Tech
Cryptocurrency Tycoons Unite in Support of Donald Trump’s New Super PAC
A newly formed political action committee (PAC) to support by Donald Trump The presidential bid has received significant support from prominent figures in the cryptocurrency industry.
America PAC, founded in June, has already raised $8.75 million in donations as of June 30, According to Federal Election Commission (FEC) recordsThe PAC intends to focus on voter registration and promoting early and mail-in voting in swing states.
Notable contributors include Gemini exchange founders Tyler and Cameron Winklevoss, who each donated $250,000 to America PAC. This follows their Recent Bitcoin Donation to Trump Campaigndemonstrating the strong support of the cryptocurrency community.
Elon Musk, CEO of Tesla — a well-known company for its Bitcoin (BTC) participations — is reportedly planning to contribute about $45 million a month to the PAC, according to sources quoted from the Wall Street JournalHowever, FEC filings as of June 30 do not yet reflect Musk’s donations. Musk has also denied the claim.
The PAC has also received substantial contributions from other influential figures in the cryptocurrency and technology sectors. Joe Lonsdale, co-founder of Palantir Technologies, donated $1 million.
Sequoia Capital Partners Douglas Leone and Shaun Maguire contributed $1 million and $500,000, respectively. Kenneth Howery, co-founder of Founders Fund, which focuses on emerging technologies including blockchain, made the most donations, totaling $1 million.
Trump Poses as Pro-Crypto Candidate
This wave of support from crypto-affiliated supporters is in line with Trump’s recent pro-crypto stance. The former president has actively courted cryptocurrency holders, accepting cryptocurrency donations for his campaign and expressing support for Bitcoin miners.
The GOP’s organization, the Republican National Committee, also has recently unveiled a new platform which strongly supports cryptocurrency innovation. The document outlines the party’s priorities ahead of the November elections, with presumptive presidential nominee Donald Trump and Republican congressional candidates at the forefront:
Republicans will end Democrats’ illegal and anti-American crackdown on cryptocurrencies and oppose the creation of a central bank digital currency. […] We will defend the right to mine Bitcoin and ensure every American has the right to self-custody of their digital assets and transact free from government surveillance and control.