Trump Campaign Surges with $3 Million in Crypto Donations in Q2 2024

Trump Campaign Soars with $3 Million in Crypto Donations in Q2 2024

Donald Trump’s reelection campaign has received nearly $3 million in digital asset donations since the former president announced he would accept such donations. The Trump 47 Committee received these crypto donations from about 20 people starting in May, according to a filing with the Federal Election Commission (FEC) for the second quarter of 2024. The FEC filing did not include donations from July or crypto donations to other committees.

Top donors included Gemini co-founders Cameron and Tyler Winklevoss, who donated a total of $2 million in Bitcoin on June 20. Kraken co-founder Jesse Powell donated $1 million in Ether on June 28. While Powell’s contribution exceeded $844,000, the Trump campaign was forced to return a portion of the Winklevoss twins’ Bitcoin donation due to contribution limits that cap individual donations at $844,600, FEC records show.

Ryan Selkis, the former CEO of Messari who resigned on July 19 after making controversial statements on social media, donated $50,000 in USDC. Ripple’s chief legal officer Stuart Alderoty donated $300,000 in XRP. Despite Alderoty’s significant contribution, his social media activity has not shown support for Trump, despite his vocal criticism of the Securities and Exchange Commission and its chairman Gary Gensler under the Biden administration.

The Trump 47 Committee reported raising over $118 million in both crypto and fiat money in the second quarter, contributing over $142 million in total for 2024. While there have been rumors that President Joe Biden may accept crypto donations for his reelection campaign, he announced on July 21 that he will not be running for another term and is instead supporting Vice President Kamala Harris. Following Biden’s announcement, Harris, who is now the presumptive Democratic nominee, reportedly raised over $100 million in just 24 hours.

Since surviving an assassination attempt at a Pennsylvania rally on July 13, Trump has secured his official nomination at the Republican National Convention and is also scheduled to speak at the Bitcoin Conference in Nashville on July 27.