With less than eight weeks to Election Day, Donald Trump and Elon Musk have finally turned on the spending spigot for the 2026 midterms. But the two Republican megadonors aren't the only deep
With less than eight weeks to Election Day, Donald Trump and Elon Musk have finally turned on the spending spigot for the 2026 midterms.
But the two Republican megadonors aren't the only deep-pocketed force pouring money into battleground races, the crypto industry has been quietly doing the same all year.
The result is a three-way money race that could tip control of Congress.
A new Trump-linked super PAC, No Going Back, has reserved more than $24.9 million in ad time across six battleground states and locked in $49 million in a single two-day stretch this week, according to a report by Reuters.
Trump says he'll steer $400 million to $500 million into the midterms.
His MAGA Inc. and Musk's America PAC recently dropped $10 million and $2.4 million into Texas's Senate race, about $6.9 million of it on attack ads against Democrat James Talarico, where Republicans "must spend real money defending an expanded map," strategist Brad Dayspring told Reuters.
Related: Elon Musk warns 'if the ship of America sinks, we all sink with it'
Musk's group has also spent more than $7 million on digital ads, texts and mailers.
The crypto sector's Fairshake network entered 2026 with a $193 million war chest, nearly $60 million more than it spent in 2024, funded largely by Coinbase, Ripple and Andreessen Horowitz, which each gave roughly $24–25 million, as reported by Axios.
Report suggests that in 2024, Fairshake and its affiliates spent about $195 million, outspending every other single-issue group. Unlike Trump and Musk, it has been active since the primaries.
Crypto's money has a single target: a Congress that will pass the industry's stalled market-structure bill, which the Senate began taking up in committee this year.
The lines blur, too, Andreessen Horowitz's founders have separately funneled millions into Trump's MAGA Inc.
Related: 92-year-old burger chain's Bitcoin strategy delivers 13.8% sales jump
