Former New York Governor: Crypto industry's excessive support for Republicans may alienate Democrats, needs balance to advance federal legislation

PANews reported on October 8, citing Cointelegraph, that former New York Governor Andrew Cuomo said the crypto industry's strong support for Republicans has alienated Democrats, and that if it wants federal-level crypto legislation to pass, it needs to maintain a balance between supporting Democrats and Republicans. Speaking at Token2049, Cuomo noted that the industry "believes investing heavily in Republicans" is the way to push the CLARITY Act through. "When you invest heavily in Republicans, by definition you alienate Democrats," he stressed. "To pass a bill, you need both Democrats and Republicans; it must be more balanced."

According to data tracked by Tech Influence Watch, in the 2026 election cycle, crypto-related PACs have contributed $54.3 million to Republican support, $26.2 million to Democratic support, and another $23.2 million used to oppose Democrats. Cuomo also pushed back against the notion that "Democrats are inherently anti-crypto," saying that crypto technology actually aligns with Democratic ideals, as it empowers people who previously had difficulty accessing financial products — something Democrats have always been committed to.