Trump-Backed PAC Raises $7.5 Million in Cryptocurrency Donations
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
A political action committee (PAC) supporting former President Donald Trump has secured approximately $7.5 million in cryptocurrency donations.
The Trump 47 joint fundraising committee reported contributions in Bitcoin, Ether, and XRP, along with stablecoins like Tether and USDC, according to a recent filing with the Federal Election Commission (FEC).
The FEC filing, submitted on Tuesday, details donations received between July 1 and September 30, but the figures also include cumulative contributions.
With the 2024 presidential election only a few weeks away and polls showing a close race, Trump is relying heavily on support from the cryptocurrency community.
He has positioned himself as the pro-crypto candidate in this election, a marked shift from his previous stance during his tenure as president.
In May, Trump became the first major presidential candidate to accept digital token donations, signaling his new stance.
According to a report from nonprofit watchdog group Public Citizen, nearly half of the corporate money flowing into the current election cycle originates from the crypto sector.
Major industry players such as Coinbase, Ripple, and venture capital firm Andreessen Horowitz have been significant contributors.
The total amount raised by the industry this election season is approximately 13 times what was raised during the previous presidential cycle.
The Trump 47 filing reveals that at least 18 donors contributed more than $5.5 million in Bitcoin, while another seven individuals donated around $1.5 million in Ether.
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