Two major cryptocurrency exchanges have contributed more than $21 million to a political action committee supporting US President Donald Trump, according to filings with the Federal Election Commission. The MAGA Inc. Super PAC reported receiving a $1.5 million contribution in liquidated USDC from Gemini Trust Company and two separate $10 million contributions from Foris Dax, the parent company of Crypto.com.
The donations are part of a broader financial strategy, with Crypto.com deepening its ties to Trump's media company since 2025 as part of a digital asset treasury approach. Other significant contributions from the financial sector included $1 million from an executive at payment processor Shift4 and over $4 million from JPMorgan Chase Bank, N.A., helping to swell the PAC's total war chest to approximately $294 million.
Although President Trump is not up for re-election in 2026, as his term concludes in January 2029, these funds are earmarked to support like-minded candidates in the upcoming midterms. Control of all 435 seats in the US House of Representatives and 33 seats in the Senate is at stake, with Democrats aiming to wrest control of both chambers from Republicans.
The outcome of several key races could directly impact cryptocurrency regulation. Notable figures include Republican John Deaton, a legal advocate for XRP, who is challenging incumbent Democrat Ed Markey for a Massachusetts Senate seat. Furthermore, the impending retirement of pro-crypto Senator Cynthia Lummis of Wyoming leaves another pivotal seat open for contention.
This political spending continues a trend established during the 2024 elections, where crypto-backed PACs spent heavily to influence federal races. For instance, an estimated $40 million was funneled into Ohio's Senate race alone. A spokesperson for the crypto-backed PAC Fairshake stated last year that the committee was "keeping [its] foot on the gas" for the midterms, having already spent millions in 2025 on congressional races in Virginia and Florida.
