# Crypto, AI and Online Betting Interests Spent More Than $377 Million in Midterms

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/49295
Published: 2026-11-05T13:15:54.000Z
Updated: 2026-11-05T13:15:54.000Z
Section: Regulation

> Democrats won both chambers, while James Talarico and Sherrod Brown prevailed in Senate races targeted by major donors. Fourteen of the 20 largest donor groups gave almost entirely to Republicans.

Crypto, artificial intelligence and online betting interests put more than $377 million into U.S. midterm politics, while Democrats won both chambers and prevailed in two Senate races targeted by major donors.

The results put candidates backed or opposed by prominent donors on opposite sides of races in Texas and Ohio. James Talarico defeated Republican Ken Paxton in Texas, becoming the first Democrat elected to the state’s U.S. Senate seat in almost four decades. Former Sen. Sherrod Brown also won a return to the Senate, defeating Republican Jon Husted in Ohio.

Elon Musk, the cycle’s largest individual donor, spent more than $200 million in Texas in an effort to keep Talarico from winning. Talarico’s victory came despite that spending.

Crypto political action committees spent more than $63 million opposing Brown. His win marked another Senate contest in which a candidate opposed by crypto groups prevailed.

The largest donor groups leaned heavily Republican. Fourteen of the 20 groups that gave the most money donated exclusively or almost exclusively to Republicans. The election results put two prominent donor efforts on the losing side in Texas and Ohio.

Democratic lawmakers have outlined specific plans involving the industries. Rep. Robert Garcia said he wants to investigate the Trump family’s crypto business. Rep. Greg Casar, chair of the Congressional Progressive Caucus, called for AI company CEOs to be subpoenaed to testify under oath.

Data center development also featured in the election debate. Fifty-six percent of voters in a poll said data centers were a key or major factor in their vote. Texas elected Democrat Gina Hinojosa as governor; she supports pausing new data center development.