In a significant political development, two leading cryptocurrency exchanges have collectively donated over $21 million to MAGA Inc., a political action committee (PAC) that supports President Donald Trump. This information comes from recent filings submitted to the Federal Election Commission.
The parent company of Crypto.com, Foris Dax, contributed a substantial $20 million in two separate donations made between September and October 2025. Additionally, Gemini Trust Company, co-founded by the Winklevoss twins, contributed $1.5 million in USDC stablecoin, which was promptly converted into cash upon receipt. These contributions have significantly bolstered MAGA Inc.”s financial resources, raising its total cash reserves to around $294 million—one of the largest war chests ahead of the upcoming congressional elections.
Political Landscape and Midterm Elections
Though Trump is ineligible to run for reelection in 2026, federal regulations permit super PACs to utilize these funds to support compatible candidates during the midterm election cycle. In November, all 435 House of Representatives seats and 33 Senate seats will be contested, likely altering the legislative landscape regarding financial regulations.
Other notable contributors to the same filing included JPMorgan Chase Bank, which donated over $4 million, and a Shift4 Payments executive who contributed $1 million. This diverse array of donors showcases the growing involvement of the financial and technology sectors in high-stakes political funding.
Expansion of Political Spending in the Crypto Sector
The political expenditures from the cryptocurrency sector have surged in recent election cycles. During the 2024 elections, crypto firms and executives invested tens of millions into various federal races, with estimates indicating that Ohio”s Senate race alone accounted for approximately $40 million in spending.
The recent donations also coincide with Crypto.com enhancing its partnership with Trump”s media company. Initiated in 2025, this collaboration includes leveraging Crypto.com”s Cronos blockchain for a digital asset treasury strategy. Furthermore, Trump Media has announced its intention to distribute digital tokens to shareholders as part of this partnership.
This year, the exchange has significantly expanded its U.S. operations, establishing a Washington D.C. office near the White House in May and applying for a national trust bank charter in October. These initiatives reflect the company”s commitment to fostering robust regulatory relationships and broadening its federally regulated services.
Fairshake PAC and Strategic Political Investments
Alongside MAGA Inc., the crypto-backed Fairshake PAC is amassing an even larger fund for the 2026 midterms, reporting cash reserves between $116 million and $141 million. This PAC has received support from major industry players such as Coinbase, Andreessen Horowitz, Ripple Labs, and Jump Crypto. Fairshake has demonstrated its efficacy in political spending, achieving a 91% success rate in races during the 2024 general election.
In Ohio, the PAC spent $40 million to support Republican candidate Bernie Moreno, successfully defeating Democrat Sherrod Brown, a known critic of cryptocurrency. Recently, Coinbase contributed $25 million to the PAC, while Ripple Labs, Uniswap Labs, and crypto entrepreneur Robert Leshner also pledged substantial support.
As the 2026 midterm elections approach, the cryptocurrency industry is poised to play a critical role in shaping political outcomes through significant financial contributions. With MAGA Inc.”s $294 million and Fairshake”s robust financial resources, the sector is ensuring its influence in the political arena.
