US Midterm Elections "New Money Players"! Crypto, AI, and Gambling Industries Pour $377 Million Into Races

CNBC analysis of U.S. Federal Election Commission (FEC) records shows that funding for the 2026 U.S. midterm elections is being dominated by Republican-aligned donors, with funds coming not only from Wall Street financiers and industrial giants but also featuring a new wave of donations from executives in the cryptocurrency, artificial intelligence, and online gambling industries. These funds are flowing to candidates, super PACs, and industry groups, aimed at influencing policy battles in Washington.

Among the top 20 individual and family donors tracked by CNBC, 9 of the top 10 are connected to the Republican side, collectively contributing 86 cents of every dollar donated by the top 10. CNBC noted that this previously unreported finding represents a significant increase compared to the same period during the 2022 midterm elections, when Republican-aligned donors accounted for 67 cents of the top 10.

Saurav Ghosh, director of federal campaign finance reform at the Campaign Legal Center, stated that despite public "boiling point" populist sentiment toward billionaires, they now possess more money and influence than ever before. He attributed this situation to "runaway laissez-faire spending," and noted that evidence shows such funds are sufficient to sway close races. The Campaign Legal Center is a nonpartisan nonprofit organization founded by a former Republican FEC chairman.

Surge in Crypto, AI, and Gambling Funds

Among the top 20 donors and donor groups analyzed by CNBC, 7 have close ties to the cryptocurrency, artificial intelligence, or online gambling industries. CNBC calculated that these entities have collectively donated approximately $377.1 million this election cycle, approaching one-third of the total funds from the top 20 donors and donor groups.

Among them, venture capitalists Marc Andreessen, Ben Horowitz, and their firm Andreessen Horowitz have invested approximately $91.3 million in politics this cycle; OpenAI co-founder Greg Brockman and his wife Anna donated $50 million; Cameron Winklevoss and Tyler Winklevoss combined donated approximately $55.1 million; and Crypto.com operator Foris Dax Inc. donated $38.6 million. Tesla and SpaceX CEO Elon Musk is also among the top 20 donors, with his business portfolio including xAI.

These four groups of donors collectively contributed approximately $93 million to former U.S. President Donald Trump's flagship super PAC, MAGA Inc. MAGA Inc. held $415.8 million in cash as of early September, having spent relatively little of the $424.4 million it reported raising since January 1, 2025.

Additionally, two organizations established in September and aligned with the Trump camp, No Going Back PAC and Safety & Affordability PAC, have reserved or ordered approximately $140 million in House and Senate advertising placements, according to AdImpact statistics.

Musk and the Trump-Aligned Super PAC

Based on FEC filings analyzed by CNBC, Musk has donated approximately $90.6 million this cycle, with more than $50 million flowing to his America PAC. That super PAC subsequently disclosed nearly $27 million in independent expenditures in House and Senate races for the 2026 election.

CNBC noted that corporations are also directing millions of dollars to political groups aligned with their industry interests. Coinbase and Ripple contributed approximately $33.2 million and $48 million respectively to the cryptocurrency super PAC Fairshake. Fairshake supports candidates across both parties whom the industry considers allies. According to CNBC's calculations, this amount represents more than half of Coinbase's total political spending this cycle and equivalent to 96% of Ripple's political spending this cycle.

Sports betting platform DraftKings invested approximately $34 million of its nearly $35 million in political spending this cycle into the sports betting industry super PAC Win for America.

Policy Battles Continue to Heat Up

Dustin Duong, a researcher at Americans for Financial Reform, stated that the cryptocurrency industry is attempting to position itself as a political "kingmaker," using large-scale spending to make legislators acutely feel its influence. However, he also noted that a significant portion of these funds is flowing to candidates who were already more likely to win.

At the congressional level, cryptocurrency companies are pushing for market structure rulemaking; artificial intelligence companies are locked in battles with Washington over how to regulate this rapidly expanding industry; and sports betting operators are also facing ongoing regulatory controversies. As funds continue to pour in, competition between these industries across both electoral and policy fronts is expected to intensify further.