Key Takeaways
- • Crypto industry executives have spent more than $56 million in the 2025-2026 election cycle, according to a Reuters analysis of FEC data, with the broader crypto industry channeling roughly $175 million through candidates and pro-crypto PACs.
- • Cameron and Tyler Winklevoss, Gemini co-founders, have each contributed nearly $13 million, mostly to MAGA Inc., and the Winklevoss Capital Fund gave $21.3 million to the Digital Freedom Fund, which opposes Sherrod Brown's Ohio Senate campaign.
- • Chris Larsen of Ripple Labs is the largest individual donor in the analysis at at least $14.6 million, including $6 million to the Invest in Tomorrow Coalition and $4.5 million to the You Can Push Back PAC.
- • Crypto-linked donors are split across parties: Brian Armstrong (Coinbase) gave about $1 million roughly evenly to both parties, while Mike Novogratz (Galaxy Digital) gave at least $1.9 million, mostly to Democratic-leaning groups.
- • Andreessen Horowitz principals Marc Andreessen and Ben Horowitz each gave $3 million to MAGA Inc., with additional Republican-aligned giving.
Summary
Cryptocurrency industry executives are becoming significant players in US politics ahead of the 2026 midterm elections. According to a Reuters analysis of Federal Election Commission data, a group of crypto executives has spent more than $56 million during the current cycle, with the broader industry directing $175 million to candidates and pro-crypto political action committees. Super PACs are the primary vehicle for these funds, as they can raise and spend unlimited sums to support or oppose candidates. The data covers executives who spent at least $500,000 and excludes contributions to dark money organizations that do not disclose donors.
The Winklevoss twins, Cameron and Tyler, co-founders of the Gemini exchange, have each contributed nearly $13 million this cycle, largely to MAGA Inc., the main PAC supporting President Donald Trump. They are also primary financiers of the Digital Freedom Fund, a Super PAC opposing Democratic Senate candidate Sherrod Brown in Ohio, a critic of cryptocurrencies. Their family office, the Winklevoss Capital Fund, contributed $21.3 million to that PAC.
Chris Larsen, executive chairman of Ripple Labs, is the largest individual donor in the analysis, with at least $14.6 million. Much of his spending has gone to Democratic-affiliated and issue-focused groups, including $6 million to the Invest in Tomorrow Coalition, which backs renewable energy candidates, and $4.5 million to the You Can Push Back PAC, focused on artificial intelligence safety. Brian Armstrong, CEO of Coinbase, has contributed about $1 million, distributed relatively evenly between Republicans and Democrats.
Venture investors from Andreessen Horowitz are also prominent. Marc Andreessen and Ben Horowitz each gave $3 million to MAGA Inc., with Andreessen giving roughly $719,000 more and Horowitz nearly $1 million more, including about $215,000 to the National Republican Senatorial Committee. Mike Novogratz, founder of Galaxy Digital, has given at least $1.9 million, mostly to Democratic-leaning organizations, including roughly $780,000 to the Next Generation Action PAC and $250,000 to The Bench PAC. Other donors include Chris Dixon of a16z crypto (about $867,000, bipartisan), Matt Huang of Paradigm (at least $831,000, mostly Republican), and Charles Cascarilla of Paxos (about $642,000, mostly Republican).
The report indicates that crypto political spending extends beyond digital asset policy into energy, artificial intelligence, taxation and broader economic debates, as industry leaders seek to shape the regulatory environment for their businesses.
The Winklevoss twins, Cameron and Tyler, co-founders of the Gemini exchange, have each contributed nearly $13 million this cycle, largely to MAGA Inc., the main PAC supporting President Donald Trump. They are also primary financiers of the Digital Freedom Fund, a Super PAC opposing Democratic Senate candidate Sherrod Brown in Ohio, a critic of cryptocurrencies. Their family office, the Winklevoss Capital Fund, contributed $21.3 million to that PAC.
Chris Larsen, executive chairman of Ripple Labs, is the largest individual donor in the analysis, with at least $14.6 million. Much of his spending has gone to Democratic-affiliated and issue-focused groups, including $6 million to the Invest in Tomorrow Coalition, which backs renewable energy candidates, and $4.5 million to the You Can Push Back PAC, focused on artificial intelligence safety. Brian Armstrong, CEO of Coinbase, has contributed about $1 million, distributed relatively evenly between Republicans and Democrats.
Venture investors from Andreessen Horowitz are also prominent. Marc Andreessen and Ben Horowitz each gave $3 million to MAGA Inc., with Andreessen giving roughly $719,000 more and Horowitz nearly $1 million more, including about $215,000 to the National Republican Senatorial Committee. Mike Novogratz, founder of Galaxy Digital, has given at least $1.9 million, mostly to Democratic-leaning organizations, including roughly $780,000 to the Next Generation Action PAC and $250,000 to The Bench PAC. Other donors include Chris Dixon of a16z crypto (about $867,000, bipartisan), Matt Huang of Paradigm (at least $831,000, mostly Republican), and Charles Cascarilla of Paxos (about $642,000, mostly Republican).
The report indicates that crypto political spending extends beyond digital asset policy into energy, artificial intelligence, taxation and broader economic debates, as industry leaders seek to shape the regulatory environment for their businesses.
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