Crypto exchanges pour $21M Into Trump-backed PAC ahead of 2026 midterms

Two major cryptocurrency firms have donated more than $21 million to a political organization backing US President Donald Trump, according to an official filing.

The report, submitted to the FEC on Friday, shows the funds went to the MAGA Inc. Super PAC. Gemini Trust Company contributed $1.5 million in USDC, a type of stablecoin that was converted into US dollars. Foris Dax, the parent company of the Crypto.com exchange, made two separate $10 million contributions.

Other donations included $1 million from Shift4, a payments company, and more than $4 million from JPMorgan Chase Bank, N.A. Combined, these contributions helped boost the MAGA Inc. Super PAC’s total funds to roughly $294 million.

Crypto.com has been working more closely with Trump’s media company since 2025. This partnership is one element in a plan to retain digital money as company savings, or a digital asset treasury approach.

Why these donations matter ahead of the midterm elections

President Trump will not run for president in 2026 because his current term ends in January 2029. However, the money given to the PAC can still be used to help other politicians who share his ideas.

In 2026, the United States will hold midterm elections. During these elections, voters will elect all 435 members of the US House of Representatives and 33 members of the US Senate.

These elections are important because they decide which political party controls Congress. Currently, Republicans hold control, but Democrats hope to win enough seats to take control of both the House and the Senate.

Some of the races could be very important for the cryptocurrency industry. One example is John Deaton, a Republican lawyer who supports digital assets and has spoken publicly in favor of XRP, a popular digital currency. He is running for a Senate seat in Massachusetts, currently held by Democrat Ed Markey.

Another key change is happening in Wyoming. Senator Cynthia Lummis, who has strongly supported cryptocurrency laws in the Senate, announced in December that she will not seek re-election in 2026. This means her seat will be open, and new candidates will compete for it.

Because laws about crypto are still being debated in the US, who wins these seats could shape the future of digital money.

Crypto money played a big role in past elections

This is not the first time cryptocurrency companies have spent large amounts of money on US elections. During the 2024 elections, crypto companies and crypto leaders spent millions of dollars to support candidates they liked. A significant portion of this money was allocated for television ads, online advertisements, and public campaigns.

In some cases, this spending may have contributed to Republicans gaining control of the Senate. For example, approximately $ 40 million was spent on Ohio’s Senate race alone, making it one of the most expensive races that year.

One major crypto-backed political group is called Fairshake. In 2024, a Fairshake spokesperson told reporters that the group was “keeping its foot on the gas”, meaning it planned to keep spending money to influence elections.

True to that promise, Fairshake and its partner groups spent millions more in 2025. They supported candidates in Virginia’s 11th congressional district and several Florida congressional races.

As the 2026 midterm elections draw closer, experts expect that crypto companies will continue to spend money supporting politicians who advocate for clear and favorable laws for digital currency.

For now, the latest donations show one clear message: cryptocurrency companies want a strong voice in US politics, and they are willing to spend millions of dollars to be heard.

If you're reading this, you’re already ahead. Stay there with our newsletter.