Crypto billionaires pour $56 million into US politics as midterm battle heats up

Crypto industry heavyweights are emerging as influential players in US politics, deploying millions of dollars to shape the political landscape ahead of the 2026 midterm elections. A group of ultra-wealthy executives who made their fortunes in cryptocurrency and related businesses has collectively spent more than $56 million during the current election cycle, according to a Reuters analysis of federal campaign finance disclosures.

The spending is part of a broader political push by the cryptocurrency industry, which has poured $175 million into the 2025-2026 election cycle through candidates and crypto-friendly super political action committees (PACs), according to federal filings. While a significant share of the money is directed towards candidates supportive of digital assets, the contributions also reflect broader political priorities, including technology and innovation, energy policy, taxation and economic growth.

Super PACs have become a key vehicle for this spending. These groups can raise and spend unlimited sums to advocate for or against political candidates, giving wealthy donors and industry interests a powerful platform to influence election campaigns.

The following figures cover crypto executives who have spent at least $500,000 during the current election cycle, based on the most recently available Federal Election Commission filings. The totals include contributions to candidates, party committees and PACs, as well as certain donations through affiliated entities. They exclude contributions to dark-money political nonprofits, which are not required to disclose their donors.

Winklevoss twins emerge as major Trump backers

Cameron and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini, are among the biggest political spenders in the industry. The twins have each contributed nearly $13 million during the current election cycle, with most of their individual donations going to MAGA Inc., the main super PAC supporting US President Donald Trump.

Their political involvement extends beyond backing Trump-aligned groups. The brothers are also the primary backers of the Digital Freedom Fund, a super PAC that has spent money opposing Democratic candidate Sherrod Brown, a cryptocurrency sceptic running for a US Senate seat in Ohio.

Winklevoss Capital Fund, the twins' venture capital and family office, contributed $21.3 million to the Digital Freedom Fund during the cycle, according to the filings. Their spending highlights how prominent crypto entrepreneurs are using their financial resources to support candidates and organisations that align with their political and regulatory preferences.

Chris Larsen leads spending among crypto executives

Chris Larsen, co-founder and executive chairman of blockchain payments company Ripple Labs, has spent at least $14.6 million during the election cycle, making him the biggest individual spender among the executives listed in the Reuters analysis.

Much of Larsen's spending has gone towards Democratic-aligned and issue-focused political groups. His contributions included $6 million to the Invest in Tomorrow Coalition super PAC, which backs candidates supportive of renewable energy.

He also donated $4.5 million to You Can Push Back PAC, an organisation focused on artificial intelligence safety. Larsen's contributions demonstrate how crypto industry wealth is also being channelled into political causes extending beyond digital assets, including clean energy and the governance of emerging technologies.

Brian Armstrong spreads contributions across party lines

Brian Armstrong, chief executive and co-founder of cryptocurrency exchange Coinbase, has contributed approximately $1 million to federal candidates, party committees and PACs during the current cycle.

One of the industry's most prominent advocates, Armstrong has distributed his contributions relatively evenly between Republicans and Democrats. He has also made donations of tens of thousands of dollars to a range of congressional candidates from both parties.

His approach stands out in a political environment where many major donors have concentrated their spending on one party or a particular ideological agenda.

Venture capital leaders back Republican candidates

Marc Andreessen and Ben Horowitz, co-founders and general partners of venture capital firm Andreessen Horowitz, have also emerged as significant political donors. The firm has invested heavily in cryptocurrency businesses, including Coinbase, as well as artificial intelligence companies.

Andreessen contributed $3 million to MAGA Inc and approximately $719,000 in additional donations, largely to Republican-leaning party committees, leadership PACs and candidates.

Horowitz also donated $3 million to MAGA Inc and nearly $1 million to party committees and candidates. His contributions included almost $215,000 to the National Republican Senatorial Committee, which works to elect Republicans to the US Senate.

Their donations reflect the growing political engagement of Silicon Valley investors whose interests span cryptocurrency, artificial intelligence and technology regulation.

Mike Novogratz backs Democratic-aligned groups

Mike Novogratz, founder and chief executive of crypto investment firm Galaxy Digital, has donated at least $1.9 million during the current election cycle.

An early investor in Bitcoin and a prominent cryptocurrency advocate, Novogratz has directed most of his contributions towards Democratic-leaning groups and independent expenditure organisations.

His donations include approximately $780,000 to Next Generation Action PAC, which focuses on electing younger Democratic candidates, and $250,000 to The Bench PAC, another Democratic-aligned political group.

His spending underscores the diversity of political affiliations within the cryptocurrency industry, where major donors are not uniformly aligned with Republicans.

Other crypto investors join the political spending race

Chris Dixon, a general partner at Andreessen Horowitz and founder of its dedicated cryptocurrency and blockchain investment arm, a16z crypto, has donated approximately $867,000 across Republican and Democratic campaign committees, candidates, leadership PACs and crypto-related groups.

Matt Huang, co-founder and managing partner of crypto and artificial intelligence investment firm Paradigm, has contributed at least $831,000, with most of his donations going to Republican candidates and committees.

Charles Cascarilla, chief executive and co-founder of stablecoin and blockchain infrastructure company Paxos, has contributed approximately $642,000. Most of his donations have supported Republican candidates through party committees and other PACs.

The contributions underline the growing role of wealthy cryptocurrency entrepreneurs and investors in American campaign finance. Their spending is not limited to digital asset policy, but also extends to debates over the future of artificial intelligence, energy, taxation and the broader US economy.

As the 2026 midterm elections approach, the scale of these contributions highlights how the wealth generated by the crypto boom is increasingly translating into political influence, with industry leaders seeking to shape the policy environment in which their businesses operate.