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Trump seeks cryptocurrency industry support at bitcoin conference

Published

6 months ago

27 July, 2024

Trump seeks cryptocurrency industry support at bitcoin conference

NASHVILLE — There were stacks upon stacks of bright orange coins, a crypto-themed stock car, a plethora of miniature rockets and spacemen meant to embody the hope that prices might someday shoot “to the moon.”

It was all standard fare for an annual conference that bills itself as the world’s largest gathering of bitcoin enthusiasts. But the usual trappings accompanied something more political: klaxon-red hats emblazoned with the slogan “Make bitcoin Great Again.”

Many of the nation’s leading cryptocurrency companies, executives, investors and fanatics are beginning to unite around former president Donald Trump’s bid for the White House, hoping that their public embrace — and increasingly generous campaign checks — might entice and elect a candidate who will spare the industry from federal regulation.

Under President Biden, the U.S. government has aggressively cracked down on crypto, seeking to protect average Americans from scams and ensure the largely anonymous tokens do not enable illicit activities. But the fierce oversight has chafed crypto advocates and angered wealthy political benefactors in Silicon Valley. To ward off new federal probes, environmental protections and financial safeguards, they have gravitated toward Trump — even if they don’t always like him — in the hopes he can win and deliver them relief in Washington.

“I think what people are excited about is, if Trump comes in with a new circle, and Cabinet members, and people, that it’s going to change, and change for the better,” said Marshall Beard, the chief operating officer at Gemini, a crypto trading platform and banking service. He described himself as apolitical, but his company’s founders, billionaire investors Tyler and Cameron Winklevoss, have donated heavily in support of Trump.

Trump has gladly accepted the entreaties: Newly awash in crypto cash, he has celebrated bitcoin and other digital tokens, marking a stunning shift from his time in office, when Trump proclaimed he was “not a fan” of bitcoin and linked such assets to drug sales. The early uptick in fundraising support has troubled some Democrats, who have scrambled to show they are not hostile to the industry.

But Trump’s conversion will be on stark display Saturday, when he speaks directly to the thousands of bitcoin owners, traders and investors who have descended this year on Nashville. Many in attendance expect the former president to announce he wants the U.S. government to stockpile its own reserves of the currency, a radical idea that is bound to send the price of bitcoin skyrocketing — just hours after Trump holds a high-dollar fundraiser with the nation’s crypto elite.

Even before Trump arrived, there were hints of his growing support across the sprawling Music City Center, the site of this year’s bitcoin Conference. A smattering of “Make bitcoin Great Again” hats — some in Trump’s signature style, others in bitcoin orange — dotted the rows of booths where crypto entrepreneurs hawked new tokens, investing tips and “tax avoidance strategies,” in the words of one firm, which parked near its kiosk a ruby-red motorcycle adorned with the play on Trump’s slogan. (Staff there declined to be interviewed.)

Outside, a digital sign truck periodically circled, flashing photos of Trump and his new running mate, Sen. JD Vance (R-Ohio), a longtime crypto advocate who has reported owning as much as $250,000 in bitcoin. The vehicle pitched passersby on “MAGA VP,” a type of “memecoin” — unaffiliated with the campaign — that aims to help the former president’s most fervent supporters earn money. It teased that customers who purchased $50 of the token would “win a special prize.”

“At this party, today, it seems like there’s a leaning toward Trump, and I think it’s an appreciation for the first major presidential candidate to come along and say this might be actually a really good idea,” said Mike Belshe, the chief executive of BitGo, which offers a crypto wallet service. He plans to host a fundraiser reception for Vance in Palo Alto, Calif., next week, according to an invite later obtained by The Washington Post.

The support for Trump underscored the rapid political awakening underway in the crypto industry. Stung by a series of major scandals — and facing the prospect of tough regulation in Washington — crypto companies, executives and investors have shelled out $121 million this election in a bid to defeat potential foes and elect new friends in Washington, according to the money-in-politics watchdog OpenSecrets.

“We’ve seen tens of millions of dollars pouring in, in an attempt to make sure anti-regulation politicians are the ones who take power,” said Lisa Gilbert, co-president of Public Citizen, a left-leaning watchdog group.

For many crypto titans, the catalyst for action came two years ago, after the downfall of FTX, previously the world’s third-largest crypto marketplace. Many Democrats, including Sen. Elizabeth Warren (Mass.), immediately demanded stringent new rules, while the Securities and Exchange Commission, led by Chairman Gary Gensler, filed a battery of lawsuits alleging the best-known crypto firms had failed to follow basic federal investor protections.

Often, the targets of SEC scrutiny — including Coinbase, a digital asset marketplace, and Ripple, which offers the popular XRP token — blasted the cases as evidence of Gensler’s bias against the industry. They coupled their court battles with an expensive lobbying campaign designed to neuter the SEC and stave off other regulations, including rules meant to prevent terrorist groups from trafficking in crypto. And crypto executives and investors began pouring money into the 2024 election, launching three super PACs that have run ads targeting congressional candidates who oppose digital currencies.

This year, David Bailey — the chief executive of BTC Inc., which organized the conference in Nashville — personally approached Trump in the hopes he might reverse his views on crypto. Major Silicon Valley donors, including investors David Sacks and Chamath Palihapitiya, hosted lucrative fundraisers for the former president in June. Elon Musk, a crypto booster and owner of X, formerly Twitter, endorsed Trump after the former president’s near-assassination in July; the venture capital duo Marc Andreessen and Ben Horowitz soon revealed their support, too.

With every check and endorsement, Trump appeared to grow more receptive. On his social media site, Truth Social, he described himself in May as “VERY POSITIVE AND OPEN MINDED TO CRYPTOCURRENCY COMPANIES.” Two months later, he touted crypto as an official part of the 2024 GOP platform, which declared the party would “end Democrats’ unlawful and un-American Crypto crackdown.”

“If there’s a politician that sees the potential of the industry, and wants it to thrive, generally the voters and donations are going to go in that direction,” said Brian Morgenstern, who oversees policy for the crypto giant Riot Platforms.

Riot is a bitcoin miner: It manages the vast, energy-intensive machines running complex calculations to generate individual tokens. The industry has warred with the Biden administration, and Riot successfully sued the Energy Department after it demanded bitcoin miners turn over data about their energy usage.

Executives from Riot and other companies directly appealed to Trump in June, who told them that “he understands quite clearly why people are looking for alternatives to legacy financial systems,” Morgenstern recalled in Nashville this week. He previously served under Trump at the Treasury Department, back when the then-president had been critical of crypto.

After the meeting, Trump commemorated the gathering on Truth Social: “VOTE FOR TRUMP!” he began. “Biden’s hatred of bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining bitcoin to be MADE IN THE USA!!!”

Despite his earlier opposition, some crypto devotees seemed to welcome Trump’s attention.

At an unattended expo booth on Friday, the image of a bloodied Trump pumping his fist after this month’s assassination attempt had been altered so that it appeared he was holding up a bitcoin. Gawkers stopped to snap photos of the rotating illustration, which was superimposed atop the usual rocket logo for Moonshot, a company that manufactures key components for bitcoin mining.

“Hopefully we’re starting to see winds change in the United States, and maybe we’ll get some change with a new president,” mused Ray Kamrath, the chief commercial officer at Bakkt, a crypto trading platform, during a panel discussion later about the future of regulation.

Kamrath expressed hope that the next year might finally resolve the issue of whether some cryptocurrencies are securities, and in the process, shield more of the industry from the SEC.

“Let’s just enjoy for a moment that crypto, bitcoin, is a bona fide election year issue in the United States,” responded Bobby Zagotta, the U.S. chief executive officer of Bitstamp, a crypto marketplace, to a smattering of applause. In an interview afterward, Zagotta said he sensed the “Trump mania just walking the floor.”

A crowd of a few hundred had erupted in celebration a day earlier, when Luke Rudkowski, the founder of the group We Are Change, noted on a panel that Trump had publicly promised to release Ross Ulbricht from prison. A longtime darling of the crypto community, Ulbricht faces a life sentence for convictions related to his creation and operation of Silk Road, a dark web marketplace often used to buy and sell illicit goods.

“It’s happening with Donald Trump; he’s speaking up for it,” said Rudkowski, whose group has been faulted by the Southern Poverty Law Center for spreading conspiracy theories.

Eager to reap the financial benefits of his new, growing base of support, the Trump campaign plans to hold at least two fundraisers in Nashville. To attend the Saturday reception, take a photo with Trump and join his policy roundtable, donors must write checks for $844,600 to his reelection and other Republican campaign committees, according to an invitation obtained by The Post. Already, Trump’s aides have boasted about raising roughly $4 million in various cryptocurrencies, including bitcoin.

Sensing Trump’s fundraising edge, other politicians have looked to court crypto’s cash: On street corners outside the convention hall, Sen. Marsha Blackburn (Tenn.) stationed trucks with digital signs that pitched her as a “bitcoin champion” — and directed viewers to a donation website (in dollars or cryptocurrency). Robert F. Kennedy Jr, who is running as an independent in the 2024 presidential race, made his own appeal Friday, telling a packed auditorium he would unveil a host of policies that would see the U.S. government purchase and warehouse bitcoin.

“I’m very happy to learn I’m not the only one talking about bitcoin in this year’s election,” said Kennedy, who appeared at the same conference last year. He later added: “I hope President Trump’s commitment is about more than political expediency.”

But Trump’s inroads in particular have spooked some national Democrats, who do not want to be seen as wholly opposed to crypto. A small group of party officials even huddled privately earlier this month to discuss how to better engage with the politically ascendant industry, having spent years cultivating relationships — and cashing checks — from the broader, liberal-leaning Silicon Valley tech set.

“The challenge the Democrats have is name[d] Gary Gensler,” Mark Cuban, a prominent tech investor, said in an email. “He is pushing a new technology out of the USA. That is not a strong position for a party looking to win.”

Rep. Ro Khanna (D-Calif.), who represents a slice of the Bay Area, convened the gathering with senior aides to Biden and top tech investors including Cuban and Anthony Scaramucci, who served briefly under Trump but since has defected to support Biden and now Vice President Harris. Scaramucci later said that some participants specifically called for firing Gensler and blocking the renomination of Caroline Crenshaw for another term as an SEC commissioner, arguing they have stuck an unfairly defiant tone against crypto. Spokespeople for the White House, as well as Gensler and Crenshaw, did not comment for this story.

“I’ll put it simply: After years in the desert, and in a regulatory drought in the Biden administration, I think they see an advocate,” Scaramucci said of Trump.

The outreach has only intensified after Harris replaced Biden as the party’s presumptive nominee, elevating a longtime California politico with deep roots in the tech sector. Some fervent crypto supporters tried to make a last-minute pitch for Harris to appear alongside Trump in Nashville, but she ultimately did not. Her campaign did not respond to a request for comment.

“With the changing of the top of the ticket, it’s an opportunity to reevaluate, reset,” said Brad Garlinghouse, the chief executive of Ripple.

Garlinghouse said he had not yet endorsed or donated to either candidate, but he signaled that many in his industry had supported Trump primarily out of necessity.

“I don’t think this is about choosing one party over another,” he continued. “I think the Republicans, led by Donald Trump, are playing chess, and I think the Democrats are playing checkers.”

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Is Shiba Inu a good buy while trading below $0.01?

Published

6 months ago

29 July, 2024

CoinFlix Staff

Is Shiba Inu a good buy while trading below $0.01?

Advances in artificial intelligence (AI) technology and innovative new drugs in the weight loss market were major contributors to stock market gains for much of the past year.

While investors have reaped generous returns from owning mega-cap technology and some pharmaceutical stocks, it’s human nature to wonder what else is out there and where additional value can be found.

Investment alternatives how cryptocurrencies have gained massive popularity over the past decade or so — and one of the most curious cryptocurrencies, Shiba Inu (SHIB 2.08%), it may seem very tempting, as trades below a penny.

Let’s take a look at the Shiba Inu and find out if it’s a good buy right now.

What is Shiba Inu?

The first thing to know about cryptocurrency in general is that not all cryptocurrencies are created equal. Some of the most popular cryptocurrencies out there include Bitcoin, EthereumIt is Solana. While each of them still carries some degree of speculation, all of these currencies have achieved some form of real-world application.

For example, Bitcoin is now accepted as a means of payment in some online stores and retail establishments. In addition, many projects that revolve around non-fungible tokens (NFT) tend to rely on Ethereum, Solana, and other major cryptocurrencies.

Shiba Inuin turn, is in a totally different category.

That is, Shiba Inu is often affiliated with Dogecoin. Although Dogecoin has experienced some fleeting volatility in the past — largely thanks to some irreverent support from high-level personalitiesincluding Mark Cuban and Elon Musk — cryptocurrency is largely seen as a joke.

In investing, non-serious investments tend to fall under the category of a meme. Shiba Inu is no exception here. With little to no real-world utility, Shiba Inu is widely seen as a meme coin.

Image source: Getty Images.

Should you buy Shiba Inu while it is selling for less than a penny?

Shiba Inu’s price dynamics closely follow the rules of supply and demand. At the moment, Shiba Inu has a total supply of 589 trillion tokens, and the coin is trading at just $0.000017.

With such an abundance of Shiba Inu coins available, the asset is anything but scarce. In other words, pretty much anyone can buy Shiba Inu if they want to. For this reason alone, it doesn’t have much appeal for investors looking to spot a profitable opportunity.

Given the lack of demand, it is not surprising to see that the Shiba Inu is trading for less than a penny. Unless a large number of institutional investors invested billions of dollars in purchasing Shiba Inu, I can’t imagine a world where the currency starts to gain traction in the market.

Since cryptocurrency is still considered a speculative investment, I consider it highly unlikely that large fund managers will buy Shiba Inu en masse.

Instead, I think Shiba Inu will continue to be the favorite among a small group of retail investors — specifically, inexperienced traders who follow the advice of online influencers or fake financial gurus.

If you are looking for exposure to cryptocurrency but can’t decide which coin to buy, there are many cryptocurrency stocks that could serve as a decent proxy. Companies like Coinbase, Robinhoodand even Microstrategy each offers investors some exposure to the cryptocurrency landscape, but with some degree of isolated risk.

So while Shiba Inu may seem cheap, there are many reasons why the coin’s value remains depressed. I think investors are better off moving on from Shiba Inu and considering more established cryptos or individual stocks operating in the crypto space.

Adam Spatacco has positions in Coinbase Global. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Ethereum, and Solana. The Motley Fool has a disclosure policy.

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AI meme Raboo and crypto newbie ZRO

Published

6 months ago

29 July, 2024

CoinFlix Staff

Two coins outperforming DOGE: AI meme Raboo & crypto newbie ZRO

Disclosure: This article does not constitute investment advice. The content and materials presented on this page are for educational purposes only.

Raboo and ZRO are outperforming Dogecoin with unique features and growing investor interest.

In the evolving cryptocurrency market, Raboo (RABT) and ZRO are emerging as standouts, gaining significant traction among investors. These new coins are not only on the rise but are also outperforming the established meme coin, Dogecoin (DOGE).

Raboo’s unique integration of AI into meme culture and ZRO’s fresh approach are attracting a growing community of enthusiasts. This article delves deeper into the unique features of Raboo and ZRO, exploring how they are shaping the future of the crypto landscape and why they may offer compelling investment opportunities. Read on to discover the potential of these rising stars.

DOGE: The veteran memecoin

DOGE has a market cap of over $19 billion as of July 2024 and in this circulation, there is a supply of 145 billion DOGE. The price of the coin jumped 6% in the last 7 daysechoing the trend — increased investor interest and market recovery.

Although Dogecoin was initially created as a joke, it has still held up quite well, probably due to the fact that it has had a huge community since its inception and periodic endorsements from important people like Elon Musk, thus keeping this cryptocurrency relevant and moving.

Dogecoin’s current rise could also be driven by events such as increased institutional adoption and favorable developments around the Dogecoin Foundation. These events are generating more interest, with a halving likely in 2025. Analysts project that Dogecoin will trade within the $0.15 and $0.25 range in the near future.

ZRO: A Rising Star in the Crypto Universe

ZRO is the native token of LayerZero, a robust and promising newcomer to the cryptocurrency market, which has been attracting attention recently for its intrinsic value and recent market performance. LayerZero is a cross-chain interoperability protocol that allows blockchains to communicate seamlessly with each other, literally being a “blockchain of blockchains.” Ultra Light Nodes (ULNs) power this new development, verifying transactions and messages in a way that brings security and efficiency to chains like Ethereum, BNB Chain, and Avalanche. ZRO is up over 80% in the last 30 days, reaching $4.63 with a market cap of over $509 million.

While Dogecoin has been showing improved performance in the crypto scene recently, ZRO’s growth is very fast. Its strategic partnerships, such as the latest cooperation with Flare Network, extend it to 75 blockchains, greatly increasing its market position.

Analysts are bullish on ZRO and are pricing in long-term growth in the forecasts. While Dogecoin enjoyed community support and some celebrity endorsements, the focus that ZRO has placed on its technology development and practical applications gives it a distinct advantage in this increasingly competitive cryptocurrency landscape.

Raboo: Changing Memecoins with AI

Raboo (RABT) has quickly emerged as a significant player in the memecoin market, leveraging advanced AI technology to stand out from its competitors. The token’s unique approach includes a “Post-to-Earn” platform where users are rewarded for creating and sharing content, fostering dynamic community engagement. Raboo’s presale has been particularly successful, with tokens currently priced at $0.0048, representing a significant 233% increase since the presale began.

Despite Dogecoin’s established presence and recent price stability, Raboo’s rapid rise is remarkable. Analysts predict that Raboo could outperform Dogecoin, with expectations of a 100x return upon launch. This optimism is driven by Raboo’s unique technological capabilities and the growing appeal of its SocialFi features, which set it apart from more traditional memecoins.

Conclusion

Raboo and ZRO are emerging as strong contenders in the cryptocurrency market, outperforming the established Dogecoin with their unique features and strong community engagement. Raboo, with its AI-powered meme creation and “Post-to-earn” platform, offers a unique investment opportunity, especially for those looking to diversify their portfolios in the dynamic memecoin sector. ZRO’s focus on cross-chain interoperability also positions it well for future growth.

These developments highlight the evolving cryptocurrency landscape, where technological creativity and community-driven models are becoming increasingly important for success. Investors should consider Raboo for its high potential returns and innovative features.

For more information, visit the Raboo Pre-Order Website or follow the project at Telegram or X.

Disclosure: This content is provided by a third party. crypto.news does not endorse any products mentioned on this page. Users should do their own research before taking any actions related to the company.

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The Rise of Cryptocurrency ETFs: How to Invest in Digital Currency Without Buying Coins

Published

6 months ago

28 July, 2024

CoinFlix Staff

The Rise of Cryptocurrency ETFs: How to Invest in Digital Currency Without Buying Coins

The introduction of spot cryptocurrency ETFs offers a new and easy way for investors to gain exposure to digital currencies.

For much of crypto’s existence, those interested in purchasing digital assets would have to do so through cryptocurrency exchanges. But now, that’s starting to change.

If you’ve been hesitant to dive into crypto due to what can sometimes be a daunting and technical task when navigating cryptocurrency exchanges, now might be the perfect time to explore the new spot exchange-traded funds (ETFs) available to investors.

Image source: Getty Images.

What are spot ETFs?

A spot ETF is a financial instrument that allows investors to gain exposure to the price movements of an underlying asset – in this case, cryptocurrencies such as Bitcoin (BTC -1.63%) and Ethereum (ETH -1.36%) — without directly owning the asset. These ETFs are traded on traditional stock exchanges, and their value is directly tied to the current (or spot) price of the cryptocurrency.

One of the main differences between owning a spot ETF and owning the actual cryptocurrency is the responsibility of custody. When you own cryptocurrency, you need to manage its storage and security, which involves using digital wallets and understanding private keys. With spot ETFs, the responsibility of custody falls on the fund manager, making it easier for investors to gain exposure to the asset without worrying about the complexities of secure storage.

In many ways, you can think of spot ETFs as gold ETFs. When people buy a gold ETF, they don’t actually receive gold coins or bars. Instead, they own shares that track the price movement of gold.

Another important distinction is trading hours. Cryptocurrencies can be traded 24/7, while spot ETFs are subject to the stock exchange’s trading hours. This means that you can only trade ETFs during market hours. These limited hours can lead to potentially missing out on significant price movements that occur outside of the market’s designated trading hours.

Options available today

Currently, the only options for investors looking for spot cryptocurrency ETFs are Bitcoin and Ethereum. These two cryptocurrencies stand out due to their significant value and established track records, positioning them as attractive options for integration into the stock market via ETFs. Bitcoin, often referred to as digital gold, was the first cryptocurrency (created in 2009) and the first to gain approval for a spot ETF. With nearly seven months of trading now under its belt, the approval of the 11th Spot Bitcoin ETFs was touted as one of the most successful ETF launches in history.

More recently, nine Ethereum spot ETFs have gained approval from the Securities and Exchange Commission (SEC) to begin trading on July 23. As the second most valuable cryptocurrency and the backbone of the decentralized finance (DeFi) economy, Ethereum was the next best candidate for a spot ETF launch.

While limited to two cryptocurrencies, as investors become more comfortable with digital currencies and ETFs continue to prove popular, we can expect to see more cryptocurrencies gaining ground as ETFs. The early stages of this expansion are already visible, with applications for Solana Spot ETFs starting to come in.

How to buy an ETF outright

Buying a spot ETF involves several steps and considerations, just like any other ETF investment. Here’s a detailed guide on how to do it:

Start by researching the available Bitcoin and Ethereum ETFs. Compare their fees, assets under management (AUM), and performance. ETFs with lower fees and higher AUM are generally more attractive, as they may offer better liquidity and lower costs.
To buy ETFs, you need a brokerage account. If you don’t already have one, choose a brokerage that offers a wide range of ETFs, low fees, and a user-friendly platform.
If you’re new to the brokerage, you’ll need to provide personal information and fund your account with money from your bank. Most brokerages offer multiple funding methods, including ACH transfers, wire transfers, and check deposits.
Once your account is funded, use your broker’s search function to find the Bitcoin or Ethereum ETF you’ve decided to invest in. ETFs are usually identified by their ticker symbols, so knowing them can make your search easier.
Decide how many shares of the ETF you want to buy. You can place a market order, which buys the ETF at the current market price, or a limit order, which sets a maximum price you are willing to pay. Review your order carefully before submitting it.
Once you’ve purchased the ETF, monitor its performance and keep an eye on any news or developments related to cryptocurrencies and the ETF itself. Regularly reviewing your investment ensures that it aligns with your financial goals and risk tolerance.

An evolving landscape

The introduction of Bitcoin and Ethereum spot ETFs marks a significant milestone in the evolution of cryptocurrency investing. These financial instruments offer a simpler and more accessible way to gain exposure to digital currencies without dealing with the complexities of cryptocurrency exchanges and direct ownership.

By following the steps to purchase these ETFs through a brokerage account, investors can seamlessly integrate digital currencies into their investment strategies. As the cryptocurrency market continues to mature, the availability and acceptance of spot ETFs is likely to expand, providing even more opportunities for investors to participate in this dynamic asset class.

RJ Fulton has positions in Bitcoin, Ethereum, and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy.

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Trump raises over $4 million in bitcoin and other cryptocurrencies

Published

6 months ago

28 July, 2024

CoinFlix Staff

Trump raises over $4 million in bitcoin and other cryptocurrencies

Republican presidential candidate and former President Donald J. Trump holds a campaign rally at Van Andel Arena in Grand Rapids, Michigan, on July 20, 2024.

Bill Pugliano | Getty Images News | Getty Images

NASHVILLE, Tenn. — Former President Donald Trump is heading to Tennessee this weekend to deliver a keynote speech at a major bitcoin conference. It looks like he’ll be in front of a supportive crowd.

Trump, the Republican presidential nominee, has raised more than $4 million from a mix of digital tokens, a campaign aide told CNBC. Contributors have donated bitcoin, etherRipple’s XRP token, the stablecoin pegged to the US dollar USDC and several memecoins, according to a Federal Election Commission filing.

The more than 1,000-page report shows totals for the joint fundraising committee “Trump 47” from April 1 to June 30. The committee raised more than $118 million during that period, with payments going to the Trump campaign, the Republican National Committee and other parties, according to the filing.

At least 19 donors have contributed more than $2.15 million in bitcoin to the committee, the lawsuit shows. The contributors hail from 12 states, including some battleground states. Their professions include homemaker, U.S. military officer, missionary, painter, pizza sales representative and State Department security technician.

Crypto billionaire twins Tyler and Cameron Winklevoss led the charge, each contributing 15.57 bitcoins, or just over $1 million at the time of the donation. Since their contributions surpassed the $844,600 limit, the lawsuit indicates that the money was partially refunded. Mike Belshe, CEO of digital asset security firm BitGo, contributed $50,000 worth of bitcoin.

Tyler Winklevoss, CEO and co-founder of Gemini Trust Co., left, and Cameron Winklevoss, chairman and co-founder of Gemini Trust Co., speak during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

In recent months, Trump has positioned himself as the pro-crypto candidate for president, a reversal from his previous stance during his time in the White House. Trump launched his latest collection of non-fungible tokens on the Solana blockchain in April and has since been making increasingly optimistic crypto commentary. Along the way, he has gained the support of several influential tech and crypto investors, including venture capitalists Marc Andreessen and Ben Horowitz.

Trump will be in Nashville on Saturday to deliver the keynote address at The Bitcoin Conference, which is being held at the Music City Center. He will also host a campaign fundraiser in the city on the same day, where tickets cost up to $844,600 per person.

Front-row tickets include a seat at a roundtable with Trump and cost the maximum donation amount allowed for individuals. the Trump Committee 47. The next tier includes a photo with the former president for $60,000 per person or $100,000 per couple, according to the invitation.

Brian Hughes, an adviser to the Trump campaign, said that of the more than $4 million in cryptocurrency raised, most of it came in bitcoin.

“Crypto innovators and others in the tech sector are under attack from Kamala Harris and the Democrats,” Hughes said, referring to the de facto Democratic nominee. “While the Biden-Harris Administration stifles innovation with more regulation and higher taxes, President Trump stands ready to encourage American leadership in this and other emerging technologies.”

Trump, the first major presidential candidate to accept donations in digital tokensYou can receive contributions in a variety of cryptocurrencies, including Dogecoin, Shiba Inu coin, XRP, USDC, and Ether.

Kraken founder and former CEO Jesse Powell has donated nearly $845,000 worth of ether. Stuart Alderotylegal director of Curlinggave $300,000 in XRP token. Alderoty recently attended a Trump fundraiser organized by venture capitalist David Sacks in San Francisco.

Former Messari CEO Ryan Selkis, who resigned last week from the company he co-founded after posting about “literal war” against Trump opponents, donated $50,000 in USDC.

So far, it appears that the Trump campaign is converting these contributions immediately to USDC and then liquidating the donations. In some cases, however, the campaign has chosen to keep the USDC.

Trump has personally promised to defend the rights of those who choose to self-custody their currencies, meaning they are not dependent on a centralized entity like Coinbase and instead use cryptocurrency wallets, which are sometimes beyond the reach of the IRS.

Trump also vowed at the Libertarian National Convention in Washington in May to keep Sen. Elizabeth Warren, D-Massachusetts, and “her henchmen” away from bitcoin holders. Warren is a vocal critic of cryptocurrencies.

Meanwhile, after a meeting at his Mar-a-Lago club in Florida with about a dozen bitcoin mining executives who pledged their support, Trump declared that all future bitcoins will be minted in the US if he returns to the White House.

Trump has named Ohio Senator J.D. Vance as his running mate, a move seen by many as a victory for the cryptocurrency sector. Vance has advocated for looser regulation of cryptocurrencies and revealed in 2022 that he personally holds bitcoin.

The Biden White House has stepped up regulation of cryptocurrencies, with the SEC stepping up its crackdown on the sector in recent years.