Crypto Industry's Heavy Backing of Republicans Alienates Democrats, Creating Obstacles for Legislative Progress

According to Cointelegraph, former New York Governor Andrew Cuomo stated during a conversation at Token2049 with OKX CEO Xu Xingming that the cryptocurrency industry's heavy tilt toward the Republican Party has alienated Democrats, and that passage of federal crypto legislation such as the CLARITY Act requires bipartisan support. Data indicates that crypto PACs contributed $54.3 million to Republicans and $26.2 million to Democrats during the 2026 election cycle, with an additional $23.2 million spent against Democratic candidates. Cuomo also rejected the notion that the Democratic Party is inherently opposed to cryptocurrency, noting that crypto aligns closely with Democratic values regarding financial inclusion, and urged the industry to adopt a more balanced approach to political donations.