On the eve of the US presidential election! Cryptocurrency exchanges bet 21 million on Trump's midterm election campaign

Cryptocurrency exchanges bet on the 2026 U.S. elections. Trump’s MAGA Inc. Super PAC has received over $21 million in crypto industry donations, with total reserves soaring to $294 million. These funds will be used to support midterm election candidates, as 435 House seats and 33 Senate seats are up for election, giving Democrats a chance to regain control of Congress.

2026 Midterm Elections Become Crypto Industry Political Bet

The 2026 U.S. midterm elections are crucial for the cryptocurrency industry. The crypto-friendly policies promoted by the Trump administration, including dismissing SEC Chair Gensler, establishing a national Bitcoin reserve, and withdrawing multiple regulatory lawsuits against crypto companies, have already benefited the industry. However, if Democrats regain control of both chambers, these policies could face reversal risks.

All 435 House seats and 33 Senate seats will be up for election in 2026. Currently, Republicans hold the majority in both chambers, but historical data shows that the ruling party often loses seats in midterms. In 1994, 2010, and 2018, the ruling party suffered significant setbacks. The crypto industry is well aware of this pattern and has proactively positioned itself, attempting to solidify support for crypto-friendly policies in Congress through political donations.

Some notable campaigns that could impact the crypto industry include: Republican John Deaton, XRP legal advocate, running for the Massachusetts Senate seat currently held by Democrat Ed Markey. Wyoming Senator Cynthia Lummis, a supporter of crypto policies, announced last December that she would not seek re-election in 2026, making her seat a key battleground for both parties.

$21 Million in Donations Behind Industry Alliance

According to documents filed with the Federal Election Commission on Friday, MAGA Inc. Super PAC reported receiving 1.5 million USDC stablecoin donations and two large contributions of $10 million each from major crypto exchanges. All these funds come from top digital asset platforms, demonstrating a collective political donation effort within the crypto industry.

Other donations related to the crypto and financial sectors include a $1 million contribution from an executive at payment processor Shift4 and over $4 million from JPMorgan Chase. These funds have brought the political committee’s reserves to $294 million, providing ample resources for the upcoming midterm elections.

Notably, some donations originate from crypto platforms with deep ties to Trump media companies. Since 2025, as part of digital asset reserve strategies, certain exchanges have strengthened their collaborations with Trump media, illustrating a dual business and political alliance, and showing that the crypto industry is fully betting on the Trump camp.

Three Strategic Goals of Crypto Industry Political Donations

Consolidate Regulatory Advantage: Ensure agencies like SEC and CFTC continue to adopt crypto-friendly stances, avoiding a recurrence of the aggressive enforcement seen during Biden’s term

Advance Legislation: Support the passage of industry-favorable legislation such as stablecoin regulation frameworks and Bitcoin reserve laws in Congress

Expand Political Influence: Fund pro-crypto candidates to build broader political networks at state and federal levels

Perfect Replication of 2024 Election Model

During the 2024 U.S. elections, crypto companies and their executives invested heavily to influence federal elections. This successful experience is now being replicated in the 2026 midterms. Crypto-supported PACs and other organizations are purchasing media ads, potentially helping Republicans regain control of the Senate. For example, they spent $40 million on Senate races in Ohio, ultimately flipping the seat.

Crypto-supported political action committee Fairshake played a key role in the 2024 elections. The PAC and its affiliates raised over $260 million to support pro-crypto congressional candidates, nearly twice as much as those supporting Democratic candidates. Last year, a Fairshake spokesperson told media outlets that the committee was “all in” for the midterms. In 2025, the PAC and its affiliates spent millions supporting candidates in Virginia’s 11th district and Florida’s congressional races.

The success of this model lies in targeted spending. Crypto PACs do not spend aimlessly but focus on key swing districts and potentially flip seats, concentrating media bombardment. This strategy proved highly effective in 2024, with key Senate seats in Ohio, Pennsylvania, and other states flipping in favor of crypto-funded candidates.

Trump’s own attitude also reflects the rising influence of crypto industry politics. During his 2024 campaign, Trump promised to be the “first cryptocurrency president,” and after taking office, he quickly delivered on that promise—firing crypto skeptics like Gensler, establishing a national Bitcoin reserve, and pardoning Silk Road founder Ross Ulbricht. These policies directly benefited from strong crypto industry support in elections, and the $21 million in donations for the 2026 midterms is a continuation of this political-business deal.

Overall, the $21 million donation from crypto exchanges to Trump’s PAC marks an acceleration in the industry’s politicization. It’s not only about the 2026 midterm elections but also about consolidating a crypto-friendly political environment in the coming years. With $294 million in war chest funds in place, Trump’s camp is well prepared for the midterms.