Trump reelection campaign raised $3M in crypto for Q2 2024

Donors to Donald Trump’s campaign to be reelected as US President have contributed roughly $3 million in cryptocurrency since the candidate announced he would accept digital assets.

According to a Federal Election Commission (FEC) filing for the second quarter of 2024, the Trump 47 Committee received millions in crypto donations from roughly 20 individuals starting in May. The Republican nominee has publicly shifted from calling Bitcoin (BTC) a “scam” in 2021 to having his campaign defend miners and accept crypto donations in 2024. The filing did not include contributions from July.

The most significant contributions to the Trump campaign in Q2 2024 came from Gemini co-founders Cameron and Tyler Winklevoss, who pledged a combined $2 million in Bitcoin (BTC) on June 20. Kraken co-founder Jesse Powell said he would donate $1 million in Ether (ETH) on June 28. FEC filings show Powell contributed more than $844,000 while the Trump campaign was obligated to partially refund the Winklevoss’ BTC donation — guidelines impose a maximum of $844,600 per individual.

Ryan Selkis, the former Messari CEO who stepped down on July 19 following a series of tweets calling for civil war and inflammatory statements on immigrants, donated $50,000 in USD Coin (USDC) to the Trump campaign. Ripple’s chief legal officer, Stuart Alderoy, contributed $300,000 in XRP.

Alderoy’s social media posts have not suggested support for Trump. However, he has been highly critical of the Securities and Exchange Commission and its chair, Gary Gensler, under US President Joe Biden.

Among the smaller contributions to the Trump 47 Committee included $500 in Bitcoin from a homemaker in Alabama and several donations under $1,000 from retirees and self-employed individuals. Michael Belshe, the CEO of the BitGo crypto exchange, also pledged $50,000 in BTC.

For the second quarter, the committee reported more than $118 million raised in crypto and fiat and more than $142 million total in 2024. There were reports Biden was considering accepting crypto donations for his reelection campaign, but the US President announced on July 21 that he would not be running and instead endorsed his Vice President, Kamala Harris. Reports suggest that Harris — now the presumptive Democratic nominee — raised more than $100 million for her campaign in the 24 hours following Biden’s announcement.

Since Trump survived an apparent assassination attempt at a Pennsylvania rally on July 13, he has received his official nomination at the Republican National Convention. He also plans to speak at the Bitcoin Conference in Nashville on July 27.

Following Biden dropping out of the race and Harris stepping up to be the presumptive Democratic nominee, Trump’s social media posts have been more frequent, including one attacking reports that he intended to appoint JPMorgan CEO Jamie Dimon or BlackRock CEO Larry Fink as secretary of the Treasury if reelected.

In addition to donations to official campaigns, money from the crypto industry may be moving the needle on tight congressional races. Fairshake, a political action committee funded by donors including Coinbase and Ripple, has raised roughly $169 million since its launch. The Super PAC and its affiliates have supported candidates through media buys and launched attack ads targeting politicians with anti-crypto views.