The political action committee (PAC) supporting former President Donald Trump has raised approximately $7.5 million in donations through cryptocurrency since early June.
According to documents submitted to the Federal Election Commission (FEC) on Tuesday, donors to the Trump 47 joint fundraising committee supporting Trump's campaign contributed Bitcoin, Ether, XRP, and stablecoins pegged to the dollar, such as USDT and USDC.
The donations covered in the documents were made between July 1 and September 30, with the disclosed amount representing the total cumulative donations.
With only three weeks left until the 2024 election and a tight race, Trump hopes to bolster his campaign with significant funding from the crypto community. This time, Trump positions himself as a candidate supporting cryptocurrency, contrasting with his stance during his presidency. In May of this year, he became the first major presidential candidate to accept donations in digital tokens.
According to a recent report by the nonprofit organization Public Citizen, the crypto industry contributed nearly half of the corporate donations for this election. Compared to the last presidential election, donations from the industry increased by about 13 times, primarily from companies like Coinbase, Ripple, and Andreessen Horowitz.
The documents show that at least 18 donors contributed over $5.5 million in Bitcoin to Trump 47, while another seven donated approximately $1.5 million in Ether. These donors come from more than 15 states, including some key swing states, as well as Puerto Rico. Their professions range from software engineers at Lockheed Martin to sales engineers at Duthie Power Services and producers at Esperanza Entertainment.
David Bailey, CEO of BTC Inc. media group, donated over $498,000 in Bitcoin. Bailey was involved in pushing Trump to change his stance from a Bitcoin skeptic to a supporter, ultimately delivering a keynote speech at the annual Bitcoin conference in Nashville in July.
In his speech, Trump mentioned that his campaign had raised $25 million from the crypto industry but did not specify how much of that came from digital tokens or dollars.
Among the new donors is Chase Herro, co-founder of the Trump family's new crypto project, World Liberty Financial. The platform is described as a decentralized bank that encourages customers to lend and invest in cryptocurrency, and it launched its token sale on Tuesday.
Currently, the project has sold $10.2 million worth of WLFI tokens, far below its fundraising target of $300 million. The launch of the project has faced multiple technical issues, including frequent website crashes.
Mike Belshe, CEO of BitGo, donated nearly $100,000 in Bitcoin, while Craft Ventures partner Brian Murray donated $6,560 in Bitcoin. Craft's founder is pro-Trump venture capitalist David Sacks.
Trevor Trebble, founder of Kresus Labs, donated over $25,000 in Ether, Chainstone Labs CEO Bruce Fenton donated $60,000 in Bitcoin, and Gary Cardone of Cardone Digital Ventures donated over $840,000 in Bitcoin.
Ripple's Chief Legal Officer Stuart Alderoty donated $300,000 in XRP. According to CNBC, Alderoty attended a Trump fundraising event in San Francisco hosted by David Sacks in June.
Alderoty has differences with Ripple's billionaire co-founder Chris Larsen. Larsen donated $1 million in XRP to the super PAC Future Forward, which supports Vice President Kamala Harris's campaign. Future Forward has been accepting cryptocurrency donations since September.
While Larsen has criticized the policies of SEC Chairman Gary Gensler, he has more confidence in Harris, as she comes from the San Francisco Bay Area.
Larsen stated, "She has grown up with the innovation economy, so I think her understanding of this field is deeper than that of the Biden administration."
Additionally, Uniswap's Chief Legal Officer Marvin Amori also donated to Harris's campaign fund. Like Ripple, Uniswap is also facing allegations of violating securities laws.
In the camp supporting Trump, billionaire twins Tyler and Cameron Winklevoss collectively donated nearly $1.1 million, but part of the funds was returned in September due to exceeding the donation limit.
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