Citizen report shows that nearly 50% of all corporate funding entering the election cycle stems from the crypto industry.
Ahead of the 2024 presidential race, the Donald Trump 47 Joint Fundraising Committee has reported raising approximately $7.5 million in crypto donations since early June. The influx of crypto donations marks a notable shift in campaign financing strategies, reflecting the growing influence of the crypto community in American politics.
Contributors have donated various cryptocurrencies, including Bitcoin BTC $93 038 24h volatility: 2.2% Market cap: $1.86 T Vol. 24h: $42.10 B , Ether ETH $3 221 24h volatility: 3.0% Market cap: $388.70 B Vol. 24h: $28.69 B , and XRP XRP $1.97 24h volatility: 4.0% Market cap: $119.84 B Vol. 24h: $3.70 B , alongside stablecoins like Tether USDT $1.00 24h volatility: 0.0% Market cap: $186.87 B Vol. 24h: $81.67 B and USD Coin USDC $1.00 24h volatility: 0.0% Market cap: $75.81 B Vol. 24h: $5.31 B . According to the latest Federal Election Commission (FEC) filing submitted on Tuesday, these contributions were amassed between July 1 and September 30, though the reported figures represent cumulative donations over this period.
With just three weeks remaining until the election, polling averages indicate a tight race. Trump is leveraging substantial support from crypto donors to bolster his campaign, positioning himself as a pro-crypto candidate — a significant turnaround from his earlier stance during his presidency. In May, Donald Trump made headlines by becoming the first major presidential contender to accept donations in digital tokens.
Crypto Industry Powers 50% Election Funding
A recent report by the nonprofit watchdog group Public Citizen highlights that nearly half of all corporate funding entering the election cycle stems from the cryptocurrency industry. This year, the crypto sector has raised roughly 13 times more than it did in the last presidential election, underscoring its increasing financial clout.
Major players like Coinbase, Ripple, and venture firm Andreessen Horowitz have been significant contributors, supporting Trump’s bid with substantial crypto donations.
The FEC filing reveals that at least 18 donors contributed over $5.5 million in Bitcoin to Trump 47, while an additional seven individuals donated around $1.5 million in Ether. These contributions come from a diverse group of supporters spanning more than 15 states, including key battleground areas and the American territory of Puerto Rico.
David Bailey, CEO of BTC Inc., stands out with a donation exceeding $498,000 in Bitcoin. Bailey played a crucial role in transforming Trump’s perspective on cryptocurrency, guiding him from skepticism to advocacy. This partnership culminated in Trump headlining the largest Bitcoin conference of the year in Nashville in July, further solidifying his commitment to the crypto community.
Impact of Crypto Donations on Campaign Strategy
Trump publicly stated in his keynote speech that his campaign had amassed $25 million from the crypto industry, although he did not detail the proportion of crypto versus dollar donations. Among the new contributors is Chase Herro, co-founder of the Trump family’s new crypto initiative World Liberty Financial (WLFI). The platform, described as a decentralized bank, encourages users to borrow, lend, and invest in crypto.
However, WLFI’s token sale, launched on Tuesday, has faced challenges, raising only $10.2 million of the targeted $300 million due to technical issues like website crashes.
Other notable donors include Mike Belshe, CEO of BitGo, who contributed nearly $100,000 in Bitcoin, and Brian Murray of Craft Ventures, who donated $6,560 in Bitcoin. Craft Ventures, founded by pro-Trump venture capitalist David Sacks, has been instrumental in rallying crypto support for the campaign. Additionally, Trevor Traina of Kresus Labs, Bruce Fenton of Chainstone Labs, and Gary Cardone of Cardone Digital Ventures have made significant contributions.
Ripple’s legal chief Stuart Alderoty donated $300,000 in XRP, highlighting internal divisions within the crypto industry. Alderoty’s contribution contrasts with Ripple co-founder Chris Larsen’s $1 million donation to Future Forward, a super PAC supporting Vice President Kamala Harris.
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