Donald Trump raises $3 million in crypto in Q2 for his reelection campaign
Trump campaign raised $3M in crypto in Q2 2024, led by Winklevoss and Powell donations.
Trump 47 Committee reported over $118M raised in crypto and fiat for Q2 2024.
Kamala Harris raised $100M in 24 hours after Biden announced he won’t seek reelection.
Former President Donald Trump reelection campaign has garnered $3 million in digital asset donations for the second quarter of 2024 according to the published campaign financial data.
This development marks a notable change from Trump’s previous characterization of Bitcoin as a “scam” in 2021.
The fundraising boost comes as Donald Trump positions himself for another run at the White House, with the Trump 47 Committee reporting substantial contributions from high-profile figures in the cryptocurrency industry.
Winklevoss twins, Kraken co-founder, and former Messari CEO among donors
Leading the list of donors are Cameron and Tyler Winklevoss, co-founders of the cryptocurrency exchange Gemini. The twins collectively pledged $2 million in Bitcoin on June 20.
Kraken co-founder Jesse Powell followed suit with a commitment of $1 million in Ether (ETH) on June 28.
However, Federal Election Commission (FEC) guidelines necessitated partial refunds for donations exceeding the maximum individual contribution limit of $844,600. Consequently, the Winklevoss twins’ donation was partially refunded, and Powell’s contribution exceeded $844,000.
Among other notable contributors, Ryan Selkis, the former CEO of Messari, donated $50,000 in USD Coin. Selkis stepped down from his role on July 19 after a series of controversial tweets.
Stuart Alderoy, Ripple’s chief legal officer, also contributed $300,000 in XRP. While Alderoy has not publicly endorsed Trump, he has been a vocal critic of the Securities and Exchange Commission (SEC) under President Biden’s administration.
In addition to these significant contributions, smaller donations also played a role. These included $500 in Bitcoin from a homemaker in Alabama and various smaller amounts from retirees and self-employed individuals. Michael Belshe, CEO of BitGo, added $50,000 in BTC to the campaign’s coffers.
Donald Trump campaign committee raised $118M in Q2 2024
The Trump 47 Committee reported a total of $118 million raised in both cryptocurrency and fiat for Q2 2024, bringing the campaign’s total fundraising to over $142 million for the year.
The influx of funds comes at a crucial time as Donald Trump seeks to solidify his position within the Republican Party. His campaign has announced his participation in the upcoming Bitcoin Conference in Nashville on July 27, signaling his growing engagement with the crypto community.
Meanwhile, the political landscape saw a major shift as President Joe Biden announced he would not seek reelection, endorsing Vice President Kamala Harris as the presumptive Democratic nominee. Harris’s campaign received a staggering $100 million in donations within 24 hours of Biden’s announcement.
As the 2024 election cycle intensifies, the influence of cryptocurrency donations is becoming increasingly apparent. Notably, the political action committee (PAC) Fairshake, funded by industry giants like Coinbase and Ripple, has raised approximately $169 million since its inception, supporting candidates and targeting anti-crypto politicians.
With Trump’s campaign gaining momentum and Harris emerging as a formidable contender, the role of digital assets in American politics continues to evolve, reflecting broader trends in financial and technological integration.
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