1 week ago
Crypto, AI and Betting Money Reshape 2026 Midterm Elections
Businesses from crypto, artificial intelligence and online betting are spending a lot of money on the 2026 elections.
They want lawmakers to support rules that help their industries.
Much of the money goes through political groups called super PACs, which can spend unlimited amounts on ads and other activities.
These groups cannot directly give money to candidates or work with their campaigns.
Some companies support candidates from either major party if those candidates agree with their policies.
Critics say this gives a small number of wealthy people and businesses too much influence.
Supporters say newer industries deserve a voice, just as older industries have had for years.
A record amount of money is expected to be spent on political advertising.
Some candidates are campaigning against the influence of wealthy donors and companies.
U.S. companies spent a record $517 million on 2026 House and Senate races through the first quarter.
Crypto, artificial intelligence and online betting accounted for at least $294 million of corporate spending.
Crypto-backed Fairshake, AI groups and betting companies are using super PACs and affiliated groups to influence races.
Elon Musk, Meta Platforms, Andreessen Horowitz and others have contributed heavily to political groups.
Critics fear niche industry issues will overshadow concerns such as healthcare, grocery prices and fuel costs.
- Who
- Crypto companies, artificial intelligence firms, online betting companies, wealthy executives, political groups and candidates in the 2026 U.S. midterms.
- What
- Businesses and billionaires are making record political expenditures through super PACs, affiliate PACs, nonprofits and direct donations to shape congressional and state races.
- Where
- The spending affects U.S. House, Senate and state races, including contests in Ohio, Texas, Michigan, California, New York and other states.
- When
- Spending described covers January 1, 2025, through the first quarter of 2026; the elections are scheduled for November 3, 2026.
- Why
- The industries are seeking allies, influencing regulation and resisting increased scrutiny of crypto, AI, data centers and online betting.
Critics of Corporate Influence
Supporters of Industry Spending
Political influence
Critics of Corporate Influence
Watchdogs say large donations allow a small group of wealthy people and niche industries to exert disproportionate influence over elections and policy.
Supporters of Industry Spending
Supporters argue emerging industries should have a political voice comparable to that long held by Wall Street, pharmaceutical, oil and media companies.
Policy priorities
Critics of Corporate Influence
Critics say corporate spending pushes issues such as crypto, AI regulation, data-center energy use and online gambling ahead of pocketbook concerns such as healthcare, groceries and fuel prices.
Supporters of Industry Spending
Industry-backed groups present their spending as efforts to support candidates who understand their sectors and to participate in debates over relevant regulations.
Disclosure and political groups
Critics of Corporate Influence
Campaign finance watchdogs object to the use of super PAC networks and dark money nonprofits, which can obscure donors and amplify corporate spending.
Supporters of Industry Spending
Companies and executives use these legally permitted organizations to fund advertising, voter drives and rallies without directly donating to or coordinating with candidates.
Key facts
- Corporate spending
- U.S. companies spent $517 million on 2026 House and Senate races through the end of the first quarter.
- Previous record
- Corporate spending totaled $461 million over two years for the 2024 elections.
- Leading industries
- Crypto, AI and online gaming contributed at least $294 million of corporate midterm spending.
- Expected advertising
- Political advertising spending is projected to reach $11.6 billion, exceeding the previous $11.2 billion record.
- Fairshake funds
- The crypto-focused Fairshake super PAC began the year with $193 million and had about $130 million remaining.
- AI spending
- AI-backed political groups or executives spent more than $23 million on two competing Democratic candidates in a New York City district in June.
- Betting contributions
- DraftKings, FanDuel, Fanatics and bet365 donated more than $72 million to the midterms.
Quotes
Patrick Eisenhauer
Campaign manager for Senator Sherrod Brown
“The scale of corporate spending in this election cycle is unlike anything we’ve seen previously.”
thehindubusinessline.com
“It was basically two AI groups having it out with each other and the candidates were secondary.”
thehindubusinessline.com
Sources
Related news
Musk plans $100 million America PAC push for Republican midterms
Trump's billionaire backers face costly political backlash over unpopular policies
AI Data Centres Turn Power Bills Into 2026 Election Issues
Sanders urges Democrats to ban super PACs in primaries
Trump-Aligned Companies Prepare for Possible Democratic House Takeover
Young Adults Drive Billions in Kalshi Prediction Market Trading
Djokovic and Bieber's Hilarious Table Tennis Banter Goes Viral
Messi and Argentina face Spain in World Cup final
Beckham Booed for Neutral Stance on Spain vs Argentina
