Trump Campaign Haul Includes More Than $4M in Crypto

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Donald Trump’s presidential campaign has raised more than $4 million in cryptocurrencies, including Bitcoin, according to a Federal Election Commission filing, reports CNBC.

The report comes as Trump, who once blasted cryptocurrency as a “scam,” is scheduled to speak at one of the industry’s biggest conferences Saturday.

Digital asset proponents say that cryptocurrency users are becoming a growing political force this election cycle, although it is unclear just how many users would prioritize crypto over other issues at the ballot box.

“Crypto innovators and others in the technology sector are under attack from Kamala Harris and the Democrats,” Brian Hughes, a Trump campaign aide, told CNBC.

“While the Biden-Harris Administration stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies.”

The Republican Party is courting their votes by promising lighter regulation, potentially tying a currency built to circumvent government to a major U.S. political party.

“For most of its history, crypto was really a nonpartisan issue,” said David Yermack, a professor at New York University’s Stern School of Business, because Republicans and Democrats alike did not understand it or care to learn more.

“I do think the Republicans in the last year or two have begun to move a little more quickly in the area.”

The FEC filing shows at least 19 donors contributed more than $2.15 million bitcoin to the “Trump 47” joint fundraising committee from April 1 to June 30.

Tyler and Cameron Winklevoss, billionaire twins and co-founders of the crypto exchange Gemini, each contributed 15.57 bitcoin, or just over $1 million at the time of their donation. The money was partially refunded because their contributions surpassed the $844,600 limit. Mike Belshe, CEO of digital asset security company BitGo, contributed $50,000 in bitcoin.

Information from Reuters was used in this report.

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