The cryptocurrency sector has emerged as a dominant force in U.S. corporate political spending, contributing $189 million so far in the 2026 midterm election cycle. According to a report by advocacy group Public Citizen, this sum represents 37% of the $517 million disclosed in corporate political expenditures this cycle.
The report, based on Federal Election Commission filings and OpenSecrets data, identifies Ripple, Crypto.com, and Coinbase as the industry’s largest donors. Ripple led with $49.6 million, followed by Crypto.com at $38.6 million and Coinbase at $35.2 million. Entities linked to Gemini and founders Tyler and Cameron Winklevoss added $25.7 million, bringing total spending by these four groups to roughly $149 million.
The bulk of crypto-linked contributions flowed into two super PACs: Fairshake, a crypto-focused committee, received $82.6 million, while MAGA Inc., which supports President Donald Trump’s network, collected $56.2 million. Additional contributors to MAGA Inc. include Blockchain.com ($5 million) and Ondo Finance ($2.1 million). Cantor Fitzgerald’s Fellowship PAC, connected to Tether’s banking partner, received $10 million.
Crypto’s political outlay outpaces that of artificial intelligence and Big Tech combined ($60 million) and online betting firms ($45.6 million). Together, crypto, AI, Big Tech, and betting companies account for 57% of all disclosed corporate spending. Among top donors across these sectors, Ripple ranked second only to venture capital firm Andreessen Horowitz ($51.65 million), with Crypto.com and Coinbase placing third and fourth.
Public Citizen warns that actual totals are likely higher, as dark money groups and non-disclosing nonprofits are not captured in FEC data. The report surfaces as Congress deliberates digital asset legislation, including stablecoin rules and market structure reforms. Fairshake and its affiliate Protect Progress continue to deploy funds in primary races, most recently backing a successful Democratic candidate in Maryland with $5.5 million in spending.
