Crypto industry pours $176 million into the midterms as it prepares for the post-Trump era

The crypto industry has put $176 million into the midterm elections to support its allies as it prepares for the post-Trump era². Crypto money is flooding the midterms as the industry eyes life after President Donald Trump¹.

A clutch of ultra-wealthy executives who made fortunes in and around cryptocurrency are behind much of the spending^1,3. A separate tally put the amount crypto billionaires have poured into US politics at $56 million⁶. The two figures measure different things: the first covers the industry’s support for its allies, the second the contributions of individual billionaires^2,6.

Cryptocurrency executives have spent on crypto-friendly candidates⁵. Coinbase, Ripple and the Winklevoss twins are among the top crypto donors in the midterm elections⁷. The spending is concentrated among a small group of wealthy executives rather than spread across the industry^1,3.

Why it matters to investors

The spending is aimed at the period after the current administration. The money reflects an effort to build support in Congress that does not depend on who holds the White House, as the industry prepares for the post-Trump era^1,2.

Coinbase chief executive Brian Armstrong is one of the industry’s most high-profile advocates³. He has donated roughly $1 million⁷, and he spreads his contributions across party lines^4,6. Giving to both parties means the industry’s relationships do not depend on a single side winning control.

One crypto donor ranks 12th among all donors and fifth among companies and organisations⁷, a measure of how large crypto money has become in this cycle. For companies whose business depends on how crypto is regulated, the makeup of the next Congress will shape the rules they operate under. The scale of the giving, whether measured at $176 million² or at the $56 million attributed to billionaires⁶, puts crypto among the more visible industries in this election.

What to watch

The first marker is election results. Whether the candidates backed by the $176 million² win will show how much influence the money has bought.

The second is how spending is split between the parties. Armstrong’s approach of giving across both parties^4,6 will be tested if control of Congress changes hands.

The third is the post-Trump agenda. The industry’s stated aim is to prepare for life after Trump¹, so its priorities in the next Congress will indicate what it fears could change once his term ends².