How crypto donations are reshaping US midterm election funding

Political money flowing from the digital asset sector is accelerating, and crypto donations are now emerging as a key force in US federal elections.

Gemini and Crypto.com sent $21 million to back Trump

Two major crypto exchanges have jointly contributed more than $21 million to a political action committee supporting US President Donald Trump, according to recent federal filings. The scale of this fresh cryptocurrency political donations wave highlights how deeply exchanges are moving into Washington’s power struggles.

A Friday disclosure submitted to the Federal Election Commission shows that MAGA Inc., a pro-Trump super PAC, received 1.5 million USDC from Gemini Trust Company, alongside two separate $10 million donations from Foris Dax, the parent company of Crypto.com. However, the filing notes that the Gemini USDC donation was liquidated shortly after receipt.

The donations come as Crypto.com continues to deepen its relationship with Trump’s media company, a partnership that began in 2025 and has been framed as part of a broader digital asset treasury strategy. Moreover, while Trump is not up for reelection in 2026, federal law allows super PACs to deploy funds in support of aligned candidates during the upcoming midterm cycle.

This new foris dax donation surge and the Gemini transfer demonstrate how companies that once focused purely on trading and retail users are now investing heavily in political influence. That said, the regulatory and reputational implications of such high-profile giving remain a central talking point across the industry.

MAGA Inc.’s war chest and growing corporate participation

The $21 million infusion adds to MAGA Inc.‘s already sizable war chest, which now totals roughly $294 million. Moreover, the super PAC’s latest filing underscores how crypto-linked companies are joining a broader mix of corporate players in high-stakes political funding.

Other notable contributions disclosed in the same report include $1 million from an executive at payment processing firm Shift4 and more than $4 million from JPMorgan Chase Bank, N.A.. However, the presence of large traditional finance donors alongside digital asset firms shows that the competition to shape policy in Washington is intensifying.

For political strategists, the influx of money from exchanges and banks into the same super PAC highlights a convergence of interests around financial regulation. That said, it also raises questions for policymakers about how to balance industry input with consumer protection and market integrity.

High-stakes 2026 midterms for financial and crypto policy

The timing of these moves is significant. In November 2026, all 435 seats in the US House of Representatives and 33 Senate seats will be contested. With control of both chambers in play, the outcome could reshape the legislative environment for financial regulation, including rules that directly affect cryptocurrencies and blockchain-based firms.

Several races are being closely watched by industry participants. Among them is the Massachusetts Senate contest, where Republican candidate John Deaton, known for his advocacy during XRP-related legal battles, is challenging incumbent Ed Markey. Moreover, in the US Senate, Wyoming lawmaker Cynthia Lummis, one of Congress’s most vocal supporters of crypto-friendly legislation, has announced she will not seek reelection, leaving her seat open.

Strategists across both parties expect digital asset policy, from stablecoin oversight to exchange registration, to feature more prominently in debates. However, the impact of industry-funded advertising and organizing will depend on how voters perceive the role of big money in shaping crypto rules.

Parallels with the 2024 election cycle

The scale of current donations echoes patterns seen during the 2024 election cycle, when crypto companies and executives poured tens of millions of dollars into federal races. Those efforts were widely viewed as influential, particularly in tightly contested Senate campaigns such as Ohio‘s, which drew an estimated $40 million in crypto campaign spending.

Moreover, the industry’s experience in 2024 demonstrated that targeting a handful of pivotal races can amplify the effect of concentrated political spending. However, critics argue that this approach risks giving large platforms and token holders outsize sway over future regulation.

The debate has already inspired questions about transparency, coordination, and how closely super PAC messaging aligns with the priorities of major digital asset backers. That said, advocates insist that increased political participation is necessary to counter what they view as hostile or outdated regulatory approaches.

Fairshake’s war chest and major industry backers

Fairshake, a prominent fairshake crypto pac, is heading into the upcoming midterm elections with more than $140 million in the bank. The group raised $52 million in the first half of 2025, adding to a hefty sum of crypto-linked campaign resources aimed at supporting lawmakers who align with the industry’s agenda while targeting critics.

Major donors behind Fairshake include venture capital firm Andreessen Horowitz and leading crypto companies such as Coinbase and Ripple. Coinbase recently contributed $25 million, with Ripple Labs, Uniswap Labs, and crypto entrepreneur Robert Leshner also backing the effort. Moreover, these backers are seen as some of the most active corporate voices pushing for a friendlier US policy landscape.

Unlike direct crypto donations to candidates, super PAC contributions allow wealthy individuals and corporations to spend unlimited sums independently of campaigns. However, the rapid growth of Fairshake’s balance sheet underscores how aggressively major industry figures are preparing for regulatory battles in 2026 and beyond.

Together, the latest gifts to MAGA Inc. and the sizable reserves at Fairshake signal that digital asset firms intend to be central players in the next phase of US electoral politics. As the 2026 midterms approach, their spending will test how receptive voters and lawmakers are to a political landscape increasingly shaped by money from the crypto sector.