On October 15, 2024, a political action committee (PAC) supporting former President Donald Trump reported raising approximately $7.5 million in cryptocurrency donations. The Trump 47 PAC collected funds in Bitcoin (BTC), Ethereum (ETH), XRP, and stablecoins Tether (USDT) and USD Coin (USDC) from July through September.
Key contributors included 18 donors who collectively contributed over $5.5 million in BTC and seven who donated around $1.5 million in ETH. Notable donations came from David Bailey, CEO of BTC Media, who contributed $498,000 in BTC, and Ripple's Chief Legal Officer Stuart Alderoty, who donated $300,000 in XRP.
The PAC's fundraising success reflects a broader trend, with nearly half of all corporate donations for the upcoming election sourced from the cryptocurrency sector. This cycle, the crypto industry has raised approximately 13 times more than in the previous presidential election, indicating a strong bet on Trump's candidacy.
In contrast, Ripple co-founder Chris Larsen donated $1 million in XRP to a PAC supporting Vice President Kamala Harris, showcasing the divided support within the crypto community.
Chase Herro, co-founder of Trump's new crypto initiative, World Liberty Financial, also contributed, as the project aims to establish a decentralized banking platform, having raised over $10.2 million in its token sale.