In September and October, the Gemini Trust Company, which owns Crypto.com, sent millions of dollars to a PAC that supports Trump.
Two big bitcoin exchanges have given over $21 million to a political action group (PAC) that backs US President Donald Trump.
The MAGA Inc. Super PAC told the Federal Election Commission on Friday that it got 1,500,000 USDC$1 from the Gemini Trust Company and two $10 million donations from Foris Dax, the parent company of the cryptocurrency exchange Crypto.com. Since 2025, the exchange has strengthened its relations with Trump’s media corporation as part of a drive for a digital asset treasury.
An executive at payment processing company Shift4 gave $1 million, and JP Morgan Chase Bank, N.A. gave more than $4 million. These are just a few of the donations from the crypto and banking industries. The money helped the PAC build up its $294 million stockpile.
Why the donations matter despite Trump not being on the ballot
Trump isn’t competing for reelection in 2026 since his term ends in January 2029, but the money can still be used to help politicians who agree with him in the midterm elections. Democrats might take control of both the House of Representatives and the Senate if they win control of the 435 seats in the House and the 33 seats in the Senate.
One of the most important races that could affect the cryptocurrency business is John Deaton, a Republican and XRP lawyer, who is running for the Massachusetts Senate seat occupied by Ed Markey. In December, Wyoming Senator Cynthia Lummis, who supports pro-crypto legislation in the chamber, said she will not compete for reelection in 2026. This means that her seat is now up to competition.
Potential recurrence of 2024 election outcomes?
Cryptocurrency companies and executives spent a lot of money in the 2024 elections to sway federal seats. Crypto-backed media buys PACs and other groups may have helped Republicans take over the Senate, such as by spending $40 million on Ohio’s Senate campaign. In 2025, the PAC and its allies invested millions of dollars on candidates seeking congressional seats in Virginia’s 11th district and Florida.