Two major cryptocurrency exchanges have contributed more than $21 million to a political action committee (…

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Two major cryptocurrency exchanges have contributed more than $21 million to a political action committee (PAC) supporting US President Donald Trump, according to a Friday filing with the Federal Election Commission. The MAGA Inc. Super PAC reported receiving a significant contribution of 1,500,000 liquidated USDC from the Gemini Trust Company. This financial support was further bolstered by two separate $10 million contributions from Foris Dax, which serves as the parent company of the cryptocurrency exchange Crypto.com. These contributions highlight a deepening relationship between the digital asset sector and political entities, as the exchange has reportedly strengthened ties with Trump’s media company since 2025 as part of a digital asset treasury strategy.

Beyond the contributions from major exchanges, the PAC has seen an influx of capital from various participants in the financial and payment processing industries. An executive at the payment processing provider Shift4 contributed $1 million, while JP Morgan Chase Bank, N.A. provided more than $4 million in support. These diverse funding sources have collectively bolstered the PAC’s financial position, contributing to a substantial $294 million stockpile. This accumulation of capital represents a concerted effort by financial and crypto-related entities to influence the political landscape through strategic donations to high-profile committees supporting the current administration and its allies.

Context

The accumulation of these funds occurs against a backdrop of significant shifts within the US government and the upcoming midterm elections. While US President Donald Trump is not seeking reelection in 2026—as his current term is scheduled to conclude in January 2029—the financial resources of the MAGA Inc. Super PAC remain highly relevant for supporting like-minded candidates. The political stakes are high, with the entirety of the US House of Representatives’ 435 seats and 33 seats in the Senate up for grabs. This electoral cycle presents a scenario where control of both chambers could potentially shift from the Republicans to the Democrats, making the deployment of PAC funds a critical factor in the balance of power.

Several high-profile races are expected to have a notable impact on the future of the cryptocurrency industry. In Massachusetts, John Deaton, a Republican and legal advocate for XRP, is seeking the Senate seat currently held by Ed Markey. Simultaneously, the pro-crypto presence in the Senate is facing a transition as Wyoming Senator Cynthia Lummis, known for her advocacy of pro-crypto policies, announced that she would not seek reelection in 2026. These developments, including the departure of established advocates and the rise of new challengers, create a volatile environment where the digital asset industry’s influence could be tested as seats in both the House and Senate are decided by voters.

Impact

The current scale of political spending by the cryptocurrency industry mirrors the heavy involvement seen in previous federal races. During the 2024 elections, significant capital from cryptocurrency companies and their executives was used to influence the outcome of various contests. This includes approximately $40 million in spending directed toward Ohio’s Senate race, which contributed to a shift in Senate control toward the Republicans through targeted media buys. Such historical precedents demonstrate the industry’s capacity to use targeted financial support to impact high-stakes legislative battles and ensure that its interests are represented in Washington.

The influence of crypto-backed PACs has extended into specific congressional districts across the country. In 2025, the crypto-backed PAC known as Fairshake and its affiliates spent millions of dollars on candidates for Virginia’s 11th congressional district seat, as well as multiple congressional seats in Florida. A spokesperson for Fairshake has previously emphasized that the committee is keeping its foot on the gas regarding its activities for the midterms. By focusing resources on specific House and Senate races, these PACs aim to shape the legislative body’s stance on digital assets, continuing a trend of aggressive spending and candidate support that has become a hallmark of the industry’s political strategy.

Outlook

As the midterm elections approach, the strategic deployment of the $294 million stockpile held by the MAGA Inc. Super PAC will likely be a primary focus for political observers. The substantial financial reserves allow for continued support of candidates who align with the policy goals of the digital asset industry. With all 435 seats in the US House of Representatives and 33 seats in the Senate up for grabs, the industry’s ability to influence the composition of Congress remains a central objective. The outcome of these elections will determine if the pro-crypto momentum observed in previous cycles can be maintained or if the legislative environment will change under a potential shift in party control.

The industry’s commitment to maintaining a strong presence in the political arena is evident through the ongoing activities of major PACs like Fairshake. As these organizations continue to spend millions in key districts, such as those in Virginia and Florida, the focus remains on securing a legislative majority that can navigate the evolving regulatory landscape. The end of the current presidential term in January 2029 provides a long-term horizon for these political strategies, but the immediate results of the midterms will serve as a crucial indicator of the industry’s political efficacy. Whether through the support of new advocates or the defense of key seats, the cryptocurrency sector appears determined to remain a significant force in shaping federal policy.