The political action committee backing Donald Trump’s presidential campaign, known as Trump 47 PAC, has raised $7.5 million in cryptocurrency since June 2024.
According to Business Insider, contributors donated using various digital currencies, including Bitcoin, Ethereum, XRP, and stablecoins such as USDC and Tether.
The Trump 47 Committee PAC, in collaboration with the Republican National Committee, has reportedly transferred millions to the RNC and other Trump-aligned PACs to bolster campaign initiatives and cover legal expenses.
In May 2024, Trump stated he was open to accepting cryptocurrency donations during a dinner at Mar-a-Lago with buyers of his “Mugshot Edition” NFTs.
Notably, Trump has publicly expressed support for cryptocurrency, signalling that he would back the industry if re-elected. He has criticized the current administration’s stance on crypto, asserting that “crypto is moving out of the U.S. due to hostility towards it” and emphasized the importance of allowing the industry to thrive domestically. At a rally earlier in the year, Trump suggested that failing to prioritize crypto could allow other countries, particularly China, to gain an advantage.
A lot of support for Trump has come from crypto industry leaders. Jesse Powell, co-founder and chairman of Kraken, donated $1 million in Ethereum in June 2024, expressing frustration with federal officials like SEC Chair Gary Gensler and Senator Elizabeth Warren for their perceived hostility towards the crypto sector. Powell, along with other industry leaders, has criticized the Biden administration’s regulations on the industry.
Additionally, David Bailey, CEO of Bitcoin Magazine, successfully persuaded Trump to attend the Bitcoin Conference in Nashville, Tennessee, where he promised a $15 million fundraiser. The conference, held in late July 2024, featured Trump alongside prominent figures like Robert F. Kennedy Jr. and Senators Bill Hagerty and Marsha Blackburn.
Trump’s pro-crypto stance has also garnered support from tech leaders like David Marcus, former PayPal president and Lightspark CEO, who recently endorsed Trump for re-election. Marcus shared that his perspective shifted in 2019, as he felt the Republican Party showed more concern for the people while Democrats focused on expanding government control.
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