Trump PAC Secures $7.5M in Crypto Donations as Presidential Election Nears

A political action committee supporting former President Donald Trump has amassed approximately $7.5 million in crypto donations as the 2024 election approaches.

According to a Federal Election Commission filing submitted on Tuesday, contributions to the Trump 47 joint fundraising committee came in the form of Bitcoin, Ethereum, Ripple, and stablecoins like Tether and USDC. The filing covered donations from July 1 through September 30 and highlighted the growing support for Trump from the cryptocurrency community.

Trump Gains Massive Support

With just three weeks left until the election, Trump, now positioning himself as the pro-crypto candidate, is counting on significant backing from digital asset enthusiasts.

This marks a notable shift in his stance from his previous time in office, when he was more skeptical about cryptocurrencies. In May, Trump became the first major presidential candidate to accept crypto donations, solidifying his ties with the crypto sector.

Crypto Industry’s Influence in U.S. Politics

The cryptocurrency industry has been a major contributor to the 2024 election cycle, with nearly half of all corporate money flowing into the race coming from the sector. A report from Public Citizen, a nonprofit watchdog group, revealed that major crypto players like Coinbase, Ripple, and venture capital firm Andreessen Horowitz have led the charge in corporate donations.

The industry has raised about 13 times the amount it contributed during the previous presidential election year.

At least 18 donors gave more than $5.5 million in Bitcoin to Trump 47, while seven others contributed roughly $1.5 million in Ethereum. David Bailey, CEO of media group BTC Inc., was one of the largest individual donors, contributing over $498,000 in Bitcoin. Bailey was instrumental in converting Trump from a Bitcoin skeptic to an advocate, culminating in Trump headlining a major Bitcoin conference in Nashville in July.

World Liberty Financial

One of the more notable contributors is Chase Herro, co-founder of the Trump family’s new crypto venture, World Liberty Financial. The platform, described as a decentralized bank that encourages crypto borrowing and lending, launched its token sale on Tuesday. So far, it has raised over $10.2 million in WLFI tokens, though it remains well short of its $300 million target.

In addition, contributions poured in from figures like Ripple’s legal chief Stuart Alderoty, who donated $300,000 in XRP, and Bruce Fenton, CEO of Chainstone Labs, who gave $60,000 in Bitcoin. With support from the cryptocurrency community growing stronger, Trump is counting on the industry’s backing as he vies for a return to the White House.