Crypto Industry Donated $471 Million to US Midterms, FEC-Based Analysis Shows

The cryptocurrency industry donated at least $471 million to this year's U.S. midterm elections, nearly double the roughly $250 million it contributed during the 2024 cycle. James Delmore, a market analyst at blockchain analytics platform Breadcrumbs, derived the figure from Federal Election Commission data, Bitcoin.com reported on November 11.

The total covers contributions from crypto-related companies and individuals across the current midterm cycle. The 2024 comparison point of about $250 million marks the industry's previous spending benchmark for federal elections.

Where did the money go?

Republican candidates and affiliated groups received the overwhelming share of the contributions:

• $302 million went to Republicans, about 65% of total donations
• $96 million went to Democrats, about 21%

The remaining share flowed to candidates and groups outside the two major parties or was not classified in the analysis.

The lopsided split signals that crypto's largest donors continue to bet on Republican-led legislative outcomes, after the party's 2024 wins delivered a more favorable congressional posture toward digital asset regulation.

Which companies gave the most?

Corporate and organizational giving dominated the total. Venture capital firm Andreessen Horowitz, known as a16z, ranked as the single largest donor at $117 million.

The next largest contributors:

• Coinbase: $61 million
• Ripple: $50 million
• Crypto.com: $39 million

The concentration matters for policy. A small group of firms supplied the bulk of corporate money, giving those companies outsized influence over which committees and candidates hold the purse strings in the next Congress.

Who led individual giving?

Individual donors accounted for a meaningful slice of the total. LinkedIn co-founder Reid Hoffman led all individuals with $28 million in contributions.

Cameron and Tyler Winklevoss, the brothers who founded U.S. crypto exchange Gemini, each donated $18 million, adding $36 million in combined giving.

Why does the spending surge matter?

The near-doubling of disclosed spending in a single cycle shows the industry has moved from episodic campaign involvement to sustained political infrastructure. Firms such as Coinbase and Ripple remain entangled in regulatory disputes that hinge on congressional action, from stablecoin frameworks to market-structure legislation.

For exchanges and investors, the operational stakes are concrete: committee assignments and chamber control in the next Congress will determine which crypto bills reach floor votes and whether agency budgets tighten. Delmore's analysis, drawn from official FEC filings, will be tested against final post-election disclosure reports, which campaigns must file with the commission in the coming weeks.