Analysis: With the US midterm elections approaching, the crypto industry's vast political funds are shifting towards supporting the Republican Party.

CoinFeed reported on May 28th, citing CoinDesk, that with the US midterm elections approaching, the crypto industry's vast political funds are shifting towards supporting the Republican Party. The super PAC Fairshake and its affiliates remain a major force in crypto election influence, having invested tens of millions of dollars and secured victories in multiple congressional campaigns. In this week's Texas primary, Fairshake spent $6.5 million to help crypto-supporting Christian Menefee defeat crypto critic and 20-year-old Congressman Al Green. Meanwhile, the new super PAC "Fellowship," linked to Tether and Cantor Fitzgerald, has invested approximately $11 million in Republican candidates, including Texas Attorney General Ken Paxton.