In a significant political move, two prominent cryptocurrency exchanges have collectively contributed over $21 million to a political action committee (PAC) backing US President Donald Trump. The MAGA Inc. Super PAC disclosed this substantial funding in a recent filing with the Federal Election Commission, revealing a receipt of 1,500,000 liquidated USDC from Gemini Trust Company, alongside two $10 million contributions from Foris Dax, the parent entity of the cryptocurrency exchange Crypto.com.
This financial backing marks a deepening of ties between Crypto.com and Trump”s media operations, a strategy that began in 2025 as part of a broader digital asset treasury initiative. Additional contributions from the cryptocurrency and financial sectors included $1 million from a Shift4 executive and over $4 million from JP Morgan Chase Bank, N.A., which has bolstered the PAC”s total to an impressive $294 million.
Despite Trump not campaigning for reelection in 2026, with his current term concluding in January 2029, the contributions will be utilized to support candidates aligned with his agenda in the upcoming midterm elections. The control of the 435 seats in the US House of Representatives and 33 Senate seats is at stake, which could potentially shift power from Republicans to Democrats.
Among the key races that could influence the cryptocurrency sector is Republican John Deaton, an advocate for XRP, who is contesting for the Massachusetts Senate seat currently held by Ed Markey. Furthermore, Wyoming Senator Cynthia Lummis, known for her pro-cryptocurrency stance, announced in December that she would not seek reelection in 2026, leaving her position available for new contenders.
Reflecting on prior elections, the 2024 cycle saw substantial funding from crypto companies and executives aimed at swaying federal races. Investments from crypto-affiliated PACs were reportedly instrumental in shifting Senate control to Republicans, with notable expenditures like $40 million directed towards Ohio”s Senate race.
A spokesperson from the crypto-backed PAC Fairshake stated to Cointelegraph last year that the committee intends to maintain its momentum into the midterms. The PAC and its related entities allocated millions in 2025 to candidates in Virginia”s 11th congressional district and various Florida congressional seats.
This significant financial involvement underscores the increasing intersection of cryptocurrency and politics, as industry players seek to influence legislative outcomes that could impact the future of digital assets in the United States.
