Public Citizen cites crypto’s 2024 election spending and flags Coinbase, Ripple and Gemini in the 2026 midterm race

Crypto companies are showing up in the political money conversation as the 2026 midterm elections approach, with a new watchdog assessment calling out several well-known names in the industry, including Ripple, Coinbase and Gemini.

The renewed attention is rooted in the way crypto spending appeared in the 2024 election cycle. Public Citizen, a U.S. nonprofit that tracks money in politics, previously highlighted the role of the crypto sector as a significant source of donations during the 2024 U.S. presidential elections. In the lead-up to 2026, the group is again drawing attention to campaign contributions and political spending patterns in the sector.

According to the report, Ripple, Coinbase and Gemini are among the crypto firms referenced as top donors for the 2026 midterms. Coinbase, the publicly traded cryptocurrency exchange, is particularly notable given its long-running push for regulatory clarity and its ongoing exposure to U.S. market structure and enforcement actions that can shape the compliance costs of trading platforms.

The Public Citizen framing also underscores that crypto political giving is not only about general campaign support, but potentially about the policy environment. In recent years, U.S. crypto policy discussions have centered on how digital assets should be regulated, how customer assets should be protected, and what rules apply to exchanges and trading products. Those questions can influence everything from operational licensing to which assets are available for trading.

For Coinbase specifically, its status as a major U.S.-focused platform means its political footprint can be more than symbolic. The company operates in a highly regulated environment, and outcomes in federal elections can affect the direction of enforcement priorities and the pace of regulatory guidance. While political spending does not guarantee any particular policy outcome, campaign contributions are often used by industries to cultivate access with policymakers and regulators.

Broader crypto market context also matters. The sector’s business model is closely tied to investor activity and liquidity, and policy uncertainty has historically driven swings in market expectations for compliance and product availability. As the industry anticipates how legislators and regulators may handle digital-asset oversight in the next Congress, campaign giving can become part of the strategy to ensure the industry is represented in Washington.

Notably, the July 1 report does not provide, in the text available here, specific dollar amounts for the 2026 midterm cycle, breakdowns of which races were targeted, or details on how much of any spending came from corporate entities versus executives or affiliated political groups. It also does not identify whether the figures reflect direct contributions, independent expenditures, or a combination of different election-related spending categories.

Going forward, investors and political watchers will likely focus on whether Public Citizen’s cited companies continue to increase or shift their giving patterns as the election calendar moves closer, and whether any policy proposals related to digital assets gain traction in Congress. The next indicates to watch will be further disclosures of campaign finance activity tied to the crypto sector and any legislative movement that directly affects exchange operations.