A political action committee (PAC) supporting former President Donald Trump has received approximately $7.5 million in cryptocurrency donations, as reported in a filing with the Federal Election Commission (FEC). The donations, made in Bitcoin, Ether, XRP, and stablecoins like Tether and USDC, were received between July 1 and September 30. The FEC filing includes cumulative contributions, indicating a significant show of support from the cryptocurrency community as the 2024 presidential election approaches. Trump, who has positioned himself as the pro-crypto candidate, marks a shift from his previous stance and became the first major presidential candidate to accept digital token donations in May.
The report from nonprofit watchdog group Public Citizen reveals that nearly half of the corporate money flowing into the current election cycle comes from the cryptocurrency sector, with major industry players like Coinbase, Ripple, and Andreessen Horowitz contributing significantly. The total amount raised by the industry this election season is approximately 13 times higher than the previous presidential cycle, highlighting the growing influence of cryptocurrency in political fundraising. The Trump 47 filing shows that donors from over 15 states, including key battleground states and Puerto Rico, contributed more than $5.5 million in Bitcoin and $1.5 million in Ether. Donors come from various professions, ranging from software engineers to producers, indicating broad support for Trump’s pro-crypto stance.
Among the notable donors to the Trump 47 joint fundraising committee is David Bailey, CEO of BTC Inc., who contributed over $498,000 in Bitcoin. New donors include individuals like Chase Herro, co-founder of the Trump family’s crypto initiative, World Liberty Financial, aimed at functioning as a decentralized bank for crypto transactions. However, the platform has faced challenges in meeting its fundraising target of $300 million, with only $10.2 million raised so far due to technical difficulties during the launch. Other major contributors include BitGo CEO Mike Belshe, Brian Murray of Craft Ventures, Kresus Labs founder Trevor Traina, and Chainstone Labs CEO Bruce Fenton, emphasizing the diverse support for Trump’s campaign among crypto industry leaders.
Stuart Alderoty, Ripple’s Chief Legal Officer, donated $300,000 in XRP to the Trump 47 joint fundraising committee, having attended a Trump fundraising event hosted by venture capitalist David Sacks. Notably, Alderoty’s support for Trump contrasts with Ripple co-founder Chris Larsen, who has backed Vice President Kamala Harris’ campaign through the Future Forward super PAC, which also accepts crypto donations and supports Harris. The FEC filing showcases the growing influence of cryptocurrency in political fundraising, with support from key industry players and individuals across various states contributing to Trump’s campaign. As the 2024 presidential election nears and polls show a close race, Trump’s alignment with the cryptocurrency community positions him as a significant player in the evolving landscape of digital donations in politics.
