Iowa Republicans Walk Tightrope on Trump as Crypto Cash Floods Midterms

Iowa Republicans are publicly distancing themselves from President Donald Trump as the Iran war and high prices squeeze voters, even as a flood of conservative cash, including millions from the crypto industry, pours into the midterm elections to blunt what could be a devastating cycle for the GOP.

Rep. Ashley Hinson, the Republican candidate in Iowa's critical Senate race, has twice expressed frustration with the ongoing war in Iran and its impact on Iowans' pocketbooks. In a Monday social media post, Hinson said Iowans are being squeezed and should not foot the bill at the pump or the checkout line for the war.

Hinson, a loyal Trump ally, called for suspending the gas tax, pausing diesel exports, and creating a diesel relief program to help farmers and truckers crushed by high costs. She did not mention Trump by name, but the message was clear: Iowans need relief, and they need it now.

Iowa Republicans Vote to Limit War Powers

Two other Iowa Republicans, Reps. Zach Nunn and Mariannette Miller-Meeks, voted Tuesday to limit Trump's use of war powers and end the Iran war, despite having repeatedly voted to green-light the conflict since March.

Nunn said Iowa has already paid a devastating price, pointing to two U.S. servicemembers from Iowa killed at the start of the conflict. Miller-Meeks said she will not vote to keep soldiers in an open-ended war with Iowans paying too much at the pump.

None of the three attended a campaign rally Vice President JD Vance held in western Iowa on Friday. Vance urged voters to back Hinson, calling her an amazing public servant.

Crypto Industry Targets Democrats With $30 Million Ad Blitz

While Iowa Republicans navigate their distance from Trump, the cryptocurrency industry is waging war on Democratic midterm candidates. The industry's main super PAC, Fairshake, backed by some of Silicon Valley's richest people, is launching a planned $30 million advertising campaign against former Ohio Sen. Sherrod Brown, a Democrat seeking to return to the chamber.

Fairshake spent $41 million targeting Brown in 2024, when he lost his seat. Many Republicans credit the crypto industry for helping them win that race. With Republicans in control of Washington, the industry has enjoyed a light regulatory touch and warm relations with party leaders.

Trump has also pulled in more than $1.4 billion from his family's crypto businesses in his first year back in office, raising ethical concerns.

Trump's Super PAC Unleashes $130 Million in Late Spending

The crypto cash is not the only money flowing. Since the beginning of September, MAGA Inc. and other super PACs linked to Trump have invested more than $130 million in races across the country, according to records of reserved advertising.

The flood began Sept. 5 when MAGA Inc. reported spending $10 million in Texas to support Republican Ken Paxton, the state attorney general in a competitive Senate race. On Saturday, the super PAC reported another $5 million on that race.

This late-arriving spending arrives with less than 50 days until the midterms, with Republicans at risk of losing their narrow majorities in both chambers. Democrats have had a head start on the airwaves, consistently outraised GOP opponents, and polls show them in position to retake the House and potentially the Senate.

Can Money Overcome Trump's Approval Rating?

The question for Iowa Republicans and the GOP nationwide is whether this cash advantage can overcome the president's political liabilities. The most recent American Research Group poll puts Trump's approval rating at 29 percent, a figure that, even if an outlier, spells trouble for Republicans hanging on by their fingernails.

Wisconsin GOP strategists privately admit their candidates are walking a tightrope. Every campaign in the country has to balance being its own person versus aligning with the president, one strategist said. Sometimes it is lockstep, sometimes it is not, and the art is figuring out where to break.

For Iowa's Republican candidates, the path forward is clear: acknowledge the president's base while addressing the real economic pain Iowans feel. Whether that balancing act succeeds will be decided at the ballot box in November.