Trump’s Reelection Campaign Receives $3 Million in Cryptocurrency Donations for Q2 2024

Donors to Donald Trump’s reelection campaign have contributed approximately $3 million in cryptocurrency since the candidate announced his acceptance of digital assets. This development reflects a significant shift in Trump’s stance on cryptocurrencies, moving from his 2021 description of Bitcoin as a “scam” to actively accepting and defending crypto donations in 2024.

According to the Federal Election Commission (FEC) filing for the second quarter of 2024, the Trump 47 Committee received substantial crypto donations from around 20 individuals, starting from May. Notably, the filing does not cover contributions from July or any crypto donations made to other committees affiliated with Trump.

• Winklevoss Twins: The most substantial contributions came from Gemini co-founders Cameron and Tyler Winklevoss, who collectively donated $2 million in Bitcoin (BTC) on June 20. However, due to FEC guidelines limiting individual contributions to $844,600, the Trump campaign was required to refund a portion of this donation.
• Jesse Powell: Kraken co-founder Jesse Powell pledged $1 million in Ether (ETH) on June 28. Powell’s actual contribution amounted to over $844,000, with the remainder of his pledge potentially deferred or adjusted according to FEC regulations.
• Ryan Selkis: Former Messari CEO Ryan Selkis contributed $50,000 in USD Coin (USDC). Selkis resigned from Messari on July 19 following controversial statements, including calls for civil war and inflammatory remarks about immigrants.
• Stuart Alderoy: Ripple’s chief legal officer, Stuart Alderoy, donated $300,000 in XRP (XRP). Despite his public criticism of the Securities and Exchange Commission (SEC) and its chair, Gary Gensler, Alderoy has not publicly endorsed Trump.

Smaller donations included $500 in Bitcoin from a homemaker in Alabama and various contributions under $1,000 from retirees and self-employed individuals. Michael Belshe, CEO of BitGo, also contributed $50,000 in Bitcoin.

Campaign Financials

For Q2 2024, the Trump 47 Committee reported raising over $118 million from both crypto and fiat sources, bringing the total amount raised in 2024 to over $142 million. These figures underscore the growing influence of cryptocurrency in political fundraising.

The recent development follows President Joe Biden’s announcement on July 21 that he would not seek reelection and would endorse Vice President Kamala Harris as the Democratic nominee. Harris reportedly raised over $100 million for her campaign in the 24 hours following Biden’s withdrawal. Trump, having survived an assassination attempt at a Pennsylvania rally on July 13, has since received his official nomination at the Republican National Convention and is scheduled to speak at the Bitcoin Conference in Nashville on July 27.

Trump’s Recent Activity

Post-Biden’s withdrawal, Trump has increased his social media presence, addressing various issues, including speculation about potential appointments to key positions such as Secretary of the Treasury. These discussions highlight Trump’s ongoing engagement with both traditional and digital financial sectors.

Beyond presidential campaigns, cryptocurrency contributions are also influencing congressional races. Fairshake, a political action committee (PAC) supported by donors including Coinbase and Ripple, has raised approximately $169 million since its inception. This Super PAC has engaged in media campaigns and launched attack ads against politicians with anti-crypto stances, demonstrating the growing financial and political influence of the cryptocurrency sector.

The substantial cryptocurrency donations to Trump’s reelection campaign reflect a broader trend of digital assets becoming a significant factor in political fundraising. As the 2024 election approaches, the role of cryptocurrencies in both campaign financing and political strategy is likely to become increasingly prominent.