Two major cryptocurrency exchanges have jointly contributed more than $21 million to a political action committee backing US President Donald Trump, according to recent federal filings.
Key Takeaways:
- Major crypto exchanges donated over $21 million to a pro-Trump super PAC ahead of the 2026 midterms.
- The contributions align with Crypto.com’s expanding ties to Trump’s media company and broader strategy.
- With Congress up for grabs, crypto-linked funding could shape future US financial regulation.
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.
The stablecoin contribution was liquidated shortly after receipt, according to the filing.
Crypto.com Ties to Trump Media Deepen Ahead of Midterm Cycle
The donations come as Crypto.com continues to strengthen 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.
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.
The $21 million infusion adds to MAGA Inc.’s already sizable war chest, which now totals roughly $294 million.
Other notable contributions disclosed in the filing include $1 million from an executive at payment processing firm Shift4 and more than $4 million from JPMorgan Chase Bank, N.A., underscoring the widening range of corporate interests engaging in high-stakes political funding.
The timing 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 policies affecting 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.
Meanwhile, Wyoming Senator Cynthia Lummis, one of Congress’s most vocal supporters of crypto-friendly legislation, has announced she will not seek reelection, leaving her seat open.
Crypto Political Spending Revives 2024 Election Playbook
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-linked spending.
As reported, Fairshake is heading into the upcoming midterm elections with more than $140 million in the bank.
Fairshake raised $52 million in the first half of 2025, adding to a hefty sum of crypto campaign contributions 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 crypto giants Coinbase and Ripple.
Coinbase recently contributed $25 million, with Ripple Labs, Uniswap Labs, and crypto entrepreneur Robert Leshner also backing the effort.
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