A political action committee (PAC) supporting Donald Trump has raised approximately $7.5 million in cryptocurrency donations, according to a recent filing with the Federal Election Commission (FEC). The Trump 47 joint fundraising committee reported receiving contributions in Bitcoin, Ether, XRP, and stablecoins such as Tether (USDT) and USDC.
The FEC filing, submitted on Tuesday, details donations received between July 1 and September 30 and includes cumulative contributions to date.
Trump Gains Support from the Crypto Community
With the 2024 presidential election nearing and polls indicating a close race, Trump is heavily relying on the cryptocurrency community for financial backing. After initially opposing crypto during his presidency, Trump has now positioned himself as the pro-crypto candidate.
In May 2024, Trump became the first major presidential candidate to accept cryptocurrency donations, marking a significant shift in his stance. According to a report from Public Citizen, nearly half of the corporate money in this election cycle originates from the crypto sector, with companies like Coinbase, Ripple, and Andreessen Horowitz making significant contributions. This is approximately 13 times the amount raised by the industry in the last presidential election cycle.
Significant Donations and Key Contributors
The filing shows that at least 18 donors contributed more than $5.5 million in Bitcoin, while seven donors gave $1.5 million in Ether. Contributions came from more than 15 states, including key battleground states and Puerto Rico.
Among the notable contributors is David Bailey, CEO of BTC Inc., who donated over $498,000 in Bitcoin. New donors include Chase Herro, co-founder of the Trump family’s crypto initiative, World Liberty Financial (WLFI), which recently launched its token sale but has only raised $10.2 million of its $300 million target.
Other major donors include BitGo CEO Mike Belshe, who gave nearly $100,000 in Bitcoin, and Brian Murray, a partner at Craft Ventures, who contributed $6,560 in Bitcoin. Stuart Alderoty, Ripple’s Chief Legal Officer, donated $300,000 in XRP, attending a Trump fundraising event hosted by venture capitalist David Sacks in June.
In contrast, Ripple co-founder Chris Larsen has shown support for Vice President Kamala Harris by contributing to the Future Forward super PAC, which also accepts crypto donations.
Website: CentBit.Online – Crypto & Blockchain Expert Bangladesh
