Bitrabo Editorial
Since early June, a political action committee backing former President Donald Trump has secured about $7.5 million through cryptocurrency donations, as reported in a recent Federal Election Commission filing. The Trump 47 fundraising committee has received contributions in Bitcoin, Ether, XRP, along with stablecoins like Tether and USD Coin.
The latest report, filed on Tuesday, documents donations made from July 1 to September 30, revealing total contributions. This substantial amount of cryptocurrency funding reinforces earlier data showing strong investment from the crypto industry in Trump’s campaign, with the US elections only three weeks away.
Crypto Contributions Strengthen Trump’s Campaign
Trump, who once expressed doubt about Bitcoin during his presidency, has now embraced a pro-crypto stance. He became the first significant presidential candidate to accept digital asset donations in May. During a keynote speech at a Bitcoin conference in Nashville in July, Trump announced that his campaign had raised $25 million from the crypto sector.
According to a report by the nonprofit watchdog Public Citizen, nearly half of the corporate funding for the upcoming election is coming from the cryptocurrency industry. Notable contributors to this effort include Coinbase, Ripple, and Andreessen Horowitz, who together represent a substantial share of business donations. The sector has raised about 13 times more than it did during the last presidential election cycle.
At least 18 donors contributed over $5.5 million in Bitcoin to the Trump 47 committee, while another seven individuals gave approximately $1.5 million in Ether, as noted in the filing. Donors come from more than 15 states, including critical battlegrounds, and even from Puerto Rico. Their professions are varied, ranging from software engineers at Lockheed Martin to sales engineers at Duthie Power Services and producers at Esperanza Entertainment.
David Bailey, the CEO of BTC Inc., donated over $498,000 in Bitcoin and played a key role in encouraging Trump to engage with the crypto community. Mike Belshe, the CEO of BitGo, contributed nearly $100,000 in Bitcoin, while Brian Murray from Craft Ventures, which was founded by pro-Trump investor David Sacks, donated $6,560 in Bitcoin.
Other significant donations include Trevor Traina, who gave over $25,000 in Ether, and Bruce Fenton of Chainstone Labs, who contributed $60,000 in Bitcoin. Gary Cardone from Cardone Digital Ventures donated more than $840,000 in Bitcoin, while Stuart Alderoty, Ripple’s Chief Legal Officer, contributed $300,000 in XRP and attended a Trump fundraising event hosted by David Sacks in June.
Alderoty’s donation is particularly noteworthy as it contrasts with Chris Larsen, co-founder of Ripple, who donated $1 million in XRP tokens to Future Forward, a super PAC aligned with Democratic efforts. While the current administration has been tough on the crypto sector, Larsen feels optimistic about Vice President Kamala Harris’s understanding of the innovation economy, given her background in the Bay Area.
“She knows people who have grown up in the innovation economy,” Larsen stated. “I think she understands it fundamentally, unlike some in the Biden administration who may not have connected empowering workers with having American leaders excel in their fields.”
Alongside Larsen, Marvin Ammori, legal counsel at Uniswap Labs—facing its own legal hurdles—also supported Democratic PACs. For Trump’s campaign, billionaire twins Tyler and Cameron Winklevoss have each contributed nearly $1.1 million, although some of those funds were refunded in September due to exceeding contribution limits.
A new donor is Chase Herro, co-founder of Trump’s latest crypto venture called World Liberty Financial. This platform aims to act as a decentralized bank, facilitating borrowing, lending, and investing in cryptocurrencies. Although it aimed for an initial fundraising target of $300 million, the project has managed to sell over $10.2 million worth of WLFI tokens despite experiencing technical difficulties like website crashes during the sale.
As of the latest updates, Bitcoin is trading at $67,989.