Several prominent figures with ties to the crypto industry, including Elon Musk, have emerged as supporters of a new pro-Trump political super-action committee, dubbed America PAC. This comes as the crypto community has launched a new wave of political support for Trump following Saturday’s assassination attempt.
Founded in June, America PAC is dedicated to voter registration and encouraging early voting and applying for mail-in ballots in key swing states.
As of June 30, Federal Election Commission data shows that the PAC has raised $8.75 million in donations from 18 entities, not all of which are affiliated with the cryptocurrency industry.
Who are the crypto industry donors?
Most importantly, Elon Musk has shown support by planning to donate about $45 million a month to the PAC, according to a Wall Street Journal report citing sources familiar with the matter.
According to the FEC , founders of the Gemini cryptocurrency exchange, Tyler and Cameron Winklevoss donated $250,000 each to the PAC. This follows an earlier $2 million donation they made to Trump’s campaign last month.
The report also cited Joe Lonsdale, co-founder of Palantir Technologies, who contributed $1 million. Lionsdale has previously advocated for cryptocurrencies and their applications in artificial intelligence.
Meanwhile, Kenneth Howery, co-founder of venture capital firm Founders Fund, which focuses on emerging technologies including blockchain, has given $1 million to PAC through numerous donations.
Since 2023, cryptocurrency donors have given a record $91 million to federal political committees, surpassing the $83 million given during the last election cycle in 2020.
This is confirmed by the Fairshake Super PAC, which has donated more than $85 million to support political candidates who support crypto and blockchain technology in the upcoming elections.
Trump changes his stance on cryptocurrencies
This overwhelming support comes as Donald Trump continues to demonstrate his support for cryptocurrency. Despite previously criticizing bitcoin as a “scam,” he recently changed his mind. on June 14, he declared that if elected president, he would end the Biden administration’s “war on cryptocurrencies.”
Even after the attempted assassination attempt at a July 13 rally, Trump has continued to engage in speaking at a Bitcoin conference in Nashville. He was quoted as saying that he is “in good spirits and is excited to see all of you in Nashville and give a speech that will be heard around the world.”
Trump has openly criticized Biden for his harsh stance on cryptocurrencies, stressing that the United States should strive to be a leader in the cryptocurrency industry.
