Cuomo: Cryptocurrency Industry's Republican Focus Has Pushed Away Democrats
Andrew Cuomo, former Governor of New York, has called on cryptocurrency companies to distribute political support more evenly between both major parties to achieve passage of federal digital asset regulations.
According to Andrew Cuomo, former Governor of New York, the cryptocurrency sector's disproportionate financial support of Republican politicians has created distance with Democrats, whose votes remain essential for enacting federal cryptocurrency regulation.
During a Tuesday panel discussion at Token2049 alongside OKX CEO Star Xu, Cuomo explained that the sector "believed in investing heavily in the Republican Party" as their strategy to secure passage of the CLARITY Act.
Data compiled by Tech Influence Watch shows that political action committees focused on cryptocurrency have allocated $54.3 million toward supporting Republican candidates during the 2026 electoral cycle, while providing $26.2 million in support of Democratic candidates. Additionally, these PACs have directed $23.2 million toward opposing Democratic candidates, based on the tracker's most recent data reviewed on Thursday.
When you invest heavily in the Republican Party, by definition, you're going to alienate Democrats.
According to data from a Kalshi prediction market as of Thursday, the likelihood of Democrats securing control of both the House and Senate stands at approximately 61%. Cuomo suggested that a Congress under Democratic leadership might either attempt to reverse regulatory agencies' cryptocurrency programs or collaborate with the Trump administration to enact the complete CLARITY Act.
You need Democrats to pass the bill. You need Republicans. You have to be more balanced.
Democrats aren't anti-crypto, says Cuomo
Cuomo further challenged the widely held belief that the Democratic Party fundamentally opposes cryptocurrency innovation.
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.
Digital asset legislation has garnered bipartisan backing, though Republican lawmakers have demonstrated greater cohesion in supporting key bills. During July 2025, the CLARITY Act received votes from 78 House Democrats alongside 216 House Republicans, with 134 Democrats casting votes in opposition. In a separate legislative action, the GENIUS Act gained support from 18 Democratic senators when it successfully cleared the Senate in June 2025.
During a September procedural vote, the entire Democratic Senate caucus along with four Republican senators voted to block advancement of the CLARITY Act, with much of the opposition stemming from worries about possible conflicts of interest related to Trump's cryptocurrency ventures.
Following that vote, a group of seven Democratic senators released a collective statement declaring their continued dedication to ensuring passage of the CLARITY Act.
On Monday, Fairshake, a political action committee centered on cryptocurrency issues, announced it would be backing 32 candidates running for House seats in the upcoming November midterm elections, with its endorsements split between 19 Republican candidates and 13 Democratic candidates.