Crypto firms donate $206 million to US midterm super PACs, biggest disclosed corporate donor
Crypto industry leads corporate giving in 2026 midterms
Crypto companies donated $206 million to super PACs and hybrid PACs through the second quarter of 2026, according to a Public Citizen analysis of FEC records published on August 27. This makes the crypto industry the largest disclosed corporate donor sector in this midterm cycle.
The figure represents corporate donations, not actual advertising spending. The industry's political network is split across several organizations, each with its own spending and activities.
Key numbers from the crypto political network
- Corporate contributions: $206 million to super PACs and hybrid PACs through Q2.
- Fairshake network independent expenditures: about $70 million across 54 races (September tracker data).
- Fairshake cash on hand: $108.3 million as of August 31.
- Fairshake receipts: $137.9 million; disbursements: $93.9 million.
- Transfers to affiliated PACs: $70 million – $37 million to Defend American Jobs (Republican-focused) and $33 million to Protect Progress (Democratic-focused).
Fairshake's financial picture
Fairshake, the main committee, reported $137.9 million in receipts and $93.9 million in disbursements through August 31, leaving $108.3 million in cash. It has transferred $70 million to two affiliated PACs: Defend American Jobs (Republican candidates) received $37 million, and Protect Progress (Democratic contests) received $33 million, including a $5 million transfer on August 7.
Major donors to the Fairshake network include Coinbase ($56.1 million), Ripple Labs ($48.5 million), Marc Andreessen and Ben Horowitz ($24 million combined, personal contributions), and Digital Currency Group ($1 million).
These donor totals differ from Public Citizen's figures in scope and time period, so they should not be added together.
How the spending splits by party
According to a September tracker, Fairshake-network independent expenditures were about $70 million across 54 races. The spending breaks down as:
- Supporting Republicans: $32.5 million (~47%)
- Supporting Democrats: $21.3 million (~31%)
- Opposing Democrats: $15.6 million (~22%)
- Opposing Republicans: $0
Notable races include Alabama Senate candidate Barry Moore receiving $12.2 million in support, Kentucky's Andy Barr receiving $7.2 million, and Illinois Senate candidate Juliana Stratton facing $9.7 million in opposition spending in the Democratic primary.
Other crypto political groups
Stand With Crypto has endorsed 38 House candidates this cycle – six announced in March and 32 on August 24 – and reports over three million advocates signed up. This endorsement program operates independently of PAC spending.
Fellowship PAC has raised $11 million, including $10 million from Cantor Fitzgerald, and has spent $4.45 million in independent expenditures across 12 races.
Sentinel Action Fund, backed partly by the Solana Policy Institute and Multicoin Capital, has supported Ohio Republican Jon Husted. The Digital Freedom Fund reported $0 in candidate-facing ad spending, despite having $22.4 million in receipts.
What is confirmed
Confirmed figures from FEC records cited in the report: corporate contributions of $206 million, Fairshake's financial details, and the breakdown of independent expenditures by party direction.
What is still unclear
The report notes that the figures do not capture how much of the donations have actually been spent on ads. There is also a slight discrepancy in total independent expenditures: a September tracker shows about $70 million, while separate FEC summaries show about $71 million using a different reporting cutoff.
Why it matters
This spending shows the crypto industry's growing influence in US politics, with millions being deployed to support or oppose candidates in key races. The remaining $108.3 million in Fairshake's war chest could still be spent before the November 3 election.
What happens next
How the remaining funds are deployed before November 3 will determine the impact on the midterm elections, according to the report.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.