Cryptocurrency leaders have donated $7.5 million worth of cryptocurrencies to a political action committee (PAC) supporting Republican presidential candidate Donald Trump.
According to a recent CNBC report, PAC Trump 47 disclosed this development in a filing on the Federal Election Commission (FEC) website. The application targeted donations in the third quarter of this year, specifically from July 1 to September 30, 2024.
In particular, donors are making donations in a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and stablecoins such as USD Coin (USDC) and Tether (USDT). These donations came from executives at top crypto companies such as Ripple, Coinbase, and Andreessen Horowitz.
Donation details
In particular, 18 crypto enthusiasts donated around $5.5 million worth of BTC. One of the Bitcoin donors is David Bailey of BTC, who donated about $500,000 to Trump47. Bailey is one of the crypto leaders who turned Trump from a skeptic to a Bitcoin evangelist.
Other significant Bitcoin donors and contributors include US investor Gary Cardone ($840,000), BitGo CEO Mike Belshe ($100,000), and Chainstone Labs' Bruce Fenton. ($60,000).
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Additionally, seven cryptocurrency leaders donated $1.5 million in ETH to the Trump 47 Committee. Of this figure, Trevor Traina of Kresus Labs donated $25,000 worth of ETH.
In terms of XRP donations, Ripple CLO Stuart Alderroti was one of the top donors. As previously reported, Ripple CLO donated 624,000 XRP (worth $300,000) in July. Alderotti donated $300,000 worth of XRP and attended a Trump fundraiser in San Francisco in June.
Mr. Alderoti's choice of candidate differs from that of the Ripple co-founder, who is a major supporter of Kamala Harris. Last week, the Ripple co-founder donated $1 million to a super PAC supporting Harris' presidential ambitions.
Cryptocurrency fans further support President Trump
The crypto industry supports Trump more than Harris. Industry leaders believe President Trump will save the industry from the SEC's aggressive approach seen under the current administration. As a result, they have supported the Trump campaign with large donations.
In a keynote address at a Bitcoin conference in July, Trump revealed that his campaign had received $25 million from the cryptocurrency industry. However, he did not disclose how much of this amount would be dollar donations.
High-profile figures like Tyler and Cameron Winklevoss have played key roles in increasing President Trump's cryptocurrency donations. Gemini's founders each donated $1.1 million worth of Bitcoin to support Trump's presidential bid. Additionally, Kraken founder and chairman Jesse Powell donated $1 million in ETH to the Trump campaign earlier this year.
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