Crypto executives emerge as major political donors in U.S. midterm cycle

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Crypto executives as political donors

Highlights

Crypo executives have spent over $56 million in political donations so far in the 2025-2026 U.S. election cycle, according to Federal Election Commission filings.
The Winklevoss twins contributed nearly $13 million each to MAGA Inc and $21.3 million via Winklevoss Capital Fund to the Digital Freedom Fund opposing Democrat Sherrod Brown.
Chris Larsen spent at least $14.6 million—including $6 million to Invest in Tomorrow Coalition and $4.5 million to You Can Push Back PAC—while Andreessen and Horowitz each gave $3 million to MAGA Inc.

Federal filings show broad political spending

As reported by Reuters, an analysis of Federal Election Commission filings shows crypto executives have collectively spent more than $56 million so far in the 2025-2026 election cycle. The total includes contributions to candidates, party committees and political action committees, as well as certain donations made through affiliated entities.

The spending adds to a wider $175 million push by the crypto industry during the current cycle, according to the filings. Reuters says it excluded routine transfers from joint fundraising committees to avoid double-counting, and the totals do not include donations to so-called dark money nonprofit groups that are not required to disclose donors.

Cameron and Tyler Winklevoss, co-founders of Gemini Space Station, have each contributed nearly $13 million, mostly to MAGA Inc, the main super PAC backing President Donald Trump. Their Winklevoss Capital Fund also contributed $21.3 million this cycle to the Digital Freedom Fund, a super PAC opposing Democratic candidate Sherrod Brown in Ohio's U.S. Senate race.

Chris Larsen, co-founder and executive chairman of Ripple Labs, has spent at least $14.6 million, largely on Democratic-aligned and issue-focused groups. His donations include $6 million to the Invest in Tomorrow Coalition super PAC, which supports candidates aligned with renewable energy, and $4.5 million to You Can Push Back PAC, which focuses on artificial intelligence safety.

Marc Andreessen and Ben Horowitz, co-founders and general partners of Andreessen Horowitz, have also made multimillion-dollar contributions. Andreessen gave $3 million to MAGA Inc and about $719,000 in other mostly Republican-leaning donations, while Horowitz contributed $3 million to MAGA Inc and nearly $1 million more to party committees and candidates.

Our earlier article on the surge in Republican campaign advertising ahead of the midterm elections highlighted how the GOP rapidly boosted ad buys across Senate and House races as polling tightened, even in states once seen as safe. We also noted that high fuel costs and broader affordability pressures were becoming a central political issue shaping where money was being deployed and which contests were turning into costly battlegrounds.

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