The biggest name in US politics not on the ballot this election cycle, President Donald Trump, has entered the debate as Americans prepare to vote for the next Congress, with crypto and artificial intelligence regulation stakes at issue.

Trump’s return to the campaign trail is also reportedly backed by his $400 million MAGA Inc. super PAC, which is expected to join the Republican push to hold onto a congressional majority.

The largest financiers of this election cycle have their prospects closely tied to the outcome. The crypto industry needs a Republican-controlled Congress to advance the CLARITY Act, along with favorable rulemaking from the SEC and CFTC, while AI stakeholders are trying to avoid being cast as a liability for candidates in closely watched races.

Trump is ramping up for the midterm election fight

Trump’s first stop on the midterm campaign trail is a Friday rally in Myrtle Beach for Sen. Darline Graham. On paper, the race is about as close to a sure thing as Republicans are likely to find this cycle.

Graham’s Democratic opponent, Rep. Ralph Norman, would need a major upset for the deeply red state of South Carolina to flip. Darline is the sister of Sen. Lindsey Graham, who passed away recently.

One GOP operative told Politico that Trump “probably has the ability to move the needle in Republicans’ favor better than anyone else.”

On whether he will do so, Fox News’ Aishah Hasnie reported that a source confirmed to her that the president will “begin dipping into his massive $400 million personal Super PAC called ‘MAGA Inc’ to help vulnerable Republicans this November… as he gets back on the campaign trail tonight in South Carolina.”

CNN had previously reported that Trump had given the green light to million-dollar deployments from his personal PAC to support vulnerable Republican candidates, whose challenges have been compounded by rising prices and the war in Iran.

Republicans have crypto and AI funding support

Crypto, AI, and online betting companies have opened their wallets this cycle, contributing to a record $517 million in corporate spending, according to Public Citizen data cited by Cryptopolitan.

Most of the $4 million that Marc Andreessen and Ben Horowitz each donated this cycle went directly to Trump’s MAGA Inc.

AI-focused super PACs have raised $107 million and spent $55.5 million on federal races, Cryptopolitan has reported, with Leading the Future — backed by Andreessen Horowitz and OpenAI President Greg Brockman — building a roughly $140 million network. On the other side, the pro-regulation Public First Action has raised $80 million, including $40 million from Anthropic.

Still, AI spending may not be enough. Data-center backlash is reportedly hurting Sen. Jon Husted in the Ohio Senate race, and around 71% of Americans polled by Gallup this spring said they would prefer not to have new data centers built near their homes.

Whether the Trump factor remains effective in 2026 should become clearer as election results come in, South Carolina runoff tests approach, and Republicans continue to welcome support this cycle, even when it comes from divisive sources.