As President Donald Trump builds a crypto empire — including hosting a private dinner with top investors at his golf club — Democrats have united in condemning what they call blatant corruption from the White House.

But the Democratic Party’s own relationship with the emerging crypto industry is far less cut and dried.

Work in the Republican-led Senate to legitimize cryptocurrency by adding guardrails has drawn backing from some Democrats, underscoring growing support for the industry in the party. But divisions have opened over the bill, with many demanding it prevent the Republican president and his family from directly profiting from cryptocurrency.

“I’m all on board with the idea of regulating crypto,” said Sen. Chris Murphy, D-Conn. “But at this moment, when cryptocurrency is being so clearly used by Donald Trump to facilitate his corruption, I don’t think you can close your eyes to that when you’re legislating.”

The legislation is moving ahead more rapidly than Congress usually acts when an industry is new. But the big money and campaign donations flowing from cryptocurrency firms have made them a new powerhouse on the political scene, one that’s increasingly gaining allies and capturing the attention of lawmakers.

A look at what to know about the industry’s clout and the political fight over what’s known as the GENIUS Act.

To understand the growing clout of the crypto industry, look no further than the 2024 election. Fairshake, a crypto super political action committee, and its affiliated PACs spent more than $130 million in congressional races.

Fairshake spent roughly $40 million supporting Republican Bernie Moreno in Ohio in an effort to defeat Democratic Sen. Sherrod Brown. Brown, who lost to Moreno by more than 3 percentage points, was seen as a chief critic of the industry as the chairman of the Senate Banking Committee.

“DC received a clear message that being anti-crypto is a good way to end your career, as it doesn’t represent the will of the voters,” Brian Armstrong, the CEO of Coinbase, wrote in a social media post the day after the 2024 election.

Coinbase — the largest crypto exchange in the U.S. and biggest contributor to Fairshake — does not view support for its industry as partisan, according to Kara Calvert, the company’s vice president of U.S. policy. The industry also spent heavily to support Democrats Ruben Gallego and Elissa Slotkin in their races for open Senate seats in battleground states.

Fairshake spent $10 million in support of Slotkin during her successful Senate run against Republican Mike Rodgers, and Slotkin, who won the Michigan race by fewer than 20,000 votes, spoke in favor of crypto on the campaign trail.

Similar dynamics are setting up ahead of 2026 in contested House and Senate races. Fairshake said in January that it already had $116 million in cash on hand aimed at the 2026 midterm elections.