Crypto firms have spent $189 million so far on 2026 US election, report says

The cryptocurrency industry has significantly ramped up its political spending, pouring $189 million into efforts to influence the 2026 US midterm elections. This figure, detailed in a new report by the consumer advocacy organization Public Citizen, surpasses the industry's spending in the previous election cycle.

The report highlights that the crypto sector has emerged as the leading corporate political spender this year. Its contributions constitute more than one-third of all corporate money directed towards the November elections and the preceding primary contests. This trend follows a pattern from the 2024 election cycle, where the crypto industry spent $170 million, successfully backing many congressional candidates who subsequently won their races.

Combined with significant contributions from the artificial intelligence, big tech, and online betting sectors, these industries have collectively spent $294 million on the 2026 elections thus far. With the entire House of Representatives and a third of the Senate up for reelection in November, the influence of corporate money in politics is expanding, as noted by Rick Claypool, a research director at Public Citizen and the report's author.

The report tracked spending by political action committees (PACs), which aggregate donations to support campaigns and political causes. Prominent entities such as Andreessen Horowitz, a venture capital firm heavily invested in crypto, along with Ripple Labs, Crypto.com-affiliated Foris DAX, and Coinbase, are identified as the top four contributors to PACs focused on advancing crypto-friendly policies. The industry's substantial investment in 2024 yielded policy gains, including a federal framework for stablecoins, and this strategy of heavy PAC spending is expected to continue.

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The big takeaway is that corporate money is playing a bigger role than ever in our elections, and it's only expanding.