Crypto Industry Dominates U.S. Midterm Spending as Corporate Political Cash Hits $517 Million

The cryptocurrency industry has emerged as the dominant force in U.S. corporate political spending ahead of the 2026 midterm elections, channeling $189 million into campaigns — a sum that already exceeds what the entire sector spent throughout the 2024 election cycle. According to a newly released report by consumer advocacy organization Public Citizen, crypto firms now account for 37% of all corporate midterm spending recorded so far.

Total corporate political expenditures for the 2026 midterms have reached $517 million, surpassing the previous all-cycle record of $461 million set during the complete 2024 cycle — and months still remain before Election Day. The report, compiled by Public Citizen researcher Rick Claypool and published on June 30, draws from Federal Election Commission filings and notes that corporations have now deployed nearly one-third of all post-Citizens United corporate election spending — roughly $1.58 billion since the landmark 2010 Supreme Court ruling — within a single electoral cycle.

**Industry-Focused Super PACs Take Center Stage**

A defining feature of this spending wave is the rise of what the report describes as industry-aligned super PACs — political committees built not around party lines but around advancing the interests of specific corporate sectors. This model was pioneered by the crypto industry during the 2024 cycle and is now spreading to other industries.

Fairshake, the primary crypto-oriented super PAC, has collected $82.6 million in corporate contributions this cycle, representing 60% of its $135 million total. Coinbase injected $33 million into the committee, while Ripple Labs contributed $48.5 million. Fairshake co-leader Josh Vlasto, formerly chief of staff to New York Governor Andrew Cuomo, described the group's approach as an "aggressive, targeted strategy" aimed at electing pro-crypto legislators nationwide.

Venture capital powerhouse Andreessen Horowitz, a prominent Fairshake backer in 2024, has redirected its political focus this cycle. The firm put $50 million into Leading the Future, a super PAC centered on artificial intelligence policy. The committee has raised $75.1 million in total, with corporate donors supplying 67% of that figure. When combined with personal contributions from co-founders Marc Andreessen and Ben Horowitz, the firm's total political footprint reaches $115.5 million.

A third industry-specific super PAC, Win for America, received $43 million from online sports betting operators FanDuel and DraftKings — $19.5 million each — with corporate money constituting 100% of its reported funding.

**MAGA Inc. Collects Over $120 Million in Corporate Funds**

Corporate cash has also flowed heavily into MAGA Inc., the super PAC established to support Trump-endorsed political candidates. The committee has received $120.6 million in corporate contributions this cycle — 35% of its $342 million total. Foris Dax, the parent company of Crypto.com, is the single largest corporate donor with a $35 million contribution. Other crypto-linked donors to MAGA Inc. include Blockchain.com ($5 million), Gemini Trust Company ($4.4 million), and Ondo Finance ($2.1 million).

Tools for Humanity Corporation — the biometric identity company backed by OpenAI CEO Sam Altman — contributed $5 million to MAGA Inc. in the days leading up to Donald Trump's inauguration. Altman has since publicly stated he would prefer to see political money removed from the system. Meanwhile, OpenAI president Greg Brockman and his wife Anna donated $25 million to MAGA Inc. and an additional $25 million to Leading the Future. The Wall Street Journal reported that Brockman and OpenAI global affairs head Chris Lehane played a role in initiating the latter super PAC.

**True Totals Likely Far Higher**

The $517 million figure still understates the full scale of corporate political activity. Meta Platforms is separately spending $65 million through non-federal super PACs to fight state-level artificial intelligence regulations, and Anthropic has pledged $20 million to a group supporting AI safety-focused candidates — neither sum yet reflected in FEC disclosures. Dark money organizations, which face no donor disclosure requirements, further obscure the actual total being spent to shape the outcome of the 2026 midterms.