Donald Trump’s presidential campaign has successfully tapped into the cryptocurrency market, receiving over $4 million in digital donations.
According to Federal Election Commission (FEC) filings, these contributions have come in various forms, including Bitcoin (BTC), Ether (ETH), Ripple’s XRP token, and the US dollar-pegged stablecoin USDC.
This influx of crypto donations marks a significant shift in political fundraising strategies and highlights Trump’s evolving stance on digital currencies.
From April 1 to June 30, the “Trump 47” joint fundraising committee raised more than $118 million, with substantial portions allocated to the Trump campaign, the Republican National Committee, and other associated entities.
Notably, at least 19 donors contributed more than $2.15 million in Bitcoin, showcasing the diverse professional backgrounds of contributors, including homemakers, military officers, sales representatives, and security technicians.
High-profile contributors
Among the prominent donors are crypto billionaire twins Tyler and Cameron Winklevoss, each contributing 15.57 Bitcoin, roughly $1 million at the time of donation.
Due to contribution limits, some of this amount was refunded.
Mike Belshe, CEO of digital asset security firm BitGo, also donated $50,000 in Bitcoin, further highlighting the campaign’s appeal to influential figures in the crypto space.
Brian Hughes, a Trump campaign aide, highlighted that most of the $4 million in crypto contributions were received in Bitcoin.
Jesse Powell, Kraken founder and former CEO, donated nearly $845,000 in Ether.
Ripple’s chief legal officer Stuart Alderoty contributed $300,000 in XRP.
Notably, Ryan Selkis, former CEO of Messari, donated $50,000 in USDC after stepping down from his position following controversial social media posts.
While the Trump campaign has converted most crypto donations to USDC for liquidation, it has occasionally opted to retain the digital assets.
Trump has pledged to protect the rights of those who choose to self-custody their coins, advocating for the use of crypto wallets that are beyond the reach of centralized entities like Coinbase and, by extension, the IRS.
Trump’s shift to a pro-crypto stance
Trump’s current pro-crypto stance marks a significant reversal from his previous views during his presidency when he was critical of digital currencies. This change has garnered support from notable tech and crypto investors such as Marc Andreessen and Ben Horowitz.
In April, Trump launched a non-fungible token (NFT) collection on the Solana blockchain, further solidifying his position in the crypto space.
On Saturday, Trump will address attendees at The Bitcoin Conference in Nashville, held at the Music City Center.
The event includes a high-ticket fundraiser, with prices reaching up to $844,600 per person for top-tier access, including a roundtable discussion with Trump.
Mid-tier tickets, which include a photo opportunity with the former president, are priced at $60,000 per person or $100,000 per couple.
At the Libertarian National Convention in May, Trump vowed to prevent Senator Elizabeth Warren and her allies from targeting Bitcoin holders.
Following a meeting with Bitcoin mining executives at his Mar-a-Lago club in Florida, Trump declared that all future Bitcoin mining would occur in the US if he returns to the White House.
Trump’s choice of Ohio Senator JD Vance as his running mate is seen as a strategic move to bolster support from the crypto sector. Vance has been a vocal advocate for looser regulation of cryptocurrencies and disclosed his personal holdings in Bitcoin in 2022.
The Biden administration has increased regulatory scrutiny on the crypto sector, with the SEC intensifying its actions in recent years.
In contrast, Trump positions himself as a defender of crypto innovation and decentralization. This difference in approach has resonated with many in the tech and crypto communities, leading to substantial financial support for Trump’s campaign.
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