Former New York Governor Andrew Cuomo stated that the cryptocurrency industry's significant financial support for the Republican Party has alienated Democratic lawmakers. He emphasized that a more balanced approach is necessary to secure the passage of federal crypto legislation, specifically the CLARITY Act.
Data from Tech Influence Watch indicates that crypto-focused political action committees have spent $54.3 million on supporting Republican candidates during the 2026 election cycle. In contrast, $26.2 million was directed toward Democrats, while an additional $23.2 million was spent opposing Democratic candidates.
During a panel at Token2049, Cuomo discussed the legislative landscape with OKX CEO Star Xu. He noted that while the CLARITY Act passed the House in July 2025 with support from 78 Democrats and 216 Republicans, it faced opposition from 134 Democrats. Furthermore, 18 Democratic senators supported the GENIUS Act in June 2025.
Cuomo argued that crypto technology aligns with Democratic goals of financial inclusion. He suggested that a Democratic-controlled Congress, which currently has a 61% probability of winning both chambers according to Kalshi, could still collaborate on crypto initiatives. Meanwhile, the PAC Fairshake announced plans to support 32 House candidates, including 19 Republicans and 13 Democrats.
