According to recent campaign finance filings, political organizations associated with the cryptocurrency and AI sectors have amassed tens of millions of dollars in an effort to become significant players in this year’s midterm elections.
According to new Federal Election Commission filings, the most prominent pro-crypto groups finished 2025 with about $194 million to spend, almost all of which went to Fairshake, a group financed by Coinbase and other venture capitalists. A pro-AI group, Leading the Future, finished the year with $39 million in its campaign account.
With an eye toward influencing Washington policy, the large war chests indicate that these organizations may be able to significantly influence primaries and general elections in 2026 to support their preferred candidates from both parties.
In the most recent election, pro-crypto organizations emerged as powerful forces. According to campaign finance reports, Fairshake and two affiliated organizations, Protect Progress and Defend American Jobs, spent a staggering $290 million together in 2024.
Most notably, these organizations made significant investments to support Arizona Democrat Ruben Gallego and Michigan Democrat Elissa Slotkin in their successful Senate campaigns, to oppose Democratic Rep. Katie Porter’s California Senate attempt, and to assist Ohio Republican Bernie Moreno in defeating Democratic Sen. Sherrod Brown.
A new organization called Leading the Future wants to influence this year’s elections. From August 15 to December 31, it earned almost $50 million, including $12.5 million each from venture capitalists Marc Andreesen and Benjamin Horowitz as well as OpenAI co-founder Greg Brockman and his wife Anna.
Some White House officials are irritated by the new super PAC since it is willing to support candidates from both parties and some of its contributors are Trump friends.
Leading the Future and its affiliated organizations have so far declared their intention to run in two primaries for available House seats. The group is running against state Assemblyman Alex Bores, who sponsored bills pertaining to AI safety, to succeed retiring Democratic Representative Jerry Nadler in a New York City district. And it is aiding attorney Chris Gober in a deep-red Texas House seat to replace retiring Republican Rep. Michael McCaul.
Meanwhile, a super PAC affiliated to President Donald Trump remains one the major participants in the political arena heading into a midterm election year where control of the GOP-led House and Senate are at stake.
MAGA Inc., Trump’s major associated super PAC, ended the year with $304 million in its bank accounts. The majority of its fundraising from the second half of 2025 was already disclosed in a filing earlier this month, and the organization raised more than $112 million over the six-month period, with large contributions from those with business in front of the administration or whose families are in legal trouble.
While Trump will not be on the ballot in 2026 and, despite his repeated speculations, is not constitutionally allowed to run for president again, the super PAC’s funding will allow the president to maintain his influence in the GOP.
Elon Musk, the tech billionaire, has continued to donate millions to traditional Republican groups while he appears to be improving his relationship with Trump in recent months. Musk, a former close Trump associate and White House adviser, publicly distanced himself from Trump last year, threatening to launch a third political party.
Musk sent $5 million checks to both the Senate Leadership Fund and Congressional Leadership Fund — the leading super PACs allied with the Senate and House GOP leadership — in December. Additionally, Musk donated $2.9 million, including in-kind contributions, to America PAC, his own political organization that spent over $250 million to support Trump during the previous election cycle. Even though America PAC had little money at the end of the year, that figure is negligible given the enormous wealth of its primary benefactor.
The Senate Leadership Fund raised about $77 million in the second half of 2025 and ended the year with $100 million. During that time, the Congressional Leadership Fund raised over $38 million and ended 2025 with $54.5 million in cash.
Democratic dollars
House Majority PAC, the main outside organization charged with assisting Democrats in gaining control of the House, raised over $48 million and ended the year with $46 million in cash on hand.
By late Saturday night, Senate Majority PAC, which supports Senate Democratic leadership, had yet to submit its funding report.
According to the most recent campaign finance filings, United Democracy Project, a pro-Israel organization affiliated with the American Israel Political Action Committee (AIPAC), raised over $61 million between July and December and concluded 2025 with about $96 million in cash. The group enters primaries on both sides of the aisle, but primarily participates in Democratic campaigns.
The organization is already campaigning in the forthcoming special election in New Jersey’s firmly blue 11th Congressional District, where it is targeting former Democratic Rep. Tom Malinowski.
While AIPAC donated $30 million to the United Democracy Project, GOP megadonor Paul Singer was the second-largest contributor. Donations from Singer and other prominent Republicans have been a source of controversy for Democrats due to the group’s significant involvement in their party’s primary.
Due to the party’s generational and ideological divisions, Democratic members are also facing fresh primary challenges this election cycle.
As part of a $20 million campaign to support youthful candidates, activist David Hogg’s organization Leaders We Deserve declared last year that it would target Democrats in deep-blue districts who were “asleep-at-the-wheel.” In 2025, the group raised over $7.8 million and had around $2.3 million in its campaign account at the conclusion of the year.
