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 said the industry “believed in investing heavily in the Republican Party” as a way to get the CLARITY Act passed.
Crypto-focused political action committees 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 checked on Thursday.
“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 about 61%. Cuomo said a Democratic-controlled Congress could either seek to roll back 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 disputed the perception that Democrats are inherently opposed to crypto technology.
“As a matter of fact, I could argue that the crypto technology is exactly suited to the Democratic Party,” he added.
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