Trump raises $7.5M in Bitcoin and crypto for campaign

A political action committee supporting Donald Trump has raised around $7.5 million in cryptocurrency donations since early June, according to a recent filing with the Federal Election Commission. 

The Trump 47 joint fundraising committee reported contributions in Bitcoin (CRYPTO:BTC), Ether (CRYPTO:ETH), XRP (CRYPTO:XRP), and stablecoins such as Tether (CRYPTO:USDT) and USD Coin (CRYPTO:USDC), showing significant support from the crypto industry ahead of the upcoming U.S. election. 

The filing, covering donations from July to September, highlights that Trump has garnered strong backing from the crypto community. 

In May, he became the first major presidential candidate to accept digital assets as campaign contributions. 

During a keynote speech at a Bitcoin conference in Nashville in July, Trump announced, “The campaign has raised $25 million from the crypto industry.” 

A report from nonprofit watchdog Public Citizen indicates that nearly half of all corporate donations for the election are from the crypto sector, with firms like Coinbase, Ripple, and Andreessen Horowitz contributing significantly. 

This cycle, the industry’s funding is approximately 13 times higher than during the last presidential election. 

Among the notable donors, 18 individuals collectively donated over $5.5 million in Bitcoin, while seven others contributed about $1.5 million in Ether. 

Contributions came from various states, including key battlegrounds and Puerto Rico, with donors ranging from tech professionals to business owners. 

David Bailey, CEO of BTC Inc., donated over $498,000 in Bitcoin and played a role in persuading Trump to support crypto. 

Other major contributors include BitGo CEO Mike Belshe, Craft Ventures partner Brian Murray, and Kresus Labs founder Trevor Traina. 

Stuart Alderoty, Ripple’s Chief Legal Officer, donated $300,000 in XRP, contrasting with Ripple co-founder Chris Larsen’s $1 million XRP contribution to a Democratic super PAC. 

While the Biden administration has adopted a strict stance on crypto regulation, Larsen expressed optimism about Kamala Harris’s understanding of the innovation economy, citing her Bay Area background. 

He told CNBC, “She knows people who have grown up in the innovation economy her whole life.” 

On the pro-Trump side, the Winklevoss twins, Tyler and Cameron, also showed strong support, each contributing nearly $1.1 million. 

Some of these donations were later refunded due to legal contribution limits. 

A new player in the crypto scene is Chase Herro, co-founder of World Liberty Financial (CRYPTO:WLFI), Trump’s crypto initiative. 

The platform aims to function as a decentralized bank, allowing users to borrow, lend, and invest in digital currencies. 

Despite initial technical issues, WLFI has sold over $10.2 million worth of tokens, with an initial fundraising goal of $300 million.

At the time of writing, the Bitcoin (BTC) price was $67,613.63.