Several prominent figures with ties to the crypto industry, including Elon Musk have emerged as backers of a new pro-Trump super political-action committee, dubbed America PAC.
This comes as the crypto community kicked off a fresh wave of political support for Trump following an assassination attempt on Saturday.
Established in June, America PAC is dedicated to voter registration and encouraging early voting and mail-in ballot requests in key swing states.
As of June 30, Federal Election Commission records show that the PAC has garnered $8.75 million in donations across 18 entities, not all of which are linked to the crypto industry.
Who are the Crypto Industry Donors?
Most significantly, Elon Musk has shown outbound support, planning to commit around $45 million a month to the PAC, according to a Wall Street Journal report, citing sources familiar with the matter.
I fully endorse President Trump and hope for his rapid recovery pic.twitter.com/ZdxkF63EqF
— Elon Musk (@elonmusk) July 13, 2024
As per FEC records, the Founders of the crypto exchange Gemini, Tyler, and Cameron Winklevoss have donated $250,000 to the PAC each. This follows a previous donation of $2 million they made to Trump’s campaign last month.
Joe Lonsdale, co-founder of Palantir Technologies, was also named in the report, having contributed $1 million. Lionsdale has previously advocated for Crypto and its applications to Artificial intelligence.
Meanwhile, Kenneth Howery, co-founder of the venture capital firm Founders Fund, which focuses on emerging technologies, including blockchain, contributed $1 million to the PAC through multiple donations.
Crypto industry donors have contributed a record $91 million to federal political committees since 2023, exceeding the $83 million donated during the last 2020 election cycle.
This is bolstered by the Super PAC Fairshake, which has contributed over $85 million to support political candidates who endorse crypto and blockchain technology in the upcoming election.
Trump Changes His Stance on Crypto
This overwhelming support comes as Donald Trump continues to demonstrate his advocacy for cryptocurrency. Despite previously criticizing Bitcoin as a “scam,” he has recently changed his tune.
On June 14, he declared that he would end the Biden administration’s “war on crypto” if elected president.
Even following the assassination attempt on June 13th during a rally, Trump remains committed to speaking at the Bitcoin Conference in Nashville. He was cited to be “in good spirits and is excited to see you all in Nashville and deliver a speech that is heard around the world.”
Trump has openly criticized Biden for his harsh stance on cryptocurrencies, emphasizing that the United States should strive to be a leader in the crypto industry.
As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision.
Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.
The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden.
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