Gemini and the parent company of Crypto.com have donated $21 million to the MAGA Inc. Super Political Action Committee supporting former President Trump. The donation included $1.5 million in USDC and $20 million in cash. According to Federal Election Commission filings and public statements, this is only a small portion of the roughly $263 million war chest the crypto industry is preparing for the 2026 midterm elections.
Key Event: Latest Donation Moves by Crypto Giants
At the start of 2026, crypto exchange Gemini, through its trust company, donated $1.5 million in USDC stablecoin to the MAGA Inc. Super PAC supporting Trump. Meanwhile, Foris Dax, the parent company of Crypto.com, made two separate $10 million cash donations, bringing the total to $21 million.
This marks the latest political contribution from the cryptocurrency industry ahead of the 2026 US midterm elections, highlighting the sector’s deepening involvement in American politics.
Funding Scale: From Political Margins to the Power Center
The cryptocurrency industry is investing in the US political process at an unprecedented scale. According to Federal Election Commission data, various crypto-focused Super PACs have raised about $263 million in campaign funds. This figure is nearly double the amount spent by the most influential crypto Super PAC, Fairshake, during the 2024 cycle, and even slightly surpasses the total spending of the entire oil and gas industry in the previous election cycle.
Funding sources are diverse, with Fairshake remaining the largest crypto Super PAC, holding $141 million as of the end of June 2025. Its backers include major US crypto companies and venture capital firms.
The Digital Freedom Fund PAC, founded by the Winklevoss twins, has pledged $21 million in Bitcoin, explicitly aiming to "support President Trump and his administration’s efforts" on crypto policy by influencing the 2026 US midterms.
Strategic Shift: From Bipartisan Balance to Taking Sides
During the 2024 election cycle, Fairshake tried to position crypto-friendly policies as a bipartisan issue, but most of its spending still favored Republican candidates. Now, the strategy is more direct and decisive. Emerging Super PACs are moving away from previous approaches and are firmly backing the Republican Party, potentially helping it maintain control of Congress. The newly established First Principles Digital PAC identifies itself as "Republican-led and Republican-focused," dedicated to electing leaders who support pro-crypto policies.
The Digital Freedom Fund is planning to target Sherrod Brown, the Ohio Democrat seeking to return to the Senate, who was defeated in the 2024 election after Fairshake spent $40 million against him.
Policy Goals: Market Structure Bill and Regulatory Framework
The crypto industry is leveraging political donations to advance a series of legislative and regulatory priorities, with a current core focus on a crypto market structure bill. This bill would overhaul the regulatory framework for digital assets and could grant more authority to the Commodity Futures Trading Commission, a regulator seen as more favorable to the crypto sector.
In October 2025, about a dozen top crypto industry executives traveled to Washington to meet with senior Republican senators, as well as holding extended discussions with Democratic senators including Minority Leader Chuck Schumer. The industry’s agenda also includes adjusting crypto tax policies, improving anti-money laundering and sanctions rules, and clarifying the regulatory framework for decentralized exchanges.
Political Engagement: From Behind-the-Scenes Lobbying to Direct Candidacy
The crypto sector is shifting from purely making political donations to more direct political participation. XRP legal advocate John Deaton is running for a Senate seat in Massachusetts, challenging incumbent Democrat Senator Ed Markey.
In the first quarter of 2024, Deaton received over $360,000 in crypto donations, demonstrating strong support from the blockchain community. If Deaton gains backing and wins, it would signal the industry’s move from behind-the-scenes lobbying to direct representation in Congress. Having a pro-crypto voice in the Senate could reshape how US regulators approach digital assets.
Market Impact: Regulatory Environment and Price Volatility
Regulatory changes directly affect cryptocurrency prices and user trading patterns. As of January 6, 2026, Gate market data shows major cryptocurrencies moving as follows: the stablecoin USDC price remains steady near $1.00, with 24-hour trading volume reaching $12.73 billion. Recent regulatory developments may push market inflation rates up by 1.0%-1.5%, indicating that regulatory factors are influencing industry activity and market expectations.
Gate’s Chief Operating Officer noted that while trading fees are expected to continue a gradual decline, exchanges must balance lowering fees to boost trading volume with maintaining higher fees to ensure platform security. The growing political clout of the industry could lead to a clearer and more favorable regulatory environment, which is generally seen as positive for crypto markets.
The crypto industry’s rising political influence is already producing tangible results. Even Senator Sherrod Brown, a longtime critic of the sector, has softened his stance, with his campaign acknowledging that "cryptocurrency is a part of the US economy and is becoming increasingly prevalent in Ohio and nationwide." Looking back at 2024, Fairshake and its affiliates spent over $133 million supporting pro-crypto candidates, making it one of the largest single-issue spenders of the last election cycle. Now, with the 2026 midterms approaching, the digital asset industry’s impact on US politics will only deepen and expand. For exchanges like Gate, this evolving political landscape promises a more stable regulatory framework and predictable policy environment. As Gate founder Han Lin noted in a recent interview, he remains optimistic about the market in 2026, believing that crypto is now deeply integrated into the global macroeconomy and unlikely to return to a prolonged bear market.
