With the US elections on the horizon, former president Donald Trump has embraced the current crypto trend by accepting cryptocurrency contributions for his current campaign.
So far Donald Trump has raised more than $4 million in crypto donations. Most of the contributors gave Bitcoin, Ethereum, XRP and the United States dollar-pegged stablecoin USDC. Precisely, over $2.15 million in Bitcoin came from 19 donors across 12 states. The Federal Election Commission filing showed that the donations also contained a mix of meme coins.
Crypto Heavyweights Rally Behind Trump
Adding to the list, Ripple’s CLO, Stuart Alderoty, is the next big name in Trump’s 2024 presidential campaign, donating 624,000 XRP, worth approximately $300,000. This significant donation was revealed by FOX Business journalist Eleanor Terrett, who cited data from the blockchain analytics platform Bread Crumb. The donation was initially made on June 11, 2024, but it only came to public attention following Terrett’s report.
Converting XRP to USDC: A Strategic Move
Moreover, the transaction details show that Alderoty’s donation was converted to USDC, a widely used stablecoin, at an average rate of $0.48 per XRP. Trump’s campaign converts all crypto donations to USDC to avoid price swings, as noted by former FOX analyst James Delmore.
Alderoty supports Trump, believing he will provide regulatory clarity for cryptocurrencies, unlike President Biden. Trump has shown strong support for crypto and will speak at the Bitcoin Conference.
Trump’s Crypto Politics, Taking Shape!
The Ripple CLO is not alone in his support for Trump. The former president’s campaign, which began accepting crypto donations on May 21, 2024, has received over $4 million in cryptocurrencies, including BTC, ETH, and XRP, all of which have been converted to USDC. Prominent figures in the crypto space, such as Gemini founders Tyler and Cameron Winklevoss, have also contributed significantly, each donating $1 million in BTC. However, since this exceeded the legal maximum donation limit, part of their contributions were returned.
Other notable donations include $1 million in ETH from Jesse Powell, the CEO of Kraken, and $50,000 in BTC from Mike Belshe, the CEO of BitGo. Messari co-founder Ryan Selkis also contributed $50,000 to USDC. These substantial donations from key players in the crypto industry highlight the growing support for Trump’s presidential ambitions and his pro-crypto policies.
Will Trump’s Crypto Donation Campaign help him win the American voters? Only Time will tell. Stay tuned with us to know more.
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