There are many signs that the Democratic and Republican Parties are in different places. Here’s one: The main Republican presidential super PAC controls almost $200 million. The main Democratic presidential super PAC is still repaying millions of dollars it accepted from someone who is now a convicted felon.
Such is the state of big-dollar political fund-raising, as last night’s filings with the Federal Election Commission made clear. When it comes to attracting mega-donors, Republicans are crushing Democrats. That could mean a lot more ads for conservatives than for liberals in next year’s midterm elections.
MAGA Inc., President Trump’s super PAC, collected about $177 million in the first half of 2025, in large part from cryptocurrency interests eager to curry favor with Trump.
The corresponding group for Democrats, Future Forward, had a slightly different tie to crypto: It spent the last six months disbursing $3.4 million to what is known as the FTX Recovery Trust, repaying money it had accepted during the 2022 election cycle from crypto-exchange executives like Sam Bankman-Fried. (Last year, Bankman-Fried was sentenced to 25 years in prison after being convicted of stealing billions of dollars from his customers.)…