JPMorgan, crypto firms pour millions into pro-Trump PAC

U.S. President Donald Trump might not be seeking reelection in 2026, but funds keep pouring in his support.

Wall Street giant JPMorgan and two major cryptocurrency exchanges, Gemini Trust Company and Crypto.com's parent company Foris Dax, have poured millions into a political action committee (PAC) supporting Trump.

This comes months ahead of the U.S. midterm elections, scheduled for Nov. 3, 2026.

Related: How Trump's re-election and market dynamics could boost bitcoin

Crypto's growing footprint in US elections and Trump

Trump's stance on cryptocurrency has evolved from skepticism to embrace. In fact, his second term has been marked with many pro-crypto moves. 

During his earlier presidency, he criticized Bitcoin (BTC) a "scam " and called digital assets "highly volatile"  and "based on thin air." He had also warned that unregulated crypto can facilitate illegal activities.

However, since returning to the office, Trump has shifted tone, embracing crypto as part of his administration's economic and innovation agenda. 

His campaign has accepted donations in Bitcoin and other tokens, and he has praised U.S. miners and blockchain innovation as strategic advantages. 

Trump has also signaled openness to clearer regulation, as seen with the GENIUS Act, and supports domestic crypto businesses while keeping control over foreign digital asset influence. 

The 2024 election cycle marked a turning point for the digital-asset industry's political spending.

Crypto-linked PACs such as FAIRshake reportedly spent over $40 million on select races, helping Republicans capture control of the Senate through high-profile contests such as Ohio's Senate race.

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Crypto companies pour in support

Although Trump is not seeking reelection in 2026, his PAC can still deploy the funds to bolster Republican-aligned candidates ahead of the midterm elections. 

All 435 House seats and 33 Senate seats will be contested, leaving open the possibility for Democrats to regain control of Congress.

As per the Federal Election Commission  filing , The MAGA Inc. Super PAC received 1.5 million liquidated USD Coins (USDC) from Gemini.

Foris Dax, the parent company of Crypto.com, also made two separate contributions worth $10 million each to the PAC.

The latter reportedly strengthened its relationship with Trump Media & Technology Group in 2025 as part of a broader digital-asset treasury diversification strategy.