Crypto Industry Pours Millions Into GOP PACs Ahead of Midterms

The cryptocurrency industry is rapidly escalating its political spending, and this election cycle marks a major shift: crypto’s financial support is now flowing heavily toward Republicans. Billionaires like Elon Musk, venture capitalists such as Marc Andreessen and Ben Horowitz, and leading crypto companies including Coinbase, Ripple Labs, and Crypto.com have donated millions to Republican-aligned super PACs.

An investigation by BeInCrypto reveals that these donations are part of a coordinated push to influence legislation and reduce regulatory barriers. Unlike in past elections, when donations were split more evenly between parties, the industry is now aligning itself with Donald Trump and Republican leadership in Congress.

The largest recipient of crypto funding has been MAGA Inc., Trump’s main super PAC, which has raised nearly $177 million. Musk stands out with a $5 million donation, while Andreessen and Horowitz added $2.5 million each. Corporate donations include $10 million from Crypto.com’s parent company Foris DAX, $5 million from Blockchain.com, $2.9 million from Gemini, and $2.1 million from Ondo Finance. Other notable contributors include MicroStrategy, Marathon Digital, Ava Labs, Cardano’s Input Output Global, and Hedera’s HBAR Inc.

Fairshake, a crypto-focused PAC, has received over $49 million, primarily from Coinbase ($33.2 million) and Ripple Labs ($23 million). This mirrors trends from the 2024 election cycle, confirming their role as dominant political spenders in the industry.

Meanwhile, Republican congressional PACs are also benefiting. The Congressional Leadership Fund has raised $32.7 million, while the Senate Leadership Fund has secured more than $23 million. Musk again contributed $5 million to each, while the Winklevoss twins, Solana Institute, Coinbase, and Circle also made significant donations.

This concentrated flow of crypto money into GOP-aligned super PACs underscores a clear partisan bet: that a Republican-controlled Congress and Trump’s return to power will deliver the most favorable policies for the industry’s future.