Donald Trump's super PAC, MAGA Inc., has received substantial financial support from cryptocurrency companies and investors, totaling $21 million, as the 2026 midterm elections draw near. This influx of funds highlights the deepening ties between the crypto industry and Trump's political efforts.
Recent filings with the Federal Election Commission (FEC) reveal that Foris DAX Inc., the company operating the Crypto.com exchange, contributed $20 million to MAGA Inc. Blockchain.com donated $5 million. The contributions underscore the crypto sector's strategic investment in influencing the political landscape.
MAGA Inc. has amassed over $200 million, fueled by contributions from the crypto industry as well as other major sectors like energy, healthcare, and technology. This financial strength positions the PAC as a significant force capable of backing Republican candidates and advocating for pro-crypto policies.
Trump has advocated for cryptocurrency regulations, including the promotion of stablecoins and easing restrictions on digital assets. His administration has taken steps to support the industry by easing regulatory burdens. These policies have garnered strong support from crypto firms and investors who see them as beneficial to their business interests.
The timing and amount of the crypto donations suggest a strategic effort to shape the political environment under Trump's leadership. According to analysts from Kanalcoin, this trend could reshape global crypto dynamics as governmental entities engage with digital assets.
Other significant contributions to MAGA Inc. include $25 million from OpenAI president and co-founder Greg Brockman and $11 million from private equity investor Konstantin Sokolov. Brockman cited his support for innovation-friendly policies as the reason for his political involvement, also praising Trump's engagement with the AI community. Juul Labs and NASA administrator Jared Isaacman each donated $1 million.
The cryptocurrency industry's spending in the 2024 election cycle reached at least $238 million, surpassing traditional giants in an effort to gain influence as Congress considers tighter regulations on digital assets. A review of FEC data indicated that Trump and Vice President Kamala Harris received a combined $34 million in donations from crypto industry leaders. Trump received over $22 million from at least 17 big donors, while Harris received $12 million, 99% of which came from Ripple co-founder Chris Larsen.
The industry's largest corporate spenders, including Coinbase, Ripple, and Andreessen Horowitz, donated a combined $160 million to pro-crypto super PACs supporting industry-friendly candidates in Congressional races. In the 2024 election cycle, crypto companies spent over $119 million to influence voters. Coinbase gave roughly $66 million to Fairshake, while Ripple Labs contributed $45 million to the PAC.
