Cryptocurrency companies have already spent about $189 million to influence the 2026 US midterm elections, surpassing their spending at the same stage of the previous election cycle and cementing the industry's position as the biggest source of corporate political funding, according to a new report by consumer advocacy group Public Citizen.
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The report said crypto firms account for more than one-third of all corporate money contributed to this year's November elections and the primary contests leading up to them, making the sector the largest corporate political spender so far.
According to Reuters, Public Citizen noted that the crypto industry was also the leading corporate donor during the 2024 election cycle, contributing $170 million, with many congressional candidates backed by the sector going on to win their races.
Beyond cryptocurrency, companies in the artificial intelligence, big technology and online betting sectors have also ramped up political spending. Combined, these industries have spent $294 million on the 2026 elections so far, the report said. All 435 seats in the House of Representatives and roughly one-third of the Senate will be contested in November.
"The big takeaway is that corporate money is playing a bigger role than ever in our elections, and it's only expanding," Rick Claypool, Research Director at Public Citizen and author of the report, said according to Reuters.
The organisation tracked spending by political action committees (PACs), which pool donations to support candidates and political causes.
According to the report, Andreessen Horowitz, Ripple Labs, Crypto. com-affiliated Foris DAX and Coinbase were the four biggest contributors to PACs focused on advancing corporate policy priorities.
Public Citizen said the industry's record spending in 2024 translated into significant policy gains, helping usher in a Congress that backed legislation favourable to the crypto sector. Much of that funding came through super PACs, which are permitted to spend unlimited sums on political campaigns.
The report added that Fairshake, one of the largest pro-crypto super PACs, has received $82 million in donations during the current election cycle.
Reuters reported that the crypto industry's influence was reflected last year when Congress passed legislation establishing a federal framework for stablecoins, receiving bipartisan support in both chambers. The sector is now pushing for the Clarity Act, which would establish broader regulations for cryptocurrencies.
However, the legislation has stalled in the Senate, with several Democrats arguing it does not do enough to prevent politicians, including US President Donald Trump, from profiting from crypto ventures. Trump, who actively courted crypto industry support during his campaign, has made cryptocurrency reform a priority during his second administration, with the White House continuing to press for the bill's passage.
