Florida gubernatorial candidate Frank J. Russo said on 7 Jul his campaign will begin accepting crypto donations, becoming the first candidate in the state's 2026 governor's race to do so as digital assets become more intertwined with US politics ahead of the midterm elections.
Florida Candidate Seeks Crypto Donations as Industry PACs Prepare To Spend Big on Midterms
8 July 2026 - 00:42 CEST
By Jona Jaupi
Russo said accepting crypto reflects his support for blockchain technology. He also said he wants to make Florida a destination for crypto companies and fintechs.
The campaign did not immediately say which cryptocurrencies it would accept or whether it had received any digital asset donations. Sandmark reached out to Russo's campaign but has not yet heard back.
Crypto money flows into politics
Russo's announcement comes as the cryptocurrency industry continues to spend heavily on US elections.
Crypto companies have contributed about $189mn to federal election campaigns so far in the 2026 election cycle, according to an analysis of Federal Election Commission (FEC) filings by advocacy group Public Citizen.
The report, published on 30 Jun, said crypto companies account for more than one-third of all disclosed corporate political spending this cycle. Much of that money has gone to Fairshake, a political action committee (PAC) backed by major crypto companies such as exchange operator Coinbase and blockchain company Ripple.
A PAC is an organisation that raises and spends money to support or oppose political candidates. Public Citizen said Fairshake has received about $82mn in corporate contributions this cycle.
Super PACs can raise and spend unlimited amounts of money. However, they cannot legally donate directly to campaigns or coordinate their spending with candidates. In contrast, crypto donations go directly to a candidate's campaign and are subject to campaign finance rules. This includes contribution limits and donor disclosure requirements.
Super PACs such as Fairshake, Protect Progress and Defend American Jobs have also spent more than $133mn supporting congressional candidates since the 2024 election cycle, according to OpenSecrets, a non-profit research organization.
Crypto reaches campaign trail
The crypto industry became a major political force during the 2024 US elections as companies spent millions to back candidates viewed as supportive of digital assets.
During his 2024 presidential campaign, President Donald Trump began accepting crypto donations through Coinbase Commerce in a move intended to win support from crypto voters. Independent presidential candidate Robert Kennedy Jr. also accepted Bitcoin donations during his brief campaign.
Since returning to office in 2025, Trump's administration has backed several policies viewed as supportive of the crypto industry, including the GENIUS Act – legislation establishing a regulatory framework for stablecoins and the CLARITY Act, a crypto market structure bill currently awaiting a Senate vote.
Trump's annual financial disclosure, released last week, also showed more than $1.4bn in income from his family's cryptocurrency businesses during 2025.
Public Citizen also revealed that MAGA Inc., the Super PAC backing Trump, has received about $56.2mn from crypto companies.
