The Impact of Cryptocurrency Donations on Political Campaigns in the U.S.
Led by donations from Winklevoss and Powell, the Trump campaign raised $3 million in cryptocurrency in the second quarter of 2024. The Trump 47 Committee reported that more than $118 million was raised through cryptocurrencies and fiat currencies in the same period. Meanwhile, Kamala Harris raised $100 million in 24 hours after Biden announced he would not seek re-election.
Major Cryptocurrency Donors to the Trump Campaign
At the top of the list of donors are Cameron Winklevoss and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini. They pledged to donate $2 million in Bitcoin. Kraken co-founder Jesse Powell followed suit, pledging to donate $1 million in Ethereum.
Federal Election Commission guidelines mandate that donations above the individual contribution limit must be partially refunded. Ryan Selkis, former Messari CEO, donated $50,000, while Ripple Chief Legal Officer Stuart Alderoy donated $300,000 in XRP.
Overall Fundraising and Political Landscape
The Trump 47 Committee reported total fundraising of $118 million in the second quarter of 2024. This influx of money comes as Trump seeks to solidify his standing within the Republican Party and his ties to the cryptocurrency community.
As President Biden announced he would not seek re-election and endorsed Kamala Harris, the political landscape shifted. Harris’ campaign received $100 million in donations within 24 hours of Biden’s announcement.
The role of digital assets in U.S. politics continues to evolve, with cryptocurrency donations playing a significant role in fundraising efforts for political campaigns.
