Ripple, Coinbase among top donors in crypto's $189 million election spending: report

Crypto companies have contributed $189 million so far to influence the 2026 U.S. midterm elections, accounting for 37% of the $517 million disclosed in corporate political spending this cycle, according to Public Citizen.

The report, published Tuesday by the advocacy organization, identified Ripple, Crypto.com and Coinbase as the crypto sector's largest contributors. Ripple spent $49.6 million during the cycle, followed by Crypto.com at $38.6 million, and Coinbase at $35.2 million. 

Entities associated with Gemini and its founders Tyler and Cameron Winklevoss added another $25.7 million, bringing spending by those four crypto groups to roughly $149 million, according to the report, which analyzed Federal Election Commission disclosures and OpenSecrets data.

The report also suggested that the biggest beneficiaries of crypto's corporate spending are Fairshake, a sector-focused super PAC, and MAGA Inc., the Trump-backing super PAC. Fairshake received $82.6 million in crypto-related contributions, while MAGA Inc. received $56.2 million.

Cantor Fitzgerald-backed Fellowship PAC also accounted for another crypto-focused political vehicle, receiving $10 million from the Wall Street firm, which serves as Tether's banking partner.

Crypto spends more than AI, Big Tech sectors 

The report found that artificial intelligence and Big Tech companies contributed $60 million during the cycle, with $50.1 million directed to the AI-focused Leading the Future PAC. Online betting companies also spent $45.6 million, including $43 million that flowed to Win for America PAC. 

Together, crypto, AI, Big Tech, and online betting firms accounted for $294 million, or 57%, of the $517 million in corporate spending reported for the 2026 midterms so far.

Among the top 10 corporate contributors across the four industries, Ripple ranked second overall behind venture capital firm Andreessen Horowitz's $51.65 million contribution, while Crypto.com placed third and Coinbase fourth. Blockchain.com and Ondo Finance also appeared among the largest corporate backers of MAGA Inc., contributing $5 million and $2.1 million, respectively.

Public Citizen also raised concerns about the influence of corporate money in federal elections and said the full amount of their spending is unknown and "certainly higher" than the amounts reported in FEC disclosures.

The advocacy group argued that sector-focused committees are designed to support candidates viewed as favorable to the commercial priorities of their backers.

Meanwhile, Fairshake and its affiliated groups have continued to deploy capital in congressional contests this year. Last week, Maryland state delegate Adrian Boafo won the Democratic primary with backing from Protect Progress, a Fairshake-affiliated super PAC. Federal Election Commission filings showed Protect Progress spent $5.5 million in the race.