Crypto, AI and betting firms emerge as new US political kingmakers

A handful of tech billionaires and companies are dominating corporate spending in the 2026 US midterm elections, deviating from traditional political power brokers. Cryptocurrency firms, artificial intelligence companies, and online betting platforms are leading the pack in shaping the election race. This surge in business spending on congressional contests sets a record, with US$517 million spent on the 2026 races - surpassing the previous record of US$461 million in 2024, according to Public Citizen, a nonprofit group.

The emerging billionaire class, representing industries like crypto, AI, and online gaming, are channeling their wealth into lobbying efforts, aiming to influence rules and gain allies. However, critics warn that this niche focus could overshadow voter concerns about issues such as inflation, healthcare, and gas prices. Supporters argue that the increased corporate spending gives new sectors a platform and voice in the political arena.

While there are limits to the influence money can exert, major figures from the industry, such as Elon Musk and Sergey Brin, have already made significant contributions, setting the stage for a high-stakes election cycle. The total political spending for the midterms is projected to reach a record US$11.6 billion, fueled by contributions from billionaires, labor groups, and social causes.