Cryptocurrency Exchanges Donate Millions to Support US President Donald Trump’s PAC
Two major cryptocurrency exchanges have made significant donations to a political action committee (PAC) supporting US President Donald Trump, totaling over $21 million. According to a filing with the Federal Election Commission, the MAGA Inc. Super PAC received 1,500,000 liquidated USDC (USDC) from Gemini Trust Company and two $10 million donations from Foris Dax, the parent company of cryptocurrency exchange Crypto.com.
The exchange has been strengthening its ties with Trump’s media companies since 2025 as part of a digital asset treasury strategy. Other notable contributions related to the crypto and finance industry included $1 million from an executive at payment processing provider Shift4 and more than $4 million from JP Morgan Chase Bank, NA. The funds contributed $294 million to the PAC’s inventory, which can be used to support like-minded candidates in the midterm elections.
Potential Impact on the US Congress and Cryptocurrency Industry
Even if Trump does not run for re-election in 2026, the funds can still be used to support candidates who share similar views. Control of the 435 U.S. House seats and 33 Senate seats is up for debate, potentially allowing Democrats to take control of both chambers from Republicans. This shift in power could have significant implications for the cryptocurrency industry, as a more crypto-friendly Congress could lead to more favorable regulations and policies.
Notable races that could potentially impact the cryptocurrency industry include Republican and XRP attorney John Deaton, who is seeking the Massachusetts Senate seat held by Ed Markey. Wyoming Senator Cynthia Lummis, a proponent of cryptocurrency-friendly policies in the chamber, announced in December that she would not seek re-election in 2026, leaving her seat also still up for grabs. 
A Look Back at the 2024 Elections and Crypto’s Influence
In the 2024 elections, significant funds were used by cryptocurrency companies and executives to influence federal elections. Media buys by crypto-funded PACs and others may have helped shift control of the Senate to Republicans, such as by spending $40 million on Ohio’s Senate race. A spokesperson for crypto-funded PAC Fairshake told Cointelegraph that the committee “remains stepping on the gas for the midterm elections.” The PAC and its affiliates spent millions of dollars in 2025 on candidates for Virginia’s 11th Congressional District seat and Florida congressional seats.
As the midterm elections approach, it will be interesting to see how cryptocurrency companies and executives continue to influence the political landscape. For more information on how crypto laws changed in 2025 and how they will change in 2026, check out our magazine article. The article provides an in-depth look at the current state of cryptocurrency regulations and what to expect in the future. Read the full article here.
