Two major cryptocurrency exchanges have contributed more than $21 million to MAGA Inc., a political action committee supporting President Donald Trump, according to Federal Election Commission filings on Friday.
Crypto.com’s parent company, Foris Dax, made two separate donations totaling $20 million between September and October 2025. Gemini Trust Company, the exchange founded by the Winklevoss twins, contributed $1.5 million of USDC ($1.00) stablecoin, which was immediately converted to cash upon receipt.
The contributions helped boost MAGA Inc.’s total cash reserves. to approximately $294 million, creating one of the largest political war chests ahead of this year’s congressional elections.
Strategic timing for midterm elections
Although Trump cannot run for re-election in 2026, federal law allows super PACs to deploy these funds to support aligned candidates during the midterm cycle. All 435 seats in the House of Representatives and 33 seats in the Senate will be contested in November, potentially reshaping the legislative environment for financial regulation.
Other notable contributors in the same filing included JPMorgan Chase Bank with more than $4 million and a Shift4 payments manager with $1 million. The diverse donor base shows how the financial and technology sectors are increasingly engaged in high-stakes political financing.
Source: fec.gov
The cryptocurrency industry’s political spending has exploded during recent election cycles. During the 2024 election, crypto companies and executives poured tens of millions into federal races, with some estimates suggesting $40 million was spent on the Ohio Senate race alone.
Crypto.com’s growing ties to Trump
The donations come as Crypto.com strengthens its relationship with Trump’s media company. The partnership, which began in 2025, involves using Crypto.com’s Cronos blockchain for a digital asset treasury strategy. In December, Trump Media announced plans to distribute digital tokens to shareholders through this partnership.
The exchange has significantly expanded its U.S. operations in 2025, opening a Washington DC office near the White House in May and applying for a national trust bank charter in October. These steps signal the company’s commitment to building stronger regulatory relationships and expanding its federally regulated services.
According to PBS reporting, the Securities and Exchange Commission closed an investigation into Crypto.com after Trump won the 2024 election. The timing raised questions among ethics experts about potential conflicts of interest between Trump’s business dealings and federal regulatory actions.
Fairshake PAC’s massive midterm push
Apart from MAGA Inc. the crypto-backed Fairshake PAC has built an even bigger war chest for the 2026 midterm elections. The organization reported having between $116 million and $141 million in cash on hand, funded by major industry players including Coinbase, Andreessen Horowitz, Ripple Labs and Jump Crypto.
Fairshake achieved a 91% success rate in the 2024 general election races it entered, demonstrating the effectiveness of concentrated political spending. The PAC spent $40 million backing Republican Bernie Moreno in the Ohio Senate race, helping him defeat Democrat Sherrod Brown, a cryptocurrency critic who chaired the Senate Banking Committee.
Major donors continue to support the efforts. Coinbase recently contributed $25 million, while Ripple Labs, Uniswap Labs and crypto entrepreneur Robert Leshner also pledged significant support. In the first half of 2025 alone, the PAC has raised $52 million, adding to the money left over from the previous cycle.
Key Senate races are drawing industry attention
Massachusetts presents an interesting test case for political influence on cryptocurrencies. John Deaton, a Republican lawyer known for defending XRP ($2.28) holders in Ripple’s legal battle against the SEC, is challenging Democratic Senator Ed Markey in 2026. Deaton previously lost to Senator Elizabeth Warren in 2024 by about 22 percentage points, but gained national attention as a pro-crypto candidate.
Deaton’s campaign accepts donations in multiple cryptocurrencies, including Bitcoin, Ethereum, Solana and XRP. However, Fairshake did not endorse his race against Warren in 2024, choosing instead to focus on closer swing-state contests. Whether the PAC will support Deaton’s bid in 2026 remains unclear.
Sen. Cynthia Lummis of Wyoming, one of the most vocal proponents of cryptocurrency in Congress, announced she will not seek re-election in 2026, leaving her seat open. This creates opportunities for new candidates with blockchain-focused platforms to enter federal politics.
Broader political strategy for the industry
The political approach to the cryptocurrency industry has evolved significantly. Instead of spending hundreds of millions on post-election lobbying, companies are now investing heavily upfront to ensure favorable candidates reach office. This strategy proved effective in 2024, when crypto-backed candidates won the majority of contested races.
Besides MAGA Inc. and Fairshake, the Winklevoss twins made their own political statement in August, donating 188 Bitcoin worth $21 million to the Digital Freedom Fund PAC. This separate contribution was intended to support Trump’s vision of making America the “crypto capital of the world.”
The Trump administration has delivered on several campaign promises to the industry. He signed the GENIUS Act, America’s first federal stablecoin law, and announced a Strategic Bitcoin Reserve shortly after taking office. The SEC has dropped lawsuits against major exchanges including Coinbase, Robinhood and Gemini.
Critics argue that these huge donations raise concerns about wealthy industries trying to influence policy in their favor. However, industry advocates argue that greater political participation is necessary to counter what they see as hostile regulatory approaches by previous administrations.
Looking ahead to November
The $21 million contribution from Crypto.com and Gemini represents just one piece of a larger puzzle. With the stock of MAGA Inc. worth $294 million and Fairshake’s substantial resources, the cryptocurrency holdings are positioned to significantly influence the 2026 midterm elections.
As regulatory debates continue in Washington, the cryptocurrency sector is ensuring it has a seat at the table through substantial financial commitments. The 2026 midterm elections will test whether this strategy continues to deliver results and whether American voters embrace or reject such concentrated political spending by emerging technology industries.
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