Trump, GOP amass $1.2B midterm war chest with crypto donations

Federal Election Commission filings show Trump-affiliated groups and the Republican National Committee have accumulated $1.2 billion in cash ahead of the November midterms. The filings say MAGA Inc. raised $35.6 million in March, part of the larger total, while Democratic committees held about $261 million at the same reporting point.

The disclosures identify several major crypto-sector contributions. Crypto.com’s Foris Dax provided $10 million and Gemini Trust Company donated $1.5 million in USDC stablecoin. Venture capital partners Marc Andreessen and Ben Horowitz each gave $3 million. The industry-aligned super PAC Fairshake reported $193 million on hand as it entered the cycle.

The PAC network has been active in targeted spending. Quarterly reports show a $9.9 million campaign aimed at Illinois Senate candidate Juliana Stratton and other expenditures directed at lawmakers who have criticized crypto policy.

Senate Democrats Elizabeth Warren, Adam Schiff and Richard Blumenthal opened an inquiry into a memecoin conference planned for April 25 at Mar-a-Lago. The event, organized by Fight Fight Fight LLC, is restricted to top holders of the $TRUMP token. The senators’ correspondence cites reports that insiders realized about $1.2 billion from the memecoin while roughly 2 million retail holders remain underwater.

National security and financial oversight concerns appear in government and academic commentary. Jayati Ghosh, an economics professor at the University of Massachusetts Amherst, wrote that efforts to relax crypto rules and promote dollar-pegged stablecoins through proposed legislation weaken the U.S. dollar and create gaps that could be used for illicit finance, calling the policy “self-destructive.”

Government and industry reports cited in filings and briefings show illegal cryptocurrency flows rose more than 160 percent in 2025. Those documents say Iran has integrated crypto payments into operations in the Strait of Hormuz, charging shipping firms about $1 per barrel in Bitcoin or the USDT stablecoin for safe passage; on one reported day this month those payments generated an estimated $36 million for the Iranian regime. The reports say Russia has legalized crypto mining after central bank asset freezes, used exchanges to obtain military drones and re-export sensitive goods, and is developing a digital ruble intended to reduce reliance on the U.S.-led financial system. North Korea continues to use opaque crypto channels to finance weapons programs, according to the material.

The FEC filings and the other reports reflect both the size of crypto-related financial support to Republican groups and the range of questions lawmakers are pursuing. The filings document current fundraising and spending through early 2025 and show continued financial involvement from crypto firms, investors and affiliated PACs as campaigns move toward November.