Cryptocurrency Companies Donate $21 Million to Trump's PAC Ahead of US Midterm Elections

Significant Contributions from the Cryptocurrency Industry

Two major cryptocurrency exchanges have contributed over $21 million to a political action committee (PAC) supporting U.S. President Donald Trump. In a statement filed Friday with the Federal Election Commission, the MAGA Inc. Super PAC reported receiving $1.5 million in liquid USDC from Gemini Trust Company and two contributions of $10 million each from Foris Dax, the parent company of exchange Crypto.com. These funds are part of a strategy to utilize digital asset treasury resources, with close ties between Crypto.com and Trump's media company anticipated for 2025.

Additional contributions from the cryptocurrency and financial sectors included $1 million from an executive at payment processing provider Shift4 and over $4 million from JP Morgan Chase Bank, N.A. These funds have contributed to the PAC's total of $294 million. Although Trump is not running for re-election in 2026, the funds can be used to support candidates with similar views in the midterm elections.

Several notable races that could impact the cryptocurrency industry include Republican candidate and XRP attorney John Deaton, who aims to secure the Massachusetts Senate seat currently held by Ed Markey. Wyoming Senator Cynthia Lummis, a supporter of cryptocurrency-friendly policies in the chamber, announced in December that she will not run for re-election in 2026, leaving her seat open. This could lead to a repeat of the 2024 races, where significant funds from cryptocurrency companies and executives were utilized to sway federal races, such as the $40 million allocated for the Senate race in Ohio.