Crypto moguls spent $56 million to influence the 2026 US midterm elections. A Reuters analysis showed that wealthy executives from the blockchain sector used super PACs to back various candidates. Major donors like the Winklevoss twins and Chris Larsen gave millions to support their preferred political groups and party committees.
Silicon Valley venture capitalists make their mark on politics
Cryptocurrency moguls are making their mark on US politics, spending millions to influence the upcoming 2026 midterm elections. A group of ultra-wealthy executives from the crypto and blockchain sectors has collectively spent over $56 million in the current election cycle, a Reuters analysis has revealed. The spending is part of a larger political strategy by the cryptocurrency industry, which has invested $175 million into the 2025-2026 election cycle through candidates and crypto-friendly super political action committees (PACs).
Super PACs have emerged as a major tool for political spending.
These groups can raise and spend unlimited amounts to support or oppose political candidates, giving wealthy donors and industry interests a powerful platform to influence election campaigns.
The latest figures cover crypto executives who have spent at least $500,000 during the current election cycle, according to the most recent Federal Election Commission filings.
Cameron and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini, are among the biggest political spenders in the industry.
Each has contributed nearly $13 million during this election cycle, mostly to MAGA Inc., Donald Trump's main super PAC.
Their political engagement also includes funding Democratic candidate Sherrod Brown's campaign for a US Senate seat in Ohio through their super PAC, Digital Freedom Fund.
Chris Larsen, co-founder and executive chairman of blockchain payments company Ripple Labs, has spent at least $14.6 million this election cycle.
Most of his spending has gone to Democratic-aligned and issue-focused political groups.
His donations include $6 million to Invest in Tomorrow Coalition super PAC that backs candidates supportive of renewable energy and $4.5 million to You Can Push Back PAC focused on artificial intelligence safety.
Brian Armstrong, CEO and co-founder of cryptocurrency exchange Coinbase, has contributed some $1 million to federal candidates, party committees and PACs this election cycle.
One of the industry's most vocal advocates, Armstrong has distributed his contributions relatively evenly between Republicans and Democrats.
He has also made donations worth tens of thousands of dollars to various congressional candidates from both parties.
Marc Andreessen and Ben Horowitz, co-founders and general partners of venture capital firm Andreessen Horowitz, have also emerged as major political donors.
The firm has heavily invested in crypto companies like Coinbase and AI firms.
Both Andreessen and Horowitz donated $3 million each to MAGA Inc. with additional donations largely going to Republican-leaning party committees, leadership PACs and candidates.
Their contributions reflect the growing political engagement of Silicon Valley investors whose interests span cryptocurrency, AI and tech regulation.