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ETH Election sprint: Trump, Musk and the cryptocurrency industry's "three-way arms race"
With less than eight weeks left before the midterm elections, Donald Trump and Elon Musk have finally embarked on the huge funding model for the 2026 midterm elections. However, the two Republican tycoons are not the only ones injecting huge sums of money into key districts-the cryptocurrency industry has been quietly doing the same throughout the year. The outcome of this three-way funding race may determine control of Congress.
Republican funding surges
According to Reuters, a new Trump-related super political action committee,"No Going Back," has reserved more than $24.9 million in advertising time in six key swing states and locked in $49 million in funding in just two days this week. Trump said he would spend $400 million to $500 million for the midterm elections. His "MAGA Inc." The "America PAC" with Musk has recently injected $10 million and $2.4 million into the Texas Senate race, of which about $6.9 million has been used for attack ads targeting Democratic candidate James Talarico. Strategist Brad Dayspring told Reuters that Republicans "must put real money into defending the expanding territory." The Musk team also spent more than $7 million on digital advertising, text messages and mailing materials.
Cryptocurrency industry's war chest
According to Axios, the cryptocurrency industry's Fairshake network has a capital reserve of US$193 million at the beginning of 2026, nearly US$60 million more than it spent in 2024. The funding was mainly provided by the Coinbase, Ripple and Andreessen Horowitz Foundations, which each donated approximately $24 million to $25 million. Some analysts pointed out that in 2024, Fairshake and its affiliates spent approximately US$195 million, more than the expenditure of any other single issue group. Unlike Trump and Musk, the group has been active since the primary stage. Funding for the cryptocurrency industry has only one clear goal: to push Congress through the stalled industry market structure bill, which has entered committee consideration by the Senate this year. In addition, the lines blurred-the founder of the Anderson Horowitz Fund alone injected millions of dollars into Trump's "MAGA Inc."
