Crypto is no longer just about trading coins online. It is now becoming part of U.S. politics.
Two major crypto companies, Gemini and Crypto.com’s parent company, Foris Dax, have donated more than $21 million to MAGA Inc., a political group that supports U.S. President Donald Trump. The information comes from recent filings with the U.S. Federal Election Commission (FEC).
These donations show how seriously the crypto industry is taking its political influence.
Who Gave the Money and How Much
Gemini donated $1.5 million, which was sent using the stablecoin USDC and later converted into cash. Foris Dax went much further, donating $20 million in total, split into two large payments.
After receiving these funds, MAGA Inc. now holds close to $300 million. The funds are expected to be used during the midterm elections, which decide who controls Congress. That matters because Congress has a major say in how industries like crypto are regulated.
For crypto companies, friendly lawmakers can mean clearer rules, fewer restrictions, and faster growth.
Reacting to the donations, Liz Huston, a White House spokeswoman, said that Trump’s decisions were not shaped by donations. She said, “President Trump is grateful for the support he receives, but unlike politicians of the past, he isn’t bought by anyone. President Trump makes decisions based solely on what’s best for the country, which is why America is the hottest country in the world right now.”
Crypto’s Growing Relationship With Trump
The crypto industry’s support for Trump did not start overnight. Over the past few years, Trump has spoken positively about digital assets and supported laws that helped the sector, including new rules for stablecoins.
In 2024, Trump’s campaign and affiliated political action committees began openly accepting cryptocurrency donations for the first time. Beyond campaign donations, several well-known crypto companies were connected to Trump’s fundraising efforts in other ways. Coinbase and Ripple were both listed as contributors to fundraising tied to the construction of a White House ballroom project.
Big Money, Big Questions
Crypto is not the only industry donating. Companies linked to artificial intelligence, cannabis, and other fast-growing sectors have also given large sums.
Supporters say this is normal political participation. Critics argue it raises concerns about wealthy industries trying to influence policy in their favor.
Related: Trump Threatens Colombia Military Action as Bitcoin Climbs Toward $93K on Monday Trade
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