kalshi data cited at the time of publication.

A change in control could affect scrutiny of Trump-linked crypto businesses and regulatory decisions. Senate control would also influence the confirmation of future nominees to regulatory positions. Ohio, Nebraska and Texas have drawn particular attention from crypto groups.

In Ohio, Republican Jon Husted is facing Democrat Sherrod Brown. Industry groups have reportedly spent more than $50 million opposing Brown, a longtime crypto critic who could return to a senior Senate committee role. In Nebraska, Republican Sen. Pete Ricketts, who has supported crypto-friendly legislation, is running against independent Dan Osborn. Fairshake has spent nearly $11 million in support of Ricketts, according to the Washington Examiner.

Texas is another closely watched contest, with Republican Ken Paxton facing Democrat James Talarico. The Winklevoss-backed Digital Freedom Fund has spent money supporting Paxton, Cointelegraph previously reported.

The election could also affect the prospects of the CLARITY Act, a crypto market structure bill that would divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, while setting rules for intermediaries. The Senate did not advance the bill in a 49–50 procedural vote on Sept. 15; 60 votes were needed.

Democratic Sen. Mark Warner cited a lack of safeguards against Trump profiting from his administration’s crypto policies. Republican sponsors said their final draft included significant ethics concessions sought by Democrats. A change in congressional control could reset the bill’s timeline, but the legislation has faced difficulties even under Republican leadership. The industry has already secured a federal stablecoin framework through the GENIUS Act, which became law in July 2025.

The election’s effect on Bitcoin is less clear. Analysts cited in the report cautioned that past midterm price moves are not enough to establish a reliable pattern. They pointed instead to factors including institutional investment, interest-rate expectations, liquidity and broader market conditions as more immediate influences on the cryptocurrency.

Sources: Cointelegraph.