Trump’s crypto allies build a record-breaking election war chest in bid to shape Washington’s future

Trump’s crypto allies build a record-breaking election war chest in bid to shape Washington’s future More than one-third of all corporate money contributed to this year's November elections, and primary elections leading up to them, has come from the crypto industry - Bookmark - CommentsGo to comments Cryptocurrency companies are pouring record amounts of money into the 2026 midterm elections, already spending $189 million to influence races and policy — making the crypto industry the biggest corporate political spender so far this cycle, according to a new report. The analysis from consumer advocacy group Public Citizen found crypto companies account for more than one-third of all corporate money flowing into the 2026 elections and the primary contests leading up to November. The spending surge follows a massive push during the 2024 election cycle, when crypto firms spent about $170 million and helped elect several candidates who supported the industry’s agenda. Combined with political spending from artificial intelligence, big tech and online betting companies, corporate-backed election spending has reached $294 million for the 2026 cycle, according to the report. “The big takeaway is that corporate money is playing a bigger role than ever in our elections, and it’s only expanding,” said Rick Claypool, Public Citizen’s research director and the report’s author. Public Citizen tracked spending from political action committees, including groups that raise money to support candidates and influence policy debates. Some of the biggest contributors to pro-crypto political efforts include venture capital firm Andreessen Horowitz, Ripple Labs, Crypto. com-affiliated Foris DAX and Coinbase. The industry’s political investment in 2024 helped fuel momentum for crypto-friendly lawmakers and legislation, including a federal framework for stablecoins — digital tokens designed to maintain a stable value relative to traditional currencies. The law passed last year with bipartisan support. Now, crypto companies are pushing for additional legislation, including the proposed “Clarity Act,” which supporters say would create clearer rules for digital assets and provide long-term certainty for the industry. But the bill faces opposition in the Senate, with some Democrats arguing it does not go far enough to address potential conflicts of interest, including concerns that politicians could profit from crypto ventures. A major force behind the industry’s political push is Fairshake, a pro-crypto super PAC that has raised $82 million this election cycle, according to Public Citizen. The super PAC model allows groups to spend unlimited amounts on political advertising as long as they do not coordinate directly with candidates’ campaigns. The industry’s growing political influence comes as President Donald Trump has embraced cryptocurrency, campaigned on attracting crypto investment and supported efforts to advance digital asset regulations. His administration has pushed for crypto legislation, while critics have raised concerns about potential conflicts involving political figures and crypto-related businesses. Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments