Major Exchanges Increase Political Influence Through PAC Contributions
Two leading cryptocurrency companies have contributed over $21 million to a political action committee (PAC) supporting former President Donald Trump, ahead of the 2026 U.S. midterm elections. According to filings with the Federal Election Commission, the MAGA Inc. Super PAC received 1.5 million liquidated USDC from Gemini Trust Company and two separate $10 million contributions from Foris Dax, the parent company of Crypto.com.
These contributions are part of broader political engagement from the crypto and financial sectors. Additional donations include $1 million from Shift4 executives and over $4 million from JPMorgan Chase Bank, adding to the PAC’s $294 million overall fund. Although Trump will not seek reelection in 2026, the PAC can use these funds to support like-minded candidates in races that could determine control of the U.S. House and Senate.
Several high-profile races could directly impact the cryptocurrency industry, including Republican John Deaton, an XRP legal advocate seeking a Senate seat in Massachusetts, and the upcoming open seat of Wyoming Senator Cynthia Lummis, a pro-crypto policymaker not seeking reelection.
The 2024 elections saw significant influence from crypto-backed PACs, with millions spent on media and campaigns to sway key Senate races. Analysts suggest that continued contributions from the crypto industry may shape the legislative environment for digital assets in the coming years, potentially affecting regulations and adoption at a federal level.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.