Cuomo Says Crypto’s GOP Backing Alienated Democrats
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Written by: Felix Ng, staff editor Edited by: Yohan Yun, staff editor
Crypto’s heavy backing of Republicans alienated Democrats: Cuomo
Latest News
Published: Oct 8, 2026
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 stated that the industry “believed in investing heavily in the Republican Party” as a means to get the CLARITY Act passed.
Crypto-focused political action committees (PACs) 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.
“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 approximately 61%. Cuomo noted that a Democratic-controlled Congress could either seek to reverse the agencies’ crypto initiatives or work with the Trump administration to pass the full CLARITY Act.
“You need Democrats to pass the bill. You need Republicans. You have to be more balanced.”
Cuomo also challenged the notion that Democrats are inherently opposed to cryptocurrency:
“There’s a sense that Democrats are anti-crypto. As a matter of fact, I could argue that the crypto technology is exactly suited to the Democratic Party... It’s empowering people who otherwise wouldn’t have access to financial products, and the Democratic Party has been working to do that all its life.”
While both parties have supported crypto legislation, Republicans have shown more unity behind major bills. In July 2025, 78 House Democrats joined 216 Republicans to pass the CLARITY Act, while 134 Democrats voted against it. Separately, 18 Democratic senators backed the GENIUS Act, which passed the Senate in June 2025.
Related:
- US crypto rules need to survive the next election
- All Senate Democrats and four Republicans voted against advancing the CLARITY Act in a September procedural vote, though many concerns were tied to potential conflicts of interest involving Trump’s crypto businesses.
- Seven Democratic senators subsequently issued a joint statement reaffirming their commitment to passing the CLARITY Act.