Ripple-backed PACs fuel record $189M crypto election spending

The crypto industry has contributed $189 million to the 2026 U.S. election cycle so far, pushing political spending beyond 2024 levels months before voters head to the polls.

According to a report published Tuesday by consumer advocacy group Public Citizen, crypto companies now account for roughly 37% of all corporate political contributions made during the 2026 election cycle. The nonprofit estimated that the industry has spent about $189 million with more than four months remaining before the November election.

Public Citizen said much of that spending has come through crypto-backed political action committees. Fairshake alone has spent more than $82 million during the current cycle, while MAGA Inc., a Super PAC largely backed by Crypto.com, has spent more than $56 million.

The nonprofit argued that these organizations operate independently of traditional party priorities, supporting or opposing candidates from either major party depending on their policy positions. Public Citizen said this approach follows the same strategy used during the 2024 election cycle.

Ripple and Coinbase remain central to crypto political funding

Among the largest industry-backed groups, Fairshake and its affiliated committees, Defend American Jobs and Protect Progress, continue to receive support from cryptocurrency companies including Coinbase and Ripple. Public filings cited by Public Citizen showed the network held a combined $193 million war chest as of January.

The report also pointed to newer political organizations created after the 2024 elections, including Fellowship PAC, which is backed by Cantor Fitzgerald. Public Citizen said the combined spending by crypto-backed PACs has already surpassed the roughly $170 million contributed during the previous federal election cycle, when the industry supported candidates viewed as favorable to digital assets.

Interest in crypto policy has also expanded among voters. As crypto.news previously reported, a DCG-Harris Poll found that 40% of registered voters now consider cryptocurrency a major election issue, up from 20% in 2024. The survey questioned 1,874 registered voters between May 8 and May 18 and included oversamples across Arizona, Georgia, Michigan, Nevada, North Carolina, Ohio, Pennsylvania and Texas.

DCG said the findings indicate that more voters are paying attention to how candidates address digital asset policy as Congress continues debating new crypto legislation.

Crypto lobbying grows alongside CLARITY Act debate

Congressional efforts to establish a regulatory framework have unfolded alongside the industry’s growing political activity. The CLARITY Act remains under Senate consideration, with supporters arguing that the legislation would define oversight responsibilities for U.S. crypto markets.

Earlier reporting from crypto.news noted that Coinbase, Ripple and more than 200 cryptocurrency organizations urged Senate leaders to schedule a vote on the bill.

Separate reporting by crypto.news also stated that Galaxy Digital lowered its estimated probability of the CLARITY Act becoming law in 2026 to 50%, citing a tightening Senate calendar, limited floor time before the August recess, and a lack of visible progress in negotiations.

Political spending has also reached individual congressional races. Colorado voters headed to the polls Tuesday for primary elections, where Public Citizen highlighted activity in the state’s 8th Congressional District.

According to the report, the You Can Push Back Super PAC, backed by Ripple Labs co-founder Chris Larsen, spent $1 million on media supporting Democratic candidate Manny Rutinel. The committee’s previous major expenditure totaled $3.3 million in support of Democrat Alex Bores in New York’s 12th Congressional District. Bores lost his primary last week to Micah Lasher, who had criticized Larsen’s involvement in the race.