A political action committee (PAC) supporting former U.S. President Donald Trump has raised approximately $7.5 million in cryptocurrency donations since early June, as part of his campaign for the 2024 presidential election. According to a Federal Election Commission filing submitted on Tuesday, the Donald Trump 47 joint fundraising committee received contributions in bitcoin, ether, XRP, and stablecoins such as tether and USDC.
The filing, which covers donations from July 1 to September 30, showed cumulative contributions, with several major players in the cryptocurrency industry stepping forward to back Donald Trump’s campaign. The former president, who had previously been critical of cryptocurrencies during his tenure in the White House, has now positioned himself as a pro-crypto candidate, a stance that has attracted significant support from the industry. In May, Donald Trump became the first major presidential candidate to accept donations in digital tokens.
Among the notable contributors are David Bailey, CEO of BTC Inc., who donated over $498,000 in bitcoin, and Ripple’s legal chief Stuart Alderoty, who gave $300,000 in XRP. Contributions have come from across the U.S., including battleground states and Puerto Rico, with donors representing various industries, from tech to entertainment.
The cryptocurrency community has played an increasingly important role in the 2024 election. A report by Public Citizen, a nonprofit watchdog group, indicated that nearly half of all corporate money flowing into the election has come from the crypto industry. Companies like Coinbase, Ripple, and venture firm Andreessen Horowitz have been the primary contributors, raising 13 times more than the industry contributed during the last presidential election cycle.
In total, 18 donors gave over $5.5 million in bitcoin, and another seven provided around $1.5 million in ether. Other prominent figures from the crypto space, including billionaire twins Tyler and Cameron Winklevoss, contributed nearly $1.1 million each. However, some of that money was refunded in September as it exceeded the maximum allowed contribution limit.
The Donald Trump family has also launched a new crypto project, World Liberty Financial (WLFI), which aims to serve as a decentralized financial platform. The project’s token sale began recently, with $10.2 million worth of tokens sold thus far, though this falls short of the $300 million target. Despite technical issues plaguing the launch, the project is seen as part of Donald Trump’s broader engagement with the crypto industry.
The PAC’s ability to tap into the cryptocurrency market could provide a significant financial boost as Donald Trump heads into the final weeks of the 2024 election.
