Ripple, Coinbase Lead Crypto’s $189M Election Spending Push, Report Says

TLDR

Crypto companies have contributed $189 million so far in the 2026 U.S. midterm election cycle, according to a Public Citizen report based on Federal Election Commission and OpenSecrets data.

The report said crypto firms accounted for 37% of the $517 million in disclosed corporate political spending during the cycle. Ripple, Crypto.com, Coinbase, and entities linked to Gemini and the Winklevoss twins ranked among the sector’s largest contributors.

Public Citizen said the full amount of corporate election spending is likely higher because some political spending does not appear in FEC disclosures. The group also said dark money organizations can hide some corporate donors.

Ripple, Coinbase Rank Among Top Crypto Donors

Ripple contributed $49.6 million during the 2026 cycle, according to the report. That placed the company among the largest corporate political spenders across crypto, artificial intelligence, Big Tech, and online betting.

Crypto.com followed with $38.6 million, while Coinbase contributed $35.2 million. Entities tied to Gemini and founders Tyler and Cameron Winklevoss added $25.7 million.

Together, those four crypto groups spent about $149 million, according to Public Citizen. The report said most of the sector’s money flowed to super PACs that focus on crypto policy or broader political races.

Ripple and Coinbase gave large sums to Fairshake and affiliated groups. Crypto.com and Gemini-linked entities directed major funds to MAGA Inc. and other political committees, according to the report.

Fairshake and MAGA Inc. Receive Major Funding

Fairshake, a crypto-focused super PAC, received $82.6 million in crypto-related contributions, according to Public Citizen. The group and its affiliates have backed candidates seen as supportive of digital asset policy.

MAGA Inc., a super PAC supporting President Donald Trump’s political network, received $56.2 million from crypto-linked contributors. Blockchain.com and Ondo Finance were also listed among crypto contributors to MAGA Inc., with $5 million and $2.1 million, respectively.

Public Citizen described sector-focused committees as groups designed to support candidates viewed as favorable to the business priorities of their donors. That view is the advocacy group’s assessment, not a legal finding.

Fairshake has continued spending in congressional races. Federal Election Commission filings showed its affiliate Protect Progress spent $5.5 million backing Maryland state delegate Adrian Boafo, who won a Democratic primary last week.

Crypto Outspends AI and Online Betting

The report said crypto firms spent more than artificial intelligence, Big Tech, and online betting companies during the 2026 cycle. AI and Big Tech companies contributed $60 million, while online betting firms spent $45.6 million.

The AI-focused Leading the Future PAC received $50.1 million, according to the report. Online betting-focused Win for America PAC received $43 million.

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

Andreessen Horowitz ranked as the largest corporate contributor across the sectors listed, with $51.65 million. Ripple ranked second, followed by Crypto.com and Coinbase.

Election Spending Draws Scrutiny

Public Citizen raised concerns about rising corporate money in federal elections. The group said the 2026 midterm cycle has already passed the previous disclosed corporate spending record set during the 2024 cycle.

The advocacy group said these figures do not include state-level spending or money routed through nonprofits that do not disclose donors. It said that means the real total is “certainly higher” than the reported amount.

The report comes as Congress weighs digital asset policy, including market structure rules and stablecoin regulation. Crypto firms have increased political activity as lawmakers debate how federal agencies should oversee the industry.

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