A political action committee supporting former President Donald Trump has raised about $7.5 million in cryptocurrencies. Contributors to the Trump 47 joint fundraising committee donated bitcoin, ether, XRP, tether, and USDC to the GOP presidential nominee’s campaign. The Federal Election Commission filing submitted on Tuesday showed that the latest filing covered donations from July 1 through Sept. 30.
With the 2024 election just three weeks away, Trump is counting on funding from the crypto community. He positioned himself as the pro-crypto candidate in this election, a reversal from his previous stance during his time in the White House. Trump became the first major presidential candidate to accept donations in digital tokens in May.
According to a recent report from the nonprofit watchdog group Public Citizen, nearly half of all the corporate money flowing into the election has come from the crypto industry. Contributors included companies like Coinbase, Ripple, and venture firm Andreessen Horowitz. The crypto industry has raised around 13 times more than during the last presidential election year.
At least 18 donors gave more than $5.5 million in bitcoin to Trump 47, while seven people donated around $1.5 million in ether. Contributors came from more than 15 states and professions like software engineers, sales engineers, and producers.
David Bailey, CEO of media group BTC Inc., gave over $498,000 in bitcoin. Bailey was among the Bitcoin enthusiasts who influenced Trump to become a supporter of cryptocurrencies. Trump claimed that his campaign had raised $25 million from the crypto industry, with contributions from individuals like Chase Herro, co-founder of World Liberty Financial, a new crypto project by the Trump family.
Brian Murray, a partner at Craft Ventures, donated $6,560 in bitcoin. Craft Ventures was founded by pro-Trump venture capitalist David Sacks. Other notable contributors include Trevor Traina, Bruce Fenton, and Gary Cardone. Ripple legal chief Stuart Alderoty contributed $300,000 in XRP.
While some in the crypto industry are backing Vice President Kamala Harris through donations to the Harris Action Fund, others like Larsen and the Winklevoss twins are supporting Trump. Larsen believes Harris understands the innovation economy and supports American champions in industries. The Winklevoss twins have contributed nearly $1.1 million each to Trump’s campaign.
As the election approaches, the influx of crypto donations to political campaigns reflects the growing influence of the digital asset industry in shaping the future of politics in the United States. Candidates are increasingly turning to cryptocurrencies as a fundraising tool, and donors are leveraging their crypto holdings to support their preferred candidates. This trend underscores the evolving landscape of campaign finance and the role of digital assets in shaping political outcomes.
