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Trump PAC has raised approximately $7.5 million in cryptocurrency donations | Real Time Headlines

(L-R) Eric Trump, former US President and Republican presidential candidate Donald Trump and Donald Trump Jr. attend the 23rd anniversary ceremony of the terrorist attack on the World Trade Center at Ground Zero in New York City on September 11, 2024 September 11th.

Adam Gray | AFP | Getty Images

Political action committee supporting former president Donald Trump Approximately $7.5 million in cryptocurrency has been raised.

Donors to Trump 47 Joint Fundraising Committee Bitcoin, ether and Rippleand stablecoins pegged to the U.S. dollar tether and U.S. Department of Agriculturethe Republican presidential candidate’s campaign, according to the Federal Election Commission Archive Submitted Tuesday.

The latest filing covers donations from July 1 to Sept. 30, but the figures include cumulative contributions, the PAC said.

With just three weeks left before the 2024 election, and with the race almost in a stalemate according to polling averages, Trump is counting on a flood of money from the cryptocurrency community. The former president is positioning himself as a pro-cryptocurrency candidate in this election, contrary to his previous stance during his time in the White House. In May, he became the first major presidential candidate Accept donations of digital tokens.

Nearly half of all corporate money flowing into elections came from the cryptocurrency industry, According to a recent report From the nonprofit watchdog group Public Citizen. The money was raised by a number of donors, including Coin libraryRipple and venture capital firm Andreessen Horowitz accounted for the majority of these business donations. The industry raised roughly 13 times as much money as it raised in the last presidential election year.

Documents show that at least 18 donors donated more than $5.5 million in Bitcoin to Trump47. Seven other people donated approximately $1.5 million in ether.

Cryptocurrency donors are enthusiastic about Kamala Harris

Contributors come from more than 15 states, including some battlegrounds, as well as the U.S. territory of Puerto Rico. Their careers include software engineer at Lockheed Martin, sales engineer at Duthie Power Services, and producer at Esperanza Entertainment.

David Bailey, CEO of media group BTC Inc., donated more than $498,000 in Bitcoin. Bailey was Bitcoin Army These fanatics taught Trump all about Bitcoin and helped transform him from skeptic to evangelist. The end result of this process is Trump makes headlines The largest Bitcoin conference of the year takes place in Nashville in July.

Trump said during his keynote speech that his campaign had raised $25 million from the crypto industry, but he did not specify the split between digital tokens and U.S. dollar donations.

New donors include Chase Herro, one of the co-founders of the Trump family’s new cryptocurrency initiative, World Liberty Financial. The platform, which is described as a decentralized bank that encourages customers to borrow and invest in cryptocurrencies, launched a token sale on Tuesday.

To date, more than $10.2 million worth of WLFI tokens have been sold, well below the initial amount Fundraising goal is $300 million. The launch was beset by technical issues, including repeated crashes of the website conducting sales.

Mike Belshe, CEO of digital asset security company BitGo, donated nearly $100,000 in Bitcoin.

Brian Murray, a partner at Craft Ventures, donated $6,560 in Bitcoin. Craft was founded by pro-Trump venture capitalist David Sacks.

Kresus Labs founder Trevor Traina donated more than $25,000 in ether, Chainstone Labs CEO Bruce Fenton donated $60,000 in bitcoin, and Gary Cardone of Cardone Digital Ventures donated more than $840,000 in bitcoin.

Ripple Legal Head Stewart Alderotti Contributed $300,000 in XRP, CNBC previously reported. Aldrotti participated in Trump fundraiser hosted by Sachs in San Francisco June.

Trump's tech: Silicon Valley investors turn against Biden

Alderoty is at odds with Ripple’s billionaire co-founder Chris Larsen, who gave Offering $1 million worth of XRP tokens to Future Forwarda super PAC that supports Vice President Kamala Harris Running for the White House. Future Forward began accepting cryptocurrency donations in September.

While Larson agrees with the cryptocurrency industry’s criticism of SEC Chairman Gary Gensler and the Biden administration’s aggressive approach to companies in the space, the Ripple chairman said he has more confidence in Harris, in part because She’s from the Bay Area.

“She knows people who have grown up in the innovation economy their whole lives,” Larson told CNBC this week. “So I think she fundamentally understands that, and I think the Biden people just haven’t noticed, Or maybe there just isn’t a connection between empowering workers and ensuring American champions dominate their industries.”

In addition to Larsen, Uniswap legal head Marvin Amory Donate to the Harris Action Fund. Like Ripple, Uniswap is rebutting claims that it violated U.S. securities laws.

Backing Trump are billionaire twins Tyler and Cameron Winklevoss, who have donated a combined nearly $1.1 million. Some of the funds were refunded in September because the amount exceeded the maximum allowed.

watch: Kamala Harris supports cryptocurrency regulatory framework

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