Two major cryptocurrency exchanges have contributed more than $21 million to a political action committee (PAC) supporting US President Donald Trump.
In a Friday filing with the Federal Election Commission, the MAGA Inc. Super PAC reported receiving 1,500,000 liquidated USDC (USDC) from the Gemini Trust Company and two $10 million contributions from Foris Dax, the parent company of cryptocurrency exchange Crypto.com. The exchange has deepened ties with Trump’s media company since 2025 as part of a digital asset treasury strategy.
Other contributions related to the crypto and financial industries included $1 million from an executive at payment processing provider Shift4 and more than $4 million from JP Morgan Chase Bank, N.A. The funds contributed to the PAC’s $294 million stockpile.
Though Trump is not running for reelection in 2026, as his term ends in January 2029, the funds can still be used to support like-minded candidates going into the midterm elections. Control of the US House of Representatives’ 435 seats and 33 seats in the Senate are up for grabs, potentially allowing Democrats to gain control of both chambers from the Republicans.
Related: If history repeats itself, will the US Congress become more pro-crypto in 2026?
Among some of the notable races potentially impacting the cryptocurrency industry include Republican and XRP legal advocate John Deaton, seeking the Massachusetts Senate seat held by Ed Markey. Wyoming Senator Cynthia Lummis, an advocate for pro-crypto policies in the chamber, announced in December that she would not seek reelection in 2026, leaving her seat up for grabs as well.
A repeat of 2024 elections?
The 2024 elections saw significant funds from cryptocurrency companies and executives being used to influence federal races. Media buys by crypto-backed PACs and others possibly helped to shift control of the Senate to Republicans, through, for example, $40 million in spending for Ohio’s Senate race.
Last year, a spokesperson for the crypto-backed PAC Fairshake told Cointelegraph that the committee was “keeping [its] foot on the gas” for the midterms. The PAC and its affiliates spent millions of dollars in 2025 on candidates for Virginia’s 11th congressional district seat and Florida congressional seats.
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