Oct 15, 2026 · 22 min
Listen from 9:28
Listen at 9:28
Dark money reshapes who runs and how officials govern
How Dark Money Is Funding The Midterms
The episode examines how opaque political spending gives wealthy donors and industries influence over elections, regulation, and public accountability.
- 1Dark money and super PACs have made election spending harder for ordinary voters to trace.
- 2AI and cryptocurrency donors seek favorable regulation, banking access, and protection from litigation and other risks.
- 3Disclosure reform stalls because officeholders benefit from the system, even as donor transparency may affect political advertising.
Don't miss
Judd Legum explains why questions about Katie Zachariah’s legal background and reluctance to answer them could undermine her credibility as press secretary.
The brief
Jane Coaston and Judd Legum begin with the money behind Trump’s White House ballroom before widening the lens to the rising cost of elections.
Legum argues that dark money and nominally disclosed super PAC spending can remain effectively opaque, allowing billionaires and corporations to exert influence without clear voter accountability.
AI and cryptocurrency donors are pursuing favorable regulation, banking access, and protection from litigation, showing how political spending can serve specific industry goals.
The episode’s central tension is whether voters can punish candidates for outside spending when campaigns reject the support publicly but benefit from it in practice.
Legum then turns to his reporting on Katie Zachariah’s claimed legal background, arguing that unanswered questions could damage her credibility as White House press secretary.
Books & mentions
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