Cuomo Warns Crypto’s GOP Focus Could Cost Democratic Votes

Former New York Gov. Andrew Cuomo warned that the crypto industry’s focus on Republican donations has alienated Democrats whose votes may be needed to pass the CLARITY Act. During a panel with OKX CEO Star Xu at Token2049 on Tuesday, Cuomo urged crypto companies to build support across both parties.

Political action committees focused on cryptocurrency have spent $54.3 million supporting Republican candidates in the 2026 election cycle, compared with $26.2 million supporting Democrats. The groups have spent another $23.2 million opposing Democratic candidates, according to a political spending tracker’s latest figures reviewed Thursday.

“When you invest heavily in the Republican Party, by definition, you’re going to alienate Democrats,” Cuomo said.

A prediction market put the probability of Democrats winning both chambers of Congress at about 61% on Thursday. Cuomo said a Democratic-controlled Congress could seek to roll back crypto initiatives by federal agencies or work with the Trump administration to pass the CLARITY Act.

“You need Democrats to pass the bill. You need Republicans. You have to be more balanced,” he said.

Cuomo rejected the view that Democrats are broadly opposed to cryptocurrency. Blockchain technology could fit Democratic priorities because it may expand access to financial products for people who have traditionally lacked it, he said.

Crypto legislation has attracted support from lawmakers in both parties, although Republicans have generally backed major bills more consistently. In July 2025, 78 House Democrats joined 216 Republicans in voting for the CLARITY Act, while 134 Democrats voted against it. In the Senate, 18 Democrats supported the GENIUS Act, which passed in June 2025.

All Senate Democrats and four Republicans voted against advancing the CLARITY Act in a procedural vote in September. Concerns included potential conflicts of interest involving former President Donald Trump’s crypto businesses. Seven Democratic senators later issued a joint statement reaffirming their support for the legislation.

Fairshake, a crypto-focused political action committee, said Monday that it would support 32 House candidates in the November midterm elections, including 19 Republicans and 13 Democrats.