US Corporations and Crypto Sector Pour Rp 5 Trillion into Securing Congressional Seats

Corporations and technology firms from the United States are known to have poured substantial funds into supporting their preferred candidates for parliament. These contributions reportedly flowed heavily ahead of this year’s Midterm Elections. In November, the battle for seats in the US House of Representatives will take place, along with a contest for one-third of the Senate seats. One of the largest contributing groups comes from the crypto sector. According to a report by consumer advocacy organisation Public Citizen, the crypto sector has donated US$189 million (approximately Rp 3.3 trillion). This figure is an increase compared to the 2024 election, which saw US$170 million (Rp 3 trillion). The report noted that four of the largest donors were Andreessen Horowitz, Ripple Labs, Foris DAX (affiliated with Crypto.com), and Coinbase. Beyond crypto, the artificial intelligence (AI) sector and several other tech giants also made significant contributions. The total funds disbursed, including from the crypto sector for the 2026 elections, reached US$294 million (Rp 5.2 trillion). These funds are raised through Political Action Committees (PACs) and subsequently channelled to finance the campaigns of specific candidates or political movements. One of the major recipients of donations from the crypto sector is Fairshake, with a value reaching US$82 million (Rp 1.4 trillion). This Super PAC focuses on supporting pro-crypto candidates. ‘The main point is that corporate money is playing a far larger role than ever before in our elections, and its influence continues to expand,’ said Rick Claypool, Research Director at Public Citizen and author of the report. The financial backing from the crypto industry has successfully pushed for the creation of regulations favourable to the sector. This was evident in 2024, when the newly elected composition of Congress was poised to champion pro-crypto rules. Congress has also passed legislation to create a federal-level framework for stablecoin crypto tokens (US Dollar-based crypto). This rule is considered capable of encouraging wider crypto adoption. Furthermore, the crypto sector continues to push for the creation of various other supporting regulations, including the Clarity Act bill. This legislation is deemed crucial for the future of digital assets as it can address fundamental problems faced by crypto companies. Currently, the Clarity Act bill is stalled in the Senate. There is no certainty whether the law will be passed before the 2026 elections take place. Some analysts assess that if the Senate fails to pass it this year, the bill’s chances of becoming law in the near term will diminish significantly. This is because many members of the Democratic Party, who are projected to control the House of Representatives in November, oppose the rule. The Democratic Party considers that the crypto bill is not yet sufficient to prevent politicians from taking personal advantage of the crypto business.