US Republicans’ heavy support of the crypto industry has alienated Democrats whose support is needed to pass federal crypto legislation, said former New York Governor Andrew Cuomo.
Speaking on a panel with OKX CEO Starr Xu at Token2049 on Tuesday, Cuomo said the industry “believes in investing heavily in the Republican Party” as a way to pass transparency legislation.
There are crypto-focused political action committees tracked by Tech Influence Watch to spend Republicans contributed $54.3 million in the 2026 election cycle, compared to Democrats contributing $26.2 million. Another $23.2 million was spent to oppose Democrats, according to the latest figures the tracker checked Thursday.
“When you invest heavily in the Republican Party, by definition, you’re going to alienate the Democrats,” Cuomo said.
As of Thursday, a bleak forecast market keep Democrats have about a 61% chance of winning both houses of Congress. Cuomo said a Democratic-controlled Congress could either try to roll back the agencies’ crypto initiatives or work with the Trump administration to pass full transparency legislation.
“You need Democrats to pass bills. You need Republicans. You need to be more balanced.”
Democrats are not anti-crypto, Cuomo says
Cuomo also disputed the notion that Democrats are inherently opposed to crypto technology.
“There’s a perception that Democrats are anti-crypto,” he said.
Andrew Cuomo speaks at Token 2049. Source: Aubrey Paller/Cointelegraph
“In fact, I would argue that crypto technology is a perfect fit for the Democratic Party,” he added. “It’s empowering people who wouldn’t otherwise have access to financial products, and that’s what the Democratic Party has been working to do all its life.”
Crypto legislation has attracted bipartisan support, though Republicans have been more united behind the larger bill. In July 2025, 78 House Democrats joined 216 Republicans to pass the Clarity Act, while 134 Democrats voted against it. Separately, 18 Democratic senators supported the GENIUS Act, which passed the Senate in June 2025.
Related: US crypto rules must survive the next election
All Senate Democrats and four Republicans Voted against proceeding Clarity Act in September’s procedural vote, although many concerns at the time were linked to Trump’s potential conflict of interest involving crypto businesses.
Seven Democratic senators followed issued A joint statement reiterated their commitment to pass the Transparency Act.
Fairshake, a crypto-focused PAC, said Monday that it would 32 House candidate endorsements Including 19 Republicans and 13 Democrats in the November midterm elections.
magazine: Is there any chance of saving the Clarity Act?
