Ripple and Coinbase lead crypto push into election spending

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Crypto firms shape midterm financing

Highlights

Crypto firms have spent $189 million in the 2026 midterm cycle.
Corporate election spending has reached $517 million so far.
Ripple gave $49.6 million, while Coinbase gave $35.2 million.

Crypto remains the dominant corporate spender

Public Citizen said corporations have spent $517 million so far to influence federal elections in the 2026 cycle. That is already above the $461 million spent during the entire 2024 cycle and nearly triple the $184.1 million spent during the 2022 midterms. The group said the figure likely understates the total because it excludes some state-level spending and dark-money groups that do not disclose donors.

Crypto companies account for 37% of disclosed corporate election spending so far, making them the largest sector in the report. Public Citizen said the industry’s political spending model, first used aggressively in 2024, is now being copied by artificial intelligence, Big Tech, and online betting companies. Together, those sectors have spent $294 million, or 57% of total corporate spending reported so far.

The report argues that these companies are backing super PACs built around industry interests rather than party loyalty. Such groups can support or oppose candidates in either party, particularly in races where regulation of crypto, AI, or sports betting is at stake.

Ripple, Coinbase, and Crypto.com lead the list

Ripple Labs contributed $49.6 million during the cycle, including $48.5 million to Fairshake and affiliated groups, according to Public Citizen’s analysis of Federal Election Commission data through the first quarter of 2026. Coinbase gave $35.2 million, including $33 million to Fairshake. Foris Dax, the company behind Crypto.com, contributed $38.6 million, with $35 million going to MAGA Inc.

Fairshake, the main crypto-focused super PAC, has received $82 million in corporate contributions, which Public Citizen said represents about 60% of its $135 million in 2026 cycle contributions. The report also lists Gemini-linked entities and the Winklevoss Capital Fund among major donors, with $25.7 million in total contributions.

A larger fight over regulation

The scale of crypto spending matters because Congress and regulators are still shaping the rules for digital assets. By funding super PACs, crypto firms can reward candidates who favor industry-friendly policy and pressure lawmakers viewed as hostile to the sector.

The numbers also show how corporate political spending is changing. Crypto, AI, Big Tech, and online betting firms are not waiting for legislation to take shape. They are investing early in the candidates and committees that may influence the next phase of regulation. For voters, the result is a midterm cycle in which a small group of industries is playing an unusually large role in federal races.

We have previously highlighted that CLARITY Act talks hit new obstacles in the Senate.

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