A political action committee supporting former President Donald Trump has raised approximately $7.5 million in cryptocurrency contributions, according to a recent Federal Election Commission (FEC) filing. Contributors donated a variety of digital assets, including Bitcoin, Ether, XRP, and stablecoins such as Tether and USDC.
This fundraising push comes as the 2024 election approaches, with Trump positioning himself as a pro-crypto candidate after previously holding a sceptical view of the industry during his time in the White House, CNBC reported.
Crypto Community’s Influence on Trump’s Campaign
Trump has received a substantial amount of financial support from the cryptocurrency industry since he became the first prominent presidential candidate to accept cryptocurrency donations in May 2024.
Nearly half of the corporate funding supporting the election originates from the cryptocurrency business, according to a new analysis from the monitoring group Public Citizen.
Coinbase, Ripple, and the venture capital company Andreessen Horowitz are among the major contributors. Compared to the previous presidential election, the cryptocurrency industry has raised almost thirteen times as much money.
Additionally, the FEC filing disclosed that approximately $5.5 million in Bitcoin contributions were made by at least 18 contributors, with an additional $1.5 million coming from Ether donations.
Professionals from firms including Lockheed Martin, Duthie Power Services, and Esperanza Entertainment were among the contributors, who came from over 15 states.
Notable Contributions and Trump’s Crypto Project
The CEO of BTC Inc. and well-known Bitcoin supporter David Bailey gave more than $498,000 in crypto. Bailey is credited with turning Trump from a sceptic of cryptocurrencies into a supporter; as a result, Trump headlined Nashville’s biggest Bitcoin conference this year.
Other prominent donors include Stuart Alderoty, the legal head of Ripple, who donated $300,000 in XRP, and Mike Belshe, the CEO of BitGo, who donated $100,000 in Bitcoin.
The document also featured Chase Herro, a key new contributor and co-founder of World Liberty Financial, the cryptocurrency venture started by the Trump family.Â
The goal of this platform is to offer decentralized financial services, however, only $10.2 million of the $300 million target was raised during its token sale due to technical difficulties.
A Broader Crypto Divide
Trump’s crypto backing stands in contrast to Ripple co-founder Chris Larsen, who has donated $1 million in XRP to support Vice President Kamala Harris through the Future Forward super PAC.
While Larsen shares the industry’s frustration with the SEC’s regulatory approach, he has expressed confidence in Harris’ understanding of the innovation economy due to her Bay Area roots.
On the pro-Trump side, the Winklevoss twins, Tyler and Cameron, have made significant contributions totalling nearly $1.1 million each, although some of these funds were refunded for exceeding legal contribution limits.