Trump-Backed PAC Raises $7.5 Million in Cryptocurrency Donations

A political action committee (PAC) supporting former President Donald Trump has secured approximately $7.5 million in cryptocurrency donations.

The Trump 47 joint fundraising committee reported contributions in Bitcoin, Ether, and XRP, along with stablecoins like Tether and USDC, according to a recent filing with the Federal Election Commission (FEC).

The FEC filing, submitted on Tuesday, details donations received between July 1 and September 30, but the figures also include cumulative contributions.

Trump Relies on Support from Crypto Community

With the 2024 presidential election only a few weeks away and polls showing a close race, Trump is relying heavily on support from the cryptocurrency community.

He has positioned himself as the pro-crypto candidate in this election, a marked shift from his previous stance during his tenure as president.

In May, Trump became the first major presidential candidate to accept digital token donations, signaling his new stance.

According to a report from nonprofit watchdog group Public Citizen, nearly half of the corporate money flowing into the current election cycle originates from the crypto sector.

Major industry players such as Coinbase, Ripple, and venture capital firm Andreessen Horowitz have been significant contributors.

The total amount raised by the industry this election season is approximately 13 times what was raised during the previous presidential cycle.

The Trump 47 filing reveals that at least 18 donors contributed more than $5.5 million in Bitcoin, while another seven individuals donated around $1.5 million in Ether.

Donors come from over 15 states, including key battleground states and Puerto Rico.

If this number from Pennsylvania is valid and holds, then Donald Trump becomes the 47th president of the United States of America pic.twitter.com/FeKz0ZtGR0

— Kalu Aja (@FinPlanKaluAja1) October 15, 2024

Professions of these contributors range from software engineers at Lockheed Martin to sales engineers at Duthie Power Services and producers from Esperanza Entertainment.

Among the notable donors, David Bailey, CEO of BTC Inc., contributed over $498,000 in Bitcoin.

New donors also include Chase Herro, co-founder of the Trump family’s crypto initiative, World Liberty Financial.

This platform, which aims to function as a decentralized bank for crypto transactions, launched its token sale recently.

However, it has faced challenges, with only $10.2 million of its $300 million fundraising target met so far, partly due to technical difficulties during the launch.

Other Major Crypto Donors

Other significant contributors include BitGo CEO Mike Belshe, who donated nearly $100,000 in Bitcoin, and Brian Murray, a partner at Craft Ventures, who contributed $6,560 in Bitcoin.

Additional donations came from Kresus Labs founder Trevor Traina, Chainstone Labs CEO Bruce Fenton, and Gary Cardone of Cardone Digital Ventures.

Stuart Alderoty, Ripple’s Chief Legal Officer, donated $300,000 in XRP.

Notably, he attended a Trump fundraising event hosted by venture capitalist David Sacks in June.

However, Alderoty’s donation contrasts with Ripple co-founder Chris Larsen, who has supported Vice President Kamala Harris’ campaign through the Future Forward super PAC.

In contrast to pro-Trump donors, Future Forward, which also accepts crypto donations, supports Harris.