A political action committee (PAC) supporting former President Donald Trump has amassed an impressive $7.5 million in cryptocurrency donations since early June. This significant fundraising achievement was disclosed in a recent filing with the Federal Election Commission. The Trump 47 joint fundraising committee has notably received contributions in a variety of digital currencies, including Bitcoin, Ether, XRP, Tether, and USD Coin.
Bitcoin and Crypto Donations Bolster Trump Campaign
Trump, who once expressed skepticism about Bitcoin and other cryptocurrencies during his presidency, has since repositioned himself as a pro-crypto candidate. In a groundbreaking move in May, he became the first major presidential contender to accept campaign donations in digital assets. During a keynote speech at a Bitcoin conference in Nashville in July, Trump announced, “The campaign has raised $25 million from the crypto industry.”
According to a report by the nonprofit watchdog group Public Citizen, nearly half of all corporate money flowing into the upcoming election has originated from the crypto sector. Major contributors to this influx include industry giants like Coinbase, Ripple, and venture capital firm Andreessen Horowitz. Collectively, these entities account for a substantial portion of business donations, with the industry raising approximately 13 times the amount it garnered during the last presidential election cycle.
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Significant Contributions from Key Donors
At least 18 donors contributed over $5.5 million in Bitcoin to the Trump 47 committee, while another seven individuals donated around $1.5 million in Ether, according to the filing. These contributors hail from more than 15 states, including key battlegrounds, as well as the U.S. territory of Puerto Rico. The donors come from diverse professional backgrounds, ranging from software engineers at defense contractor Lockheed Martin to sales engineers at Duthie Power Services and producers at Esperanza Entertainment.
Among the prominent contributors, David Bailey, CEO of media group BTC Inc., donated over $498,000 in Bitcoin. Bailey played a crucial role in “orange-pilling” Trump, leading to the former president’s participation in the Nashville conference. Mike Belshe, CEO of digital asset security firm BitGo, donated nearly $100,000 in Bitcoin. Brian Murray, a partner at Craft Ventures—founded by pro-Trump venture capitalist David Sacks—contributed $6,560 in Bitcoin.
Influential Figures in the Crypto and Political Landscape
Trevor Traina, founder of Kresus Labs, donated over $25,000 in Ether, while Bruce Fenton, CEO of Chainstone Labs, contributed $60,000 in Bitcoin. Gary Cardone of Cardone Digital Ventures made a substantial contribution of over $840,000 in Bitcoin. Stuart Alderoty, Chief Legal Officer at Ripple, contributed $300,000 in XRP and attended a Trump fundraising event hosted by David Sacks in San Francisco in June.
Alderoty’s contribution stands in contrast to that of Ripple’s co-founder Chris Larsen, who donated $1 million worth of XRP tokens to Future Forward, a super PAC associated with Democratic campaigns. Despite the Biden administration’s stringent stance toward the crypto industry, Larsen expressed confidence in Vice President Kamala Harris’s understanding of the innovation economy, citing her Bay Area roots as a key factor.
Crypto Industry’s Diverse Political Engagement
In addition to Larsen, Marvin Ammori, General Counsel at Uniswap Labs—which is currently facing legal challenges over alleged securities law violations—also contributed to political action committees aligned with Democratic interests. On the pro-Trump side, billionaire twins Tyler and Cameron Winklevoss have significantly supported the campaign, each contributing nearly $1.1 million. Some of these funds were refunded in September due to exceeding legal contribution limits.
Among the new donors is Chase Herro, co-founder of World Liberty Financial, Trump’s new crypto project. The platform aims to function as a decentralized bank, encouraging users to borrow, lend, and invest in cryptocurrencies. Despite launching its token sale with an initial fundraising goal of $300 million, the project has so far sold over $10.2 million worth of WLFI tokens. The launch faced technical issues, including website crashes during the sale.
