Trump Rakes in $429 Million Ahead of Midterm Elections, Crypto Industry Among Top Donors

BlockBeats News, February 3rd. The Financial Times revealed that in the past year, former U.S. President Trump and his allies raised $4.29 billion in political donations for the midterms, setting a new record for a midterm election year. A significant amount of this funding came from the cryptocurrency and artificial intelligence industries, reflecting capital's strong bet on their policy direction.

Controlled by Trump allies, the "Make America Great Again" (Maga Inc) super PAC currently holds $304 million, surpassing any PAC in any previous midterm election year in terms of fund size. The report pointed out that the Trump administration's friendly stance towards the crypto industry — including regulatory relaxation, termination of investigations, and legislative support — has been a key factor in attracting large donations.

The largest disclosed single donation came from Crypto.com, with the exchange platform donating $30 million to Maga Inc. A previous SEC investigation into the company during the Biden administration was settled in 2025. Venture capital giants a16z co-founders Marc Andreessen and Ben Horowitz each donated $3 million, while OpenAI co-founder Greg Brockman and his wife collectively donated $25 million.

Analysis suggests that as the midterms approach, crypto capital is increasing its influence on regulation and policy direction through political donations, with Trump remaining a key figure in the Republican camp attracting crypto funds.