Key Takeaways
- • Crypto executives have collectively poured more than US$56 million into the 2025-2026 US election cycle to date, according to Reuters' analysis of federal campaign finance disclosures.
- • The Winklevoss twins, founders of Gemini, have each donated nearly US$13 million this cycle, with most going to MAGA Inc and the Digital Freedom Fund super PAC, which opposed Democratic Senate candidate Sherrod Brown in Ohio.
- • Chris Larsen of Ripple Labs has spent at least US$14.6 million this cycle, largely to Democratic-aligned and policy-focused groups.
- • The cryptocurrency industry's total election spending in the current cycle reaches US$175 million, of which super PAC contributions form a significant part.
- • Most individual donors cited declined to comment or did not respond to Reuters' requests.
Summary
A number of ultra-wealthy executives who have built fortunes in the cryptocurrency industry and related businesses have become influential players in US politics. Collectively, they have contributed more than US$56 million to the 2025-2026 election cycle to date, according to Reuters, which based its figures on analysis of campaign finance disclosures filed with federal authorities. The donations fund candidates who support the crypto industry as well as pro-crypto super political action committees, which can raise and spend unlimited sums. These contributions form part of the industry's total spending of US$175 million in the current cycle.
Cameron and Tyler Winklevoss, founders of Gemini, have each donated nearly US$13 million this cycle. Most of their money has gone to MAGA Inc, the main super PAC supporting President Donald Trump. The twins have also been major backers of the Digital Freedom Fund (DFF), which has used its funds to oppose Sherrod Brown, a Democrat sceptical of cryptocurrencies running for a US Senate seat in Ohio. Their venture capital and family wealth management vehicle, Winklevoss Capital Fund, donated US$21.3 million to DFF.
Other significant donors include Chris Larsen, co-founder and executive chairman of Ripple Labs, who has spent at least US$14.6 million, mostly to Democratic-aligned groups and policy-focused organisations. His contributions include US$6 million to the Invest in Tomorrow Coalition super PAC, which supports renewable energy candidates, and US$4.5 million to You Can Push Back PAC, focused on artificial intelligence safety. Brian Armstrong, CEO of Coinbase, has donated approximately US$1 million split roughly equally between the two major parties. Mike Novogratz, CEO of Galaxy Digital, has given at least US$1.9 million, mostly to Democratic-leaning groups.
Venture capital figures linked to Andreessen Horowitz also feature prominently. Marc Andreessen donated US$3 million to MAGA Inc and roughly US$719,000 in other contributions, largely to Republican-aligned committees and candidates. Ben Horowitz gave US$3 million to MAGA Inc plus nearly US$1 million to party committees and candidates. Chris Dixon, general partner at Andreessen Horowitz and founder of its crypto arm a16z crypto, has donated approximately US$867,000. Matt Huang of Paradigm has given at least US$831,000, mostly to Republican candidates and party committees, while Charles Cascarilla, CEO of Paxos, has donated approximately US$642,000, largely to Republican committees and PACs.
The figures include donations to candidates, party committees and PACs, as well as certain contributions through affiliated entities. They exclude donations to dark money groups that are not required to disclose donors, and Reuters excluded routine joint fundraising committee transfers to avoid double-counting.
Cameron and Tyler Winklevoss, founders of Gemini, have each donated nearly US$13 million this cycle. Most of their money has gone to MAGA Inc, the main super PAC supporting President Donald Trump. The twins have also been major backers of the Digital Freedom Fund (DFF), which has used its funds to oppose Sherrod Brown, a Democrat sceptical of cryptocurrencies running for a US Senate seat in Ohio. Their venture capital and family wealth management vehicle, Winklevoss Capital Fund, donated US$21.3 million to DFF.
Other significant donors include Chris Larsen, co-founder and executive chairman of Ripple Labs, who has spent at least US$14.6 million, mostly to Democratic-aligned groups and policy-focused organisations. His contributions include US$6 million to the Invest in Tomorrow Coalition super PAC, which supports renewable energy candidates, and US$4.5 million to You Can Push Back PAC, focused on artificial intelligence safety. Brian Armstrong, CEO of Coinbase, has donated approximately US$1 million split roughly equally between the two major parties. Mike Novogratz, CEO of Galaxy Digital, has given at least US$1.9 million, mostly to Democratic-leaning groups.
Venture capital figures linked to Andreessen Horowitz also feature prominently. Marc Andreessen donated US$3 million to MAGA Inc and roughly US$719,000 in other contributions, largely to Republican-aligned committees and candidates. Ben Horowitz gave US$3 million to MAGA Inc plus nearly US$1 million to party committees and candidates. Chris Dixon, general partner at Andreessen Horowitz and founder of its crypto arm a16z crypto, has donated approximately US$867,000. Matt Huang of Paradigm has given at least US$831,000, mostly to Republican candidates and party committees, while Charles Cascarilla, CEO of Paxos, has donated approximately US$642,000, largely to Republican committees and PACs.
The figures include donations to candidates, party committees and PACs, as well as certain contributions through affiliated entities. They exclude donations to dark money groups that are not required to disclose donors, and Reuters excluded routine joint fundraising committee transfers to avoid double-counting.
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