Former New York Governor Andrew Cuomo has warned the crypto industry that its strong financial support for Republicans could make it harder to pass major US digital-asset legislation, arguing that Democrats are also needed to move the CLARITY Act through Congress.
Speaking alongside OKX Chief Executive Star Xu at Token2049 on Tuesday, Cuomo said crypto companies and political groups had placed too much emphasis on backing Republicans. “When you invest heavily in the Republican Party, by definition, you’re going to alienate Democrats,” he said, according to Cointelegraph.
Political spending raises concern
Crypto-focused political action committees tracked by Tech Influence Watch have spent $54.3 million supporting Republican candidates during the 2026 election cycle, compared with $26.2 million supporting Democrats. The groups have also spent $23.2 million opposing Democratic candidates, according to the tracker’s latest figures checked on Thursday.
Cuomo said the industry needs a more even-handed political strategy if it wants legislation to pass. “You need Democrats to pass the bill. You need Republicans. You have to be more balanced,” he said.
The issue has gained importance as control of Congress remains uncertain. As of Thursday, Kalshi data put the probability of Democrats winning both chambers at about 61%. Cuomo said a Democratic-controlled Congress could choose either to reverse crypto-related initiatives by federal agencies or cooperate with the Trump administration on passing the full CLARITY Act.
Cuomo challenges Democrats’ crypto reputation
Cuomo also rejected the idea that Democrats are automatically opposed to cryptocurrency and blockchain technology. He argued that crypto could fit with the party’s focus on expanding access to financial products, saying the technology can empower people who otherwise might not have access to them.
The legislative record shows support for crypto measures has crossed party lines, although Republicans have generally been more unified behind major bills. In July 2025, the House passed the CLARITY Act with 216 Republican votes and 78 Democratic votes; 134 Democrats voted against it. The GENIUS Act separately passed the Senate in June 2025 with the support of 18 Democratic senators.
In September, every Senate Democrat and four Republicans voted against advancing the CLARITY Act in a procedural vote. The source report said many objections were connected to possible conflicts of interest involving President Donald Trump’s crypto businesses. Seven Democratic senators later released a joint statement reaffirming their commitment to passing the legislation.
Crypto political spending is showing some movement toward a broader party mix. Fairshake, a crypto-focused political action committee, said Monday that it would support 32 House candidates in November’s midterm elections, including 19 Republicans and 13 Democrats.
Current crypto market picture
Moneyiar market data at 09:14 on October 8, 2026, showed Ethena (ENA) at $0.2200759617, down 6.66% over 24 hours and 15.77% over seven days. Four (FORM) was priced at $0.2661537369 at 09:13, down 1.19% over 24 hours and 7.71% over seven days. These market movements are separate from the political debate over US crypto legislation.
