Crypto companies have spent $189 million to influence the 2026 U.S. midterms, accounting for 37% of disclosed corporate election spending so far, according to a new Public Citizen report.
- The consumer advocacy group said corporations have reported $517 million in federal election spending for the 2026 midterm cycle so far, already above the $461 million record set during the entire 2024 cycle.
Crypto remains the biggest piece of that surge. Public Citizen said the industry has already spent more in the current midterm cycle than the roughly $170 million it put into the 2024 presidential cycle, when crypto-backed super PACs helped turn the sector into one of Washington's most aggressive political spenders.
The report argues that crypto's 2024 strategy is now being copied by artificial intelligence, big tech and online betting companies.
- Together, crypto, AI, big tech and online betting corporations have spent $294 million this cycle, or 57% of all disclosed corporate midterm spending so far.
Who's the biggest donor
Crypto still leads the pack. Public Citizen said the biggest beneficiaries of the industry's corporate spending are Fairshake, the crypto-focused super PAC that received $82.6 million, and MAGA Inc., the Trump-backing super PAC that received $56.2 million from crypto firms.
- The largest crypto-linked contributors include Ripple Labs, Crypto.com affiliate Foris Dax, Coinbase and entities tied to Gemini and the Winklevoss twins.
- Public Citizen said Ripple, Crypto.com, Coinbase, Gemini-linked entities and Blockchain.com collectively accounted for a large part of crypto's corporate political money this cycle.
Ripple spent $49.6 million, mostly through Fairshake and its affiliates. Coinbase spent $35.2 million, including $33 million to Fairshake.
Foris Dax, the company behind Crypto.com, spent $38.6 million, including $35 million to MAGA Inc.
Gemini-linked entities and Winklevoss Capital Fund spent $25.7 million, including $21.3 million to Digital Freedom Fund and $4.4 million to MAGA Inc.
The report also points to Cantor Fitzgerald, which contributed $10 million to Fellowship PAC, a Tether-linked pro-crypto super PAC that has said it would back crypto-friendly candidates.
- Public Citizen also noted that Cantor Fitzgerald, previously led by U.S. Commerce Secretary Howard Lutnick and now run by his sons, serves as banker for Tether.
Tools for Humanity, the company behind Sam Altman-linked crypto project World, also appears in the report after donating $5 million to MAGA Inc.
- Public Citizen's data is based on OpenSecrets data from 2010 to 2024 and 2026 Federal Election Commission disclosures covering corporate contributions of $5,000 or more to super PACs and hybrid PACs.
- The group said the real total is likely higher because the figures do not include state-level spending, some pledges not yet reported to the FEC or dark-money groups that don't disclose their funders.