The crypto industrys heavy backing of US Republicans has alienated Democrats whose support is needed to pass federal crypto legislation, says former New York Governor Andrew Cuomo.
Speaking in a panel with OKX CEO Star Xu at Token2049 on Tuesday, Cuomo said the industry “believed in investing heavily in the Republican Party” as a way to get the CLARITY Act passed.
Crypto-focused political action committees tracked by Tech Influence Watch have spent $54.3 million supporting Republicans in the 2026 election cycle, compared with $26.2 million supporting Democrats. Another $23.2 million has been spent opposing Democrats, according to the trackers latest figures checked on Thursday.
Crypto PAC expenditures by party. Source: Tech Influence Watch
“When you invest heavily in the Republican Party, by definition, youre going to alienate Democrats,” Cuomo said.
As of Thursday, a Kalshi prediction market put the probability of Democrats winning both chambers of Congress at about 61%. Cuomo said a Democratic-controlled Congress could either seek to roll back the agencies crypto initiatives or work with the Trump administration to pass the full CLARITY Act.
“You need Democrats to pass the bill. You need Republicans. You have to be more balanced.”
Democrats arent anti-crypto, says Cuomo
Cuomo also disputed the perception that Democrats are inherently opposed to crypto technology.
“Theres a sense that Democrats are anti-crypto,” he said.
Andrew Cuomo speaking at Token2049. Source: Aubrey Paller/Cointelegraph
Andrew Cuomo speaking at Token2049. Source: Aubrey Paller/Cointelegraph“As a matter of fact, I could argue that the crypto technology is exactly suited to the Democratic Party,” he added. “It‘s empowering people who otherwise wouldn’t have access to financial products, and the Democratic Party has been working to do that all its life.”
Crypto legislation has attracted support from both parties, although Republicans have been more united behind major bills. In July 2025, 78 House Democrats joined 216 Republicans to pass the CLARITY Act, while 134 Democrats voted against it. Separately, 18 Democratic senators supported the GENIUS Act, which passed the Senate in June 2025.
Related: US crypto rules need to survive the next election
All Senate Democrats and four Republicans voted against advancing the CLARITY Act in a September procedural vote, though many of the concerns at the time were tied to potential conflicts of interest involving Trumps crypto businesses
Seven Democratic senators subsequently issued a joint statement reaffirming their commitment to passing the CLARITY Act.
Fairshake, a crypto-focused PAC, said Monday it would support 32 House candidates in Novembers midterm elections, including 19 Republicans and 13 Democrats.