Trump Campaign Sees Major Crypto Support Amid 2024 Bid
Trump Campaign – Donors to Donald Trump’s campaign for reelection as United States president have contributed roughly $3 million in cryptocurrency since the candidate announced he would accept digital assets. This marks a significant shift in Trump’s stance on crypto, transitioning from skepticism to active acceptance and defense of the technology.
Details of Crypto Contributions
According to a Federal Election Commission (FEC) filing for the second quarter of 2024, the Trump 47 Committee received millions in crypto donations from approximately 20 individuals starting in May. The most notable contributions came from prominent figures in the crypto industry. Gemini co-founders Cameron and Tyler Winklevoss pledged a combined $2 million in Bitcoin (BTC) on June 20. Kraken co-founder Jesse Powell committed $1 million in Ether (ETH) on June 28, although FEC filings show Powell contributed more than $844,000, while the Trump campaign had to partially refund the Winklevoss’ BTC donation due to individual contribution limits.
Other Notable Donations
Ryan Selkis, the former CEO of Messari, donated $50,000 in USD Coin (USDC) after stepping down on July 19 following controversial statements. Ripple’s chief legal officer, Stuart Alderoy, contributed $300,000 in XRP. While Alderoy’s social media does not explicitly support Trump, he has been critical of the Securities and Exchange Commission (SEC) and its chair, Gary Gensler, under President Joe Biden’s administration.
Smaller Contributions and Total Funds Raised
Among smaller contributions, a homemaker in Alabama donated $500 in Bitcoin, and several retirees and self-employed individuals made donations under $1,000. Michael Belshe, CEO of the BitGo crypto exchange, also pledged $50,000 in BTC. For the second quarter, the committee reported more than $118 million raised in both crypto and fiat, contributing to a total of over $142 million for the year 2024.
Biden’s Withdrawal and Harris’ Candidacy
President Joe Biden announced on July 21 that he would not seek reelection, instead endorsing Vice President Kamala Harris. Reports suggest that Harris, now the presumptive Democratic nominee, raised more than $100 million for her campaign within 24 hours of Biden’s announcement. Since surviving an assassination attempt at a Pennsylvania rally on July 13, Trump has received his official nomination at the Republican National Convention and plans to speak at the Bitcoin Conference in Nashville on July 27.
Political Dynamics and Crypto Influence
Following Biden’s withdrawal and Harris stepping up, Trump’s social media activity has increased, including posts refuting claims of appointing JPMorgan CEO Jamie Dimon or BlackRock CEO Larry Fink as Treasury Secretary if reelected. Additionally, political action committees (PACs) funded by the crypto industry are influencing tight congressional races. Fairshake, a PAC backed by donors like Coinbase and Ripple, has raised about $169 million since its inception, supporting candidates through media buys and targeting politicians with anti-crypto views.
FAQs
What is the significance of crypto donations to Trump’s campaign?
Crypto donations to Trump’s campaign highlight the increasing acceptance and influence of digital assets in political fundraising, reflecting a significant shift from his previous skepticism.
Who were the major contributors in cryptocurrency to Trump’s campaign?
Prominent contributors included Gemini co-founders Cameron and Tyler Winklevoss with $2 million in BTC, Kraken co-founder Jesse Powell with $1 million in ETH, and Ripple’s chief legal officer Stuart Alderoy with $300,000 in XRP.
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