A political action committee aligned with Trump has raised $7.5 million in cryptocurrency.
A political action committee (PAC) backing Donald Trump has raised $7.5 million in cryptocurrency to support his bid for the U.S. presidency.
The “Trump 47” PAC collected millions in Bitcoin (BTC), Ether (ETH), XRP, and stablecoins Tether (USDT) and USD Coin (USDC) between July and September, as reported in an Oct. 15 filing with the Federal Election Commission.
Key contributions came from prominent crypto industry figures, with 18 donors contributing over $5.5 million in BTC, and seven donors adding around $1.5 million in ETH. Noteworthy donors include BTC Media Group CEO David Bailey, who gave $498,000, and Ripple’s chief legal officer Stuart Alderoty, who donated $300,000 in XRP. Gemini co-founders Tyler and Cameron Winklevoss each contributed $1.1 million.
Other significant donors include Chase Herro, co-founder of the Trump family’s new crypto venture, World Liberty Financial, and BitGo CEO Mike Belshe, who donated nearly $100,000 in BTC. Additional contributors were Gary Cardone of Cardone Digital Ventures, who donated $840,000 in Bitcoin, Chainstone Labs CEO Bruce Fenton, and Kresus Labs founder Trevor Traina.
The "Trump 47" PAC is not the only one gaining attention from the crypto sector. On Oct. 16, Bloomberg reported that Marc Andreessen and Ben Horowitz, founders of crypto venture firm a16z, each donated $2.5 million to the pro-Trump super PAC "Right For America," which has raised $38.6 million this election cycle, according to Open Secrets.
Meanwhile, some crypto leaders are backing Trump’s opponent, Kamala Harris. Ripple co-founder Chris Larsen donated $1 million in XRP to the pro-Harris PAC “Future Forward.” Ripple, embroiled in a legal battle with the Securities and Exchange Commission since 2020, has seen support from several crypto executives.
Public Citizen, a nonprofit watchdog group, reported in August that nearly half of all corporate donations to election campaigns are coming from the crypto industry, contributing about 13 times more this cycle compared to the last presidential election. One of the largest super PACs in the crypto sector, Fairshake, has raised over $200 million this cycle, according to Open Secrets. Fairshake has spent nearly $7 million on media buys and production to support candidates and over $2 million opposing Democratic incumbents, according to a September filing.
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