Crypto, AI and Betting Firms Drive Record Midterm Spending

A fresh wave of billionaires from crypto, AI, and online betting is now driving record corporate political spending in the 2026 midterms. US companies spent $517 million on House and Senate races in just 15 months, already topping the previous two-year record.

Niche Industries, Outsized Influence

Crypto, tech, and gaming firms accounted for at least $294 million of that spending, per Public Citizen. Critics say this crowds out everyday issues like healthcare and grocery prices, while supporters argue it gives new industries a political voice.

Crypto’s Playbook Spreads

Crypto pioneered backing candidates by policy rather than party through the Fairshake PAC, funded by Coinbase, Ripple, and Andreessen Horowitz. That strategy helped unseat a longtime Ohio senator in 2024 and is now being copied by AI and betting industries.

AI groups tied to OpenAI and Anthropic spent over $23 million battling in one NYC primary alone. Sportsbooks like DraftKings and FanDuel have added $72 million more.

Total political ad spending is projected to hit a record $11.6 billion this cycle.