Corporate political contributions in the US have reached a record $737.3 million ahead of the November 3 midterm elections, with cryptocurrency, artificial intelligence, and online betting firms leading the spending. According to a report by Public Citizen, this marks a 60% increase over the $461 million recorded during the entire 2024 presidential election cycle. The sectors with the highest contributions include cryptocurrency companies at $233 million, online betting businesses at $85.2 million, and Big Tech and AI-related firms at $73.1 million, collectively accounting for 53% of the total.
The midterms will shape regulations, government contracts, and tax policies affecting businesses during the remaining two years of President Donald Trump's term. Cryptocurrency companies are prioritizing legislation to establish clearer rules for digital assets, though a Democratic-controlled Senate could make passage more difficult. AI companies face potential increased congressional oversight, including hearings and demands for company records, particularly regarding data centre development and electricity consumption.
Wall Street, defence, and healthcare sectors are also closely watching the election outcomes. Financial deregulation could slow under a Democratic-controlled Congress, while defence contractors may face closer scrutiny of military spending. Healthcare companies anticipate possible changes in oversight of insurance programmes and prescription drug pricing. Clean-energy businesses are monitoring whether Congress will protect existing renewable-energy incentives.
The election results will determine control of the House of Representatives and Senate, influencing legislation, federal funding, and congressional investigations. However, Trump retains the power to veto legislation, and his administration will continue overseeing federal agencies. A divided government could create greater scrutiny of the administration's spending and regulatory agenda without necessarily producing major legislative changes.