U.S. crypto industry pours nearly $200 million into midterm elections with XRP, Bitcoin, and Hyperliquid in focus
Against the backdrop of the 2026 U.S. midterm elections, the crypto industry has committed nearly $200 million to political spending. That concentration of lobbying has focused the investment case on three tokens seen as most…
Key takeaways
- The U.S. crypto industry has committed nearly $200 million to political spending around the 2026 midterm elections, focusing investor attention on XRP, Bitcoin, and Hyperliquid.
- XRP trades at $1.40, down 60% from its summer 2025 highs, with its outlook tied to the pending Digital Asset Market Clarity Act that could let banks use Ripple's payment network.
- Bitcoin accounts for 60% of total crypto market capitalisation and historically posts its strongest quarter in Q4, averaging 20% gains in October and 41% in November.
- Hyperliquid is up 235% year to date in 2026 and now ranks among the top ten cryptocurrencies by market cap following a favorable CFTC regulatory sequence.
- Spot ETFs now exist for both XRP (Bitwise XRP ETF) and Hyperliquid (Bitwise Hyperliquid ETF), while IBIT remains the largest Bitcoin ETF by assets under management.
Against the backdrop of the 2026 U.S. midterm elections, the crypto industry has committed nearly $200 million to political spending. That concentration of lobbying has focused the investment case on three tokens seen as most exposed to the regulatory outcomes: XRP (CRYPTO: XRP), Bitcoin (CRYPTO: BTC), and Hyperliquid (CRYPTO: HYPE).
XRP and the legislative read-through for banking rails
XRP currently trades at $1.40, down 60% from its summer 2025 highs. The read-through for this token runs to the Digital Asset Market Clarity Act, pending legislation that would remove the regulatory uncertainty keeping some banks and financial institutions from using Ripple's blockchain-based payment network. The addressable market expands materially if that barrier falls.
The 2024 presidential election offered a data point on how fast sentiment can move. XRP was at $0.50 when Donald Trump won in November 2024 and had reached $3.40 by January, a gain of 580%. Past performance carries no guarantee, and conditions differ. The episode captures the mechanism nonetheless: regulatory clarity is the price driver, not adoption alone.
Bitcoin as the sector bellwether
Bitcoin has served as the market bellwether since its launch in 2009. It was at $69,000 on 2024 Election Day and broke through $100,000 by year-end on the same wave of post-election risk appetite that lifted XRP. Looking at the broader cycle, the fourth quarter has historically been Bitcoin's strongest stretch. Over the past decade, October has averaged a 20% gain and November a 41% gain, a pattern crypto markets call "Uptober."
Bitcoin currently accounts for 60% of total crypto market capitalisation. The iShares Bitcoin Trust (NASDAQ: IBIT) remains the largest Bitcoin ETF by assets under management for investors seeking regulated exposure.
Hyperliquid and the CFTC regulatory sequence
Hyperliquid is up 235% year to date in 2026 and now ranks among the top ten cryptocurrencies by market cap. The run tracks a specific regulatory sequence. In May, the Commodity Futures Trading Commission cleared perpetual futures trading, a product previously off-limits to U.S. retail investors on Hyperliquid's offshore decentralised exchange. In August, at a White House gathering of crypto executives, President Trump asked the CFTC to ease Hyperliquid's path into the domestic market. The most likely scenario for a domestic launch, as things stand, involves Payward, the parent company of crypto exchange Kraken.
Spot ETF access now exists for both XRP and Hyperliquid. The Bitwise XRP ETF (NYSEMKT: XRP) and the Bitwise Hyperliquid ETF (NYSEMKT: BHYP) are the listed instruments. The midterm vote is the variable no pre-election analysis can price.
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