New polling data suggests that the cryptocurrency and artificial intelligence industries may become political liabilities for candidates in the 2026 US midterm elections, as voter distrust remains high despite record industry spending on campaign contributions.
Voter skepticism runs deep across party lines
A recent survey conducted by Public First for Politico found that 47% of Americans trust traditional banks more than crypto platforms, while only 17% trust crypto equally. The numbers for AI are similarly challenging: 43% of respondents believe the risks of AI outweigh its benefits, compared to 33% who see net positives.
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These findings come at a time when the crypto and AI industries have amassed significant political war chests. Pro-crypto PAC Fairshake and AI-focused Super PAC Leading the Future have raised millions, yet public awareness of these groups remains minimal. According to the same Politico poll, only 3% of voters have heard of Fairshake, and just 9% know about Leading the Future.
Industry spending draws scrutiny
The 2024 election cycle saw remarkable direct spending by crypto companies, including Coinbase and venture capital firm a16z, who openly contributed millions to campaigns. Unlike traditional corporate donors that often use dark money groups to obscure their funding, these firms were unusually transparent about their contributions.
Rick Claypool, research director at Public Citizen, told Cointelegraph that “generally speaking, voters are against corporate money influencing politics.” He noted that crypto’s aggressive spending strategy is unusual because “the norm had been for big, brand-name corporations not to engage directly.”
Michael Beckel, director of money in politics reform at Issue One, added that “if voters view an industry as toxic, that can have serious implications for candidates who don’t want to be perceived as too close to a controversial company or industry.”
Grassroots opposition gains momentum
Local movements against AI data center construction have already achieved tangible results. According to Data Center Watch, communities in seven states have blocked or delayed over $64 billion in data center investments. Maine is considering a statewide ban, while municipalities in California, Oregon, Arizona, Texas, Missouri, Indiana, and Virginia have halted or restricted projects.
Claypool sees this as an opportunity for congressional candidates “to seize the grassroots momentum against data centers and Big Tech for Democrats in particular, but not exclusively, since the tech sector has so fully enmeshed itself with the Trump administration.”
Political alignment carries risks
The crypto industry has attempted to maintain bipartisan appeal, with Coinbase CEO Brian Armstrong calling crypto “the most bipartisan issue” in Washington. However, the sector’s policy priorities—including deregulation and reduced enforcement—align more closely with Republican positions.
Claypool noted that “crypto billionaires have tried to present themselves as scrappy underdogs against Wall Street,” but added that “that’s a less compelling argument now that crypto allies run, in addition to the White House, the DOJ, SEC, CFTC, the Treasury Dept., and the Commerce Dept.”
The industry’s close ties to President Donald Trump, including his full embrace of crypto in 2024, pardons for convicted crypto executives, and personal use of crypto, may further complicate matters. With Trump’s approval ratings declining amid geopolitical and economic challenges, association with his administration could become a political risk.
In a recent Democratic Illinois Senate primary, Lieutenant Governor Juliana Stratton successfully attacked opponent Representative Raja Krishnamoorthi for being backed by “MAGA-backed crypto bros.” Stratton won by seven points.
Implications for the 2026 midterms
Beckel warned that “if an industry is viewed as a friend of one party and enemy of another, it may be more likely to be in the crosshairs or under the microscope when the other party is in power.”
For crypto and AI, that moment may come as soon as November 4, 2026. Candidates on both sides of the aisle will need to carefully manage voter skepticism while deciding whether to accept industry support.
Conclusion
As the 2026 midterm elections approach, the crypto and AI industries face a paradox: despite rare political spending and policy wins, voter trust remains low. Candidates who embrace these industries may gain financial support but risk alienating an electorate that views them with suspicion. The coming campaign season will test whether money can overcome public perception.
FAQs
Q1: Why do voters distrust the crypto industry?
According to recent polling, 47% of Americans trust traditional banks more than crypto platforms. The industry’s association with volatility, scams, and lack of consumer protections has contributed to widespread skepticism across party lines.
Q2: How much are crypto and AI PACs spending on the 2026 elections?
Pro-crypto PAC Fairshake and AI-focused Super PAC Leading the Future have raised millions of dollars, though exact figures continue to grow. The 2024 cycle saw direct contributions from major crypto companies like Coinbase and venture capital firms.
Q3: Could anti-crypto sentiment affect actual policy?
Yes. If an industry is perceived as toxic or aligned with one party, it may face increased scrutiny when the opposing party controls Congress or the White House. Grassroots movements against AI data centers have already achieved significant policy wins at the local level.
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