Photo credit: www.cnbc.com
Former President Donald J. Trump is set to make a significant appearance in Nashville, Tennessee, this weekend, where he will deliver a keynote address at a major bitcoin conference. This event is anticipated to attract a supportive audience, underscoring Trump’s evolving relationship with the cryptocurrency community.
As the Republican nominee for president, Trump has reportedly raised over $4 million through various cryptocurrencies, according to a campaign aide who spoke with CNBC. The donations include contributions in digital assets such as bitcoin, ether, Ripple’s XRP, and the stablecoin USDC, alongside a range of memecoins. A Federal Election Commission report detailing the fundraising activities of the “Trump 47” joint committee from April through June indicates that the committee brought in over $118 million in total, allocating funds to the Trump campaign and the Republican National Committee among others.
The report reveals that at least 19 donors contributed more than $2.15 million in bitcoin, with supporters coming from 12 different states, including several key battleground areas. These contributors represent a diverse range of professions, from military officers to security technicians.
Leading the cryptocurrency fundraising efforts are twins Tyler and Cameron Winklevoss, who each donated 15.57 bitcoin, translating to over $1 million at the time of their contribution. Due to their donations exceeding the federal cap of $844,600, part of the funds were refunded. Additionally, Mike Belshe, CEO of BitGo, contributed $50,000 in bitcoin.
Trump has notably shifted his stance on cryptocurrency since his presidency, now positioning himself as a pro-crypto candidate. Earlier this year, he launched a collection of non-fungible tokens on the Solana blockchain and has made increasingly favorable comments regarding the crypto industry. This has helped him gain traction among several influential tech and venture capital figures, including Marc Andreessen and Ben Horowitz.
At the upcoming Bitcoin Conference held at the Music City Center, Trump will also host a campaign fundraiser. Tickets for this high-profile event are priced as high as $844,600 per attendee, with top-tier tickets offering exclusive benefits such as a roundtable discussion with the former president. For those seeking a more affordable option, a photo opportunity with Trump comes at $60,000 per person or $100,000 per couple.
In discussing the fundraising success, Trump campaign aide Brian Hughes emphasized that the majority of the crypto contributions were in bitcoin. He criticized the current administration, stating, “Crypto innovators and others in the technology sector are under attack from Kamala Harris and the Democrats.” Hughes claimed that the Biden-Harris Administration’s regulatory approach contrasts sharply with Trump’s intention to foster innovation within emerging technologies.
Trump’s campaign has become the first major political campaign to accept donations in cryptocurrencies, expanding the types of digital tokens accepted beyond just bitcoin to include dogecoin, Shiba Inu, XRP, and ether. High-profile donations have continued, with Kraken founder Jesse Powell contributing nearly $845,000 in ether, and Stuart Alderoty, Ripple’s chief legal officer, donating $300,000 in XRP.
The campaign appears to quickly convert these cryptocurrency donations into USDC for liquidity, though in some circumstances, they retain the USDC. Trump has pledged to uphold the rights of individuals who prefer to manage their cryptocurrencies independently without relying on centralized services, asserting support for crypto holders amidst rising scrutiny from critics, especially Senator Elizabeth Warren, who has been vocal against digital currencies.
In addition to addressing supporters at the conference, Trump has publicly declared that he would support the U.S. minting all future bitcoin, should he return to the presidency. His selection of Ohio Senator JD Vance as his running mate is viewed as favorable for the crypto industry, as Vance has previously advocated for reduced regulation and indicated his own investment in bitcoin.
As the regulatory landscape continues to tighten under the current administration, with the SEC ramping up enforcement actions, Trump’s commitment to the crypto sector is gaining attention and support from various industry stakeholders.
Don’t miss these insights from CNBC PRO
Source
www.cnbc.com