Cryptocurrency companies have invested $189 million in an attempt to influence the 2026 US midterm elections,
already exceeding the $170 million they spent during the 2024 election cycle, according to a report by consumer advocacy organization Public Citizen.
The report estimates that the crypto sector accounts for more than one-third of all corporate political spending related to the current congressional elections and corresponding primaries, making it the largest corporate source of election funding. The industry also led corporate political donations in the 2024 election cycle, with many of its backed candidates winning.
The crypto industry has already achieved significant political victories. Last year, Congress approved legislation establishing the first federal regulatory framework for stablecoins—cryptocurrencies pegged to the US dollar. Supporters of this move argue that it will facilitate wider adoption of digital assets.
The industry is currently pressuring lawmakers to pass additional legislation, including the Clarity Act, which would establish a broader regulatory framework for cryptocurrencies. Industry advocates argue that this measure will provide long-awaited legal certainty and address key regulatory challenges facing digital asset companies.
Public Citizen noted that artificial intelligence, technology, and online gambling companies are also ramping up political spending. Collectively, these sectors and the crypto industry have contributed approximately $294 million to the 2026 elections, which will take place in November and cover every seat in the House of Representatives and about one-third of the Senate.
"The key takeaway is that corporate money is playing an increasingly significant role in our elections, and this is only getting worse," said Rick Claypool, Public Citizen's research director and the report's author.
The report is based on data on contributions to political action committees (PACs), which raise money to support candidates and political causes.
Among the largest funders of pro-crypto PACs, according to the report, are venture capital firm Andreessen Horowitz, blockchain company Ripple Labs, Foris DAX, an affiliate of Crypto.com, and cryptocurrency exchange Coinbase.
The report also notes that record political spending by the industry in 2024 contributed to a Congress more receptive to digital asset legislation, with super PACs playing a key role. According to Public Citizen, Fairshake, the leading super PAC supporting pro-crypto candidates, has raised $82 million during the current election cycle.