Cryptocurrency companies have provided $189 million in political spending so far in the run-up to the 2026 U.S. midterm elections, according to a report published by Public Citizen. That total already tops the industry's outlay in the previous federal election cycle and positions crypto as the single largest corporate source of political contributions leading into the November contests.
Public Citizen's analysis indicates that more than one-third of all corporate money donated to this year’s November elections and the primaries preceding them has originated from the crypto sector. In 2024 the industry was also the top corporate donor, contributing $170 million to that cycle, and many candidates it backed were successful in their races.
The report tracks contributions made through political action committees, or PACs, which aggregate donor funds to support candidates or political causes. Public Citizen identified Andreessen Horowitz, Ripple Labs, Foris DAX (affiliated with Crypto.com) and Coinbase as the four largest contributors to PACs focused on promoting corporate policy priorities.
Other sectors have been active as well. Companies in artificial intelligence, big tech and online betting are among the notable corporate donors, and when combined with crypto spending those sectors amount to $294 million directed at the 2026 elections so far.
Rick Claypool, research director at Public Citizen and author of the report, summed up the trend: "The big takeaway is that corporate money is playing a bigger role than ever in our elections, and it’s only expanding." The organization’s tracking encompasses traditional PACs and super PACs, which can accept unlimited contributions and often fuel large-scale campaign efforts.
Super PAC activity has been a major driver of the industry’s influence. Public Citizen reported that Fairshake, a super PAC geared toward supporting pro-crypto candidates, has taken in $82 million in donations during this cycle. Much of the crypto sector’s 2024 spending flowed through super PACs, a pattern that appears to be persisting.
The sizable expenditures made by crypto companies in 2024 translated into tangible policy outcomes last year. Lawmakers enacted legislation establishing a federal framework for dollar-pegged crypto tokens known as stablecoins, a measure that proponents say will lend legal clarity and support broader adoption. That bill received bipartisan support in both the House and the Senate.
Industry advocates are now pressing for further statutory changes, including legislation commonly referred to as the Clarity Act, which would create regulatory guardrails for cryptocurrencies. Companies in the sector argue that such legislation is essential to the future of U.S. digital assets and would address persistent operational and legal challenges faced by crypto firms.
However, the Clarity Act has stalled in the Senate and it is uncertain whether it will pass before the November elections, during which Democrats are expected to take control of the House of Representatives. Public Citizen’s report notes that if the Senate does not pass the bill this year, it is unlikely to become law in the foreseeable future, according to analysts referenced in the report.
The proposed legislation also faces opposition from many Democrats, who contend it does not sufficiently guard against the potential for politicians - including President Donald Trump - to profit from crypto ventures. The report notes that Trump courted crypto contributions during the campaign, that members of his family have profited from a token associated with them, and that crypto reform has been a priority for his second administration, with the White House actively pushing for the bill.
With the entire House of Representatives and roughly one-third of the Senate up for reelection in November, the scale and direction of corporate political spending in the months ahead could shape not only individual races but also the legislative environment for digital asset regulation.