Ripple, Coinbase among top donors in $189M crypto spending

Crypto companies funneled $189 million into efforts to influence the 2026 U.S. midterm elections, accounting for 37% of the $517 million in corporate political spending disclosed so far, according to a report from advocacy group Public Citizen published Tuesday. The group identified Ripple, Crypto.com and Coinbase as the largest crypto donors, with Ripple contributing $49.6 million, Crypto.com $38.6 million and Coinbase $35.2 million.

Entities tied to Gemini and founders Tyler and Cameron Winklevoss reported about $25.7 million in contributions, bringing combined spending by those four crypto groups to roughly $149 million. Public Citizen based its analysis on Federal Election Commission filings and OpenSecrets data.

Public Citizen reported the largest beneficiaries of crypto-related contributions were Fairshake, a sector-focused super PAC, which received $82.6 million, and MAGA Inc., a pro-Trump super PAC, which received $56.2 million. Filings show Cantor Fitzgerald-backed Fellowship PAC received $10 million; Cantor Fitzgerald serves as a banking partner to stablecoin issuer Tether.

Blockchain.com and Ondo Finance were recorded as donors to MAGA Inc., with $5 million and $2.1 million in reported contributions, respectively.

The report compared crypto spending with other industries. Companies in artificial intelligence and Big Tech disclosed about $60 million in contributions this cycle, including $50.1 million to the AI-focused Leading the Future PAC. Online betting companies reported $45.6 million in political spending, with $43 million to Win for America PAC. Together, crypto, AI and Big Tech, and online betting firms accounted for $294 million, or roughly 57% of the $517 million in corporate political spending disclosed so far.

Among the largest corporate contributors across those sectors, venture capital firm Andreessen Horowitz reported $51.65 million, placing it as the top donor in the Public Citizen breakdown. Ripple ranked second overall, followed by Crypto.com and Coinbase.

The report noted sector-focused committees have directed funds to candidates viewed as aligned with industry priorities. Federal Election Commission filings show Protect Progress, a Fairshake-affiliated super PAC, spent $5.5 million in a congressional contest and supported Maryland state delegate Adrian Boafo, who won a Democratic primary with the group's backing.

Public Citizen cautioned that FEC disclosures likely understate total spending and wrote the full scale of corporate influence is “certainly higher” than reported. The group added that FEC and OpenSecrets records provide a partial snapshot and do not capture all forms of political activity that can affect campaigns.