Crypto’s heavy backing of Republicans alienated Democrats: Cuomo

What happened

Crypto’s heavy backing of Republicans alienated Democrats: Cuomo, according to Cointelegraph. Former New York Governor Andrew Cuomo urged the crypto industry to balance its support for Democrats and Republicans if they want federal crypto legislation passed. The crypto industry’s 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 tracker’s latest figures checked on Thursday. “When you invest heavily in the Republican Party, by definition, you’re 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%. “You need Democrats to pass the bill. You need Republicans. You have to be more balanced.”