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Late last month, the wealthiest tech executives on the planet smiled next to President Donald Trump after essentially pinky-swearing they would voluntarily adopt safety policies around AI. While Trump described the agreement as “morally binding,” legal liability or enforcement measures were not explicit parts of the accord. The key takeaway from this handshake deal is that the people with the most amount of political power sit in Silicon Valley, not in Washington, D.C.

With the midterm elections just weeks away, it’s a good time to reflect on what Big Tech’s actions during this election season have revealed about its agenda and the larger context of the industry’s political influence. From CNN to The New York Times to NPR, there has been extensive news coverage of the hundreds of millions of dollars Big Tech has spent on the midterm elections. Months before Election Day, corporate spending this election cycle had already exceeded total disclosed corporate spending in the 2024 presidential election by 12 percent. The top two industries setting this record — with over half a billion dollars spent and counting — are crypto and AI. This unprecedented corporate spending on midterm elections is key to the tech industry’s plan to rig every level of government to work for the industry, from state legislatures to Congress.

Crypto’s Spending in the Primaries Was About More Than Crypto Regulation

The crypto industry is the largest political spender this election cycle, having spent over $200 million so far. The race it spent the most on was Felix Barry Moore’s campaign for U.S. Senate in Alabama. Crypto super PACs spent over $12 million supporting Moore, who has a pro-crypto track record; as the U.S. representative for Alabama’s 1st district, Moore co-sponsored a bill that prohibits the Federal Reserve from developing or issuing a central bank digital currency for U.S. monetary policy. This leaves digital assets under private control, away from federal scrutiny, which is what the industry wants.

In Illinois, crypto-related PACs spent over $10 million against former Lt. Gov. Juliana Stratton, who is running for a seat in the U.S. Senate. Stratton has been vocal against the crypto industry. Politico reported that Stratton is endorsed by two prominent industry critics: Sen. Elizabeth Warren (D-Massachusetts) and Illinois Gov. JB Pritzker. Pritzker signed a digital assets law last year establishing regulatory oversight and protections for consumers against scams and fraud. In 2025, the FBI reported over $11 billion in losses related to cryptocurrency fraud in its Internet Crime Report.

Trump Rejects AI Regulation as Tech CEOs Sign Voluntary “Self-Policing” Accord

Crypto corporations were also the dominant corporate political spenders in 2024 and gave $18 million to Trump’s 2025 inauguration. These contributions have paid off many times over the course of Trump’s second term. Trump removed Biden-era regulators and replaced them with crypto industry business partners or former industry insiders. In April 2025, the Trump administration shuttered the Department of Justice’s crypto enforcement team. Trump pardoned several crypto companies and billionaires that were under investigation for criminal money laundering and fraud, often after receiving investments in his own crypto empire. In June of this year, it was revealed that the Trump family has made at least $2.3 billion from crypto-related ventures during Trump’s second term.

Unprecedented corporate spending on midterm elections is key to the tech industry’s plan to rig every level of government to work for the........

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