Leaders in the cryptocurrency space give $7.5 million in cryptocurrency to a PAC that backs Donald Trump, the Republican nominee for president.
Image: Donald TrumpCandidate for President of the United States
Highlights
- From July to September 2024, Donald Trump’s PAC raised $7.5 million in cryptocurrency.
- Significant contributions in USDC, XRP, Ether, and Bitcoin.
- More than 15 states and Puerto Rico contributed cryptocurrency.
A current CNBC article claims that the PAC Trump 47 disclosed the information in a document that was posted on the website of the Federal Election Commission (FEC). The donations were provided by Trump 47 Committee supporters, a recent filing by the Federal Election Commission revealed. A variety of cryptocurrencies, including USDC, XRP, Ethereum, and bitcoin, were given.
Large Crypto Contributors Support the Campaign
Trump has received support from a number of prominent players in the bitcoin industry. David Bailey, CEO of BTC Inc., was the largest Bitcoin donor with a $498,000 donation, followed by Bruce Fenton, CEO of Chainstone Labs, and Gary Cardone of Cardone Digital Ventures, who contributed $60,000 and $840,000, respectively. As previously mentioned, in July, the Ripple CLO gave 624,000 XRP, which is equivalent to $300,000. Stuart Alderoty, the head of Ripple’s legal department, gave $300,000 in XRP. Alderoty attended a Trump fundraising event in June in San Francisco and gave $300,000 worth of XRP.
Chris Larsen, a co-founder of Ripple, chose a different path, giving $1 million worth of XRP to Future Forward, a superPAC on Kamala Harris’ side. Even if they agreed with some of the complaints of SEC Chair Gary Gensler that had to do with crypto, Larsen said he had more faith in Harris because of her connections to the innovation industry.
Trump Gets More Support among Crypto Fans
Trump has received more support from the cryptocurrency community than Harris did. According to industry leaders, Trump would protect the sector from the SEC’s combative tactics used by the current government. As a result, they have contributed significantly to Trump’s campaign.
Trump said that the cryptocurrency business had donated $25 million to his campaign during his July keynote address at the Bitcoin conference. He did not, however, specify the portion of this sum that consists of monetary gifts.
Trump’s cryptocurrency donations have benefited greatly from the contributions of some well-known individuals, such as Tyler and Cameron Winklevoss. Each of the Gemini founders contributed $1.1 million in Bitcoin to help Trump win the presidency. Kraken’s founder and chairman, Jesse Powell, also donated $1 million in Ethereum to Trump’s campaign earlier this year.
