As a seasoned analyst with a keen eye for trends and a heart full of curiosity, I find myself intrigued by this latest development in the intertwining worlds of politics and cryptocurrency. The $7.5 million raised by “Trump 47” PAC through Bitcoin, Ether, XRP, stablecoins, and other digital assets is a clear testament to the growing influence of the crypto industry in American politics.
A group committed to advocating for Donald Trump’s presidency, known as a Political Action Committee (PAC), has garnered approximately $7.5 million by accepting digital currencies, with the intention of using these funds to bolster his campaign in the upcoming U.S. election.
During the period of July through September, the “Trump 47” Political Action Committee garnered millions from investments in Bitcoin (BTC), Ether (ETH), XRP (XRP), as well as stable digital currencies like Tether (USDT) and USD Coin (USDC), as stated in a filing submitted to the Federal Election Commission on October 15.
Over the last three months, significant contributors have been heads and key figures from the cryptocurrency sector, collectively donating approximately 5.5 million dollars worth of Bitcoin, with 18 individuals making these contributions. Additionally, seven donors have given around 1.5 million dollars in Ethereum.
Significant donations were made by various individuals: David Bailey, CEO of BTC Media Group, offered $498,000; Stuart Alderoty, legal chief at Ripple, contributed $300,000 in XRP; and the Winklevoss twins (co-founders of crypto exchange Gemini) each donated $1.1 million.
Among the contributors to the recently launched cryptocurrency initiative by the Trump family, World Liberty Financial, is Chase Herro, one of its co-founders. Also contributing was Mike Belshe, CEO of crypto custodian BitGo, who donated nearly $100,000 worth of Bitcoin.
Additional contributors to the fund are Gary Cardone from Cardone Digital Ventures, who donated approximately $840,000 in Bitcoin, as well as Bruce Fenton, CEO of Chainstone Labs, and Trevor Traina, founder of Kresus Labs.
Apart from Trump 47, another Political Action Committee (PAC) is drawing interest from the cryptocurrency sector. According to a report by Bloomberg on October 16th, the co-founders of crypto venture firm a16z, Marc Andreessen and Ben Horowitz, each contributed $2.5 million to the pro-Trump super PAC named “Right For America.
Right For America has raised $38.6 million so far this election cycle, according to Open Secrets.
As a researcher delving into the world of cryptocurrencies, I’ve noticed a significant development: Key figures in the crypto sphere, such as Ripple co-founder Chris Larsen, have shown their backing for Trump’s opponent, Kamala Harris. This support is demonstrated through a substantial donation of $1 million in XRP to the pro-Harris Political Action Committee (PAC) named “Future Forward.
In 2020, Ripple found itself facing a lawsuit from the Securities and Exchange Commission. This legal dispute has persisted over the past four years.
Approximately half of the financial contributions made by corporations towards election campaigns are originating from the cryptocurrency sector, as indicated in a report published by the non-governmental organization Public Citizen in August.
The report indicates that the cryptocurrency sector’s financial contributions for this election have been roughly thirteen times higher than they were during the previous presidential election.
Among the most significant political action committees (PACs), known as Fairshake in the cryptocurrency realm, has amassed over $200 million during this current electoral season, as reported by Open Secrets.
According to a report from last month, Fairshake has nearly $7 million in expenses on advertising and content creation to back their preferred candidates. Additionally, they’ve invested over $2 million specifically targeting Democratic incumbents negatively.
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2024-10-17 07:02