Crypto Exchanges Donate Over $21M to Pro-Trump Super PAC

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 submitted last 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 in USDC stablecoin, which was immediately converted to cash upon receipt.

The contributions helped push 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

While Trump cannot run for reelection in 2026, federal law allows super PACs to deploy these funds supporting aligned candidates during the midterm cycle. All 435 House of Representatives seats and 33 Senate seats 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 over $4 million and a Shift4 payments executive with $1 million. The diverse donor base demonstrates how financial and technology sectors are increasingly engaging in high-stakes political funding.

Source: fec.gov

The cryptocurrency industry’s political spending has exploded over recent election cycles. During the 2024 elections, crypto companies and executives poured tens of millions into federal races, with some estimates suggesting $40 million was spent on Ohio’s Senate race alone.

Crypto.com’s Growing Trump Ties

The donations come as Crypto.com strengthens its relationship with Trump’s media company. The partnership, which began in 2025, includes 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 collaboration.

The exchange has expanded its U.S. operations significantly throughout 2025, opening a Washington D.C. office near the White House in May and applying for a national trust bank charter in October. These moves signal the company’s commitment to building stronger regulatory relationships and expanding its federally regulated services.

The Securities and Exchange Commission closed an investigation into Crypto.com after Trump won the 2024 election, according to PBS reporting. The timing raised questions from ethics experts about potential conflicts of interest between Trump’s business dealings and federal regulatory actions.

Fairshake PAC’s Massive Midterm Push

Separate from MAGA Inc., the crypto-backed Fairshake PAC has assembled an even larger war chest for the 2026 midterms. 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 supporting Republican Bernie Moreno in Ohio’s Senate race, helping him defeat Democrat Sherrod Brown, a vocal cryptocurrency critic who chaired the Senate Banking Committee.

Major donors continue backing the effort. Coinbase recently contributed $25 million, while Ripple Labs, Uniswap Labs, and crypto entrepreneur Robert Leshner also pledged significant support. The PAC raised $52 million in the first half of 2025 alone, adding to funds left over from the previous cycle.

Key Senate Races Drawing Industry Attention

Massachusetts presents an interesting test case for crypto political influence. John Deaton, a Republican attorney known for defending XRP holders in Ripple’s legal battle against the SEC, is challenging Democratic Senator Ed Markey in 2026. Deaton previously lost to Senator Elizabeth Warren by approximately 22 percentage points in 2024 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 back his 2024 race against Warren, choosing instead to focus on closer swing-state contests. Whether the PAC will support Deaton’s 2026 bid remains unclear.

Wyoming Senator Cynthia Lummis, one of Congress’s most vocal cryptocurrency supporters, announced she will not seek reelection in 2026, leaving her seat open. This creates opportunities for new candidates with blockchain-focused platforms to enter federal politics.

Broader Industry Political Strategy

The cryptocurrency industry’s political approach has evolved significantly. Rather than spending hundreds of millions on lobbying after elections, companies now invest heavily beforehand to ensure favorable candidates reach office. This strategy proved effective in 2024 when crypto-backed candidates won the majority of contested races.

Beyond 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 aimed 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 these massive donations raise concerns about wealthy industries attempting to influence policy in their favor. However, industry supporters maintain that increased political participation is necessary to counter what they view as hostile regulatory approaches from previous administrations.

Looking Ahead to November

The $21 million contribution from Crypto.com and Gemini represents just one piece of a larger puzzle. With MAGA Inc.’s $294 million stockpile and Fairshake’s substantial resources, cryptocurrency interests 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 midterms will test whether this strategy continues delivering results and whether American voters embrace or reject such concentrated political spending by emerging technology industries.