A political action committee backing Donald Trump’s presidential campaign has raised approximately $7.5 million in crypto donations, according to a Federal Election Commission (FEC) filing.
The contribution occurred briefly from July to September 2024, covering major crypto such as Bitcoin (BTC), Ethereum (ETH), XRP, and the United States dollar-pegged stablecoins Tether and USDC.
With the 2024 election only three weeks away and the race nearly tied based on polling averages, Trump relies on significant financial support from the crypto community. The influx of donations has elevated the former president as a key cryptocurrency supporter in the upcoming election, a shift from his earlier position while in office.
In May, Trump made history as the first major presidential candidate to receive donations in crypto assets.
50% of Corporate Funds Come From the Crypto Community
According to a recent Public Citizen report, almost 50% of all corporate funds flowing into the election have originated from the crypto sector.
Among the contributors, notable companies like Coinbase, Ripple, and the venture capital firm Andreessen Horowitz were recognized for their donations, highlighting the significant backing from the crypto sector for the Republican candidate.
David Bailey, CEO of media group BTC Inc., donated more than $498,000 in bitcoin.
The report noted that at least 18 donors contributed over $5.5 million in BTC, and another 7 donated about $1.5 million in ETH.
Harris Accepts Crypto Donations
Similarly, Kamala Harris, Trump’s rival, has welcomed crypto donations as well. Ripple Chairman Chris Larsen made a major contribution, donating $1 million worth of XRP to Harris’ campaign.
The vice president also unveiled a new crypto plan and major financial opportunities for black men.
Harris noted that 20% of black Americans have owned crypto assets, and she promised regulatory protections to help safeguard their participation in the evolving financial landscape.
Trump Launched WLFI Token
The recent development came after the Republican candidate launched World Liberty Financial’s WLFI token public sale. The initiative sold over 220 million WLFI tokens in the first twenty minutes.
Meanwhile, with 20 days left before the upcoming election, Trump is leading Harris by 14 percentage points, according to American financial exchange and prediction market Kalshi Inc.
