Ripple, Coinbase, and Gemini among top donors in 2026 midterms

The crypto industry was among the top spenders in the 2024 U.S. presidential elections and is leaving no stone unturned as the midterm elections in November approach.

According to Public Citizen, crypto companies have donated $189 million so far to cement their position as the dominant corporate political spenders ahead of the November elections.

Related: New crypto PAC emerges ahead of November mid-terms

Among the top spenders within the crypto industry are:

1. Andreessen Horowitz: $51.65 million

• Leading the Future (Corporate): $50 million
• Congressional Leadership Fund (Republican): $1.65 million

2. Ripple Labs: $49.6 million

• Fairshake and affiliates (Corporate): $48.5 million
• Commonwealth Prosperity Fund (Republican): $1 million
• Congressional Leadership Fund (Republican) $100,000

3. Crypto.com: $38.6 million

• MAGA Inc. (Republican): $35 million
• Keep America Great PAC, Inc. (Republican): $2.4 million
• Senate Leadership Fund PAC (Republican): $740,000
• Wisconsin Working PAC (Unknown): $513,000

4. Coinbase: $35.2 million

• Fairshake (Corporate): $33 million 
• Senate Leadership Fund PAC (Republican): $500,000
• Senate Majority Project (Democratic): $500,000
• Congressional Leadership Fund (Republican): $500,000
• House Majority Project (Democratic): $500,000
• Bold America (Democratic): $50,000
• Rolling Sea Action Fund (Democratic): $25,000

5. Winklevoss twins and Gemini-affiliated entities: $25.7 million

• Digital Freedom Fund (Republican): $21.3 million
• MAGA Inc. (Republican): $4.4 million 

6. Cantor Fitzgerald (Tether's banker): $10 million

• Fellowship PAC (Republican): $10 million

7. Blockchain.com: $5 million

• MAGA Inc. (Republican): $5 million 

Fairshake, a crypto-focused super political action committee (PAC), received $82 million from these corporations. MAGA Inc., a PAC backing President Donald Trump, received $56.2 million from the crypto industry.

While the former supports pro-crypto candidates from either party, the latter supports Republican candidates only.

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Crypto spending dwarfs Big Tech/AI, online betting spending

While corporations spent $461 million during the 2024 election cycle, they have spent $517 million ahead of the November midterms so far.

With a total spending of $189 million, crypto companies are the top spenders this cycle.

The crypto industry's spending dwarfed that of the Big Tech/artificial intelligence (AI) industry.

Big Tech/AI companies spent $60 million during this election cycle. Online betting companies also donated $46 million.

To influence the upcoming midterm elections, crypto, AI/Big Tech, and online betting companies have collectively spent $294 million. It means these contributions alone account for 57% of the total corporate spending worth $517 million on this election so far.

Public Citizen said its findings are based on the analysis of 2010-2024 data obtained from OpenSecrets and 2026 U.S. Federal Election Commission (FEC) data documenting contributions of $5,000 or more by for-profit corporations.

These record-breaking donations don't include state-level spending that is not reported to the FEC or dark money nonprofit organizations, Public Citizen said.

The advocacy group expressed its concern about the corporate influence on elections and suggested legislative solutions such as the Abolish Super PACs Act, the DISCLOSE Act, and a constitutional amendment to overturn Citizens United.

Related: Ripple, Coinbase pour millions into U.S. politics ahead of November midterms