In recent years, ties between Donald Trump and the crypto industry have intensified. But who really benefits from this political idyll? At first glance, crypto companies are courting Trump with millions. However, the former president also seems to handle codes and tokens with disconcerting mastery. So, control or manipulation? As the 2026 Midterms approach, this complex relationship could well redraw the lines of power in the United States.
In brief
- Two crypto giants contributed more than 21 million to the pro-Trump PAC in 2025.
- The Senate blocks a major bill under pressure from electoral deadlines.
- Banks are responding with an anti-crypto lobby to defend their regulatory interests.
- Pro-crypto candidates like John Deaton could boost digital influence in Congress.
Trump and the millions in crypto: seduction or assumed strategy?
Between September and October 2025, two crypto giants invested massively in the Super PAC MAGA Inc., declared support of Donald Trump. Gemini Trust Company contributed $1.5 million in USDC, while Foris Dax, parent company of Crypto.com, contributed $20 million in two installments.
These astronomical amounts do not fall from the sky. They aim to influence the composition of the future Congress in favor of crypto-compatible elected officials. Trump's PAC has thus accumulated a war chest of $294 million, to be deployed in key electoral battles.
Precedents exist: in 2024, $40 million was invested by pro-crypto groups to swing Ohio to the Senate. The strategy worked, strengthening the Republican majority.
A tweet from the Stand With Crypto collective summarizes it forcefully :
The most defining moment for crypto in the United States is now.
Donations are therefore not just gestures of support: they are the expression of a war for influence, waged with digital dollars.
Regulation: the Senate in electoral impasse
As the debate on crypto regulation bogs down, pressure rises on the Senat. The Market Structure bill aims to clarify who — the SEC or the CFTC — will oversee different digital assets. But 2026 is an election year, and negotiations are dragging.
Senator Thom Tillis summed it up bluntly: it has to happen in the first quarter, otherwise we fall into the season of electoral promises. The reality is that no side wants to offend the financial lobbies, from the crypto-sphere to the big banks.
In response to crypto donations, Wall Street is organizing. A new group, American Growth Alliance, was created. Its objective: to influence the legislative debate by injecting “tens of millions of dollars” to defend its economic priorities.
But alliances are becoming blurred. Even Republican senators, traditionally pro-business, are slowing down negotiations. Cynthia Lummis, a fervent ally of the sector, highlights this ambivalence:
In my opinion, this has always been a non-partisan issue. But in the world of political contributions, this industry is proving its willingness to support both sides. And that's a powerful incentive for politicians to walk on eggshells.
Crypto doesn’t want to wait any longer. And Trump knows it.
Midterms 2026: Trump banks on crypto-friendly soldiers
Even without an official candidacy, Trump remains omnipresent. His goal? Win the Midterms 2026 by supporting profiles aligned with its vision… and that of the crypto-sphere.
Among his protégés is John Deaton, a pro-XRP lawyer, now a candidate for Senate in Massachusetts. Known for his attacks on the SEC, he is seen as a crypto-friendly poster child.
Another issue: the announced departure of Cynthia Lummis, senator from Wyoming. A key figure in the fight for fair crypto regulation, his headquarters attracts the desires of both camps, each trying to position a profile favorable to its interests.
Trump, for his part, is taking care of his alliances. Crypto.com strengthens its ties with Trump Media, via a digital treasury strategy, consolidating the bridges between political communication and the digital economy.
At the same time, PACs like Fairshake and its affiliates are continuing their local actions, particularly in Virginia and Florida.
What to remember in 5 key points
- $21 million: paid by Gemini and Foris Dax to MAGA Inc. in two months;
- $294 million: pro-Trump electoral war chest;
- $140 million: already committed by Fairshake since 2022;
- $40 million: invested in 2024 to turn Ohio around;
- 1 banking group, American Growth Alliance, to counter crypto influence.
After successfully taking control of Venezuela's oil resources following the fall of Maduro, is Trump now extending his power to the digital economy? A few months before the Midterms, American voters will have to choose whether they confirm their confidence in a leader who controls both oil wells and digital finance channels.
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