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Michael Bloomberg Donates $19 Million to Pro-Biden PAC, But Trump Gaining Pro-Crypto Supporters

Last Updated June 26, 2024 1:57 PM
Teuta Franjkovic
Last Updated June 26, 2024 1:57 PM

Key Takeaways

  • Michael Bloomberg’s $19 million donation sets record for 2024 contributions to pro-Biden PAC
  • Cathie Wood endorsed former President Trump over President Biden, citing economic reasons.
  • The Winklevoss twins have also donated to Trump’s campaign, reflecting their support for his pro-crypto stance.

On June 20, two committees involved in President Biden’s reelection campaign revealed their monthly financial reports to the Federal Election Commission.

The documents showed that Biden For President and FF PAC raised a total of around $77.1 million in May . By the end of the month, the two groups had a combined cash reserve of approximately $183.9 million.

Largest Contribution to Biden-Supporting PAC in 2024

On May 30, former New York Mayor Michael Bloomberg contributed  $19 million to Future Forward (FF PAC), marking the largest donation received by the Biden-supporting PAC in 2024.

Bloomberg, the founder of Bloomberg LP, served as New York City’s mayor from January 2002 to December 2013. Initially elected as a Republican, he switched to an independent in 2007 and briefly ran for president as a Democrat in 2020.

Currently, Michael Bloomberg chairs the Defense Innovation Board, which advises the US Department of Defense on fostering innovation. Reid Hoffman, another prominent Democratic megadonor and supporter of Future Forward, also serves on the board.

Beyond his business and political roles, Bloomberg is a significant financial backer of liberal causes. According to OpenSecrets , he was the fifth-largest individual donor in the 2022 election cycle, the second-largest in 2020 and 2018, the tenth-largest in 2016, the second-largest in 2014, and the fifth-largest in 2012.

Pioneer in Proposing Cryptocurrency Regulatory Framework

Once a presidential candidate, Bloomberg introduced a new financial regulation plan that included the creation of a regulatory framework for cryptocurrencies. Back in 2020, Bloomberg’s campaign focused on unveiling a financial reform plan, which advocated for enhanced consumer protection measures and a more robust financial system.

Key components of the proposal included requiring financial institutions to monitor risk exposure, recording all financial transactions in a centralized database, and strengthening the Consumer Financial Protection Bureau. Additionally, the plan recommended establishing a regulatory sandbox for startups and providing clear guidelines for cryptocurrencies.

Cathie Wood Backs Trump Over Biden in Upcoming Election

Ark Invest CEO Cathie Wood announced that she would vote for former President Trump rather than President Biden in the upcoming November election, citing her belief that Trump would be better for the nation’s economy.

During an interview  with YouTuber Kevin Paffrath over the weekend, Wood revealed her preference when asked to choose between Trump and Biden.

Wood mentioned  that she had discussed the election with her children and emphasized that her vote would go to the candidate whom she believes would best support the US economy. “I am a voter when it comes to economics, and on that basis — Trump,” she stated.

She also went on to reference economist Arthur Laffer’s evaluation, which highlighted that Trump’s presidency from 2017 to 2021, excluding the final year impacted by COVID-19, represented the strongest period in U.S. economic history. Laffer, who advised Trump during his 2016 campaign, co-authored the book “Trumponomics: Inside the America First Plan to Revive Our Economy” with Stephen Moore.

In 2019, Trump awarded  Laffer the Presidential Medal of Freedom, the highest civilian honor in the United States, in recognition of his “groundbreaking economic theories” and their impact on policy.

Cathie Wood is widely regarded as a leading advocate for cryptocurrencies, with personal and professional investments in Bitcoin and other digital assets. She considers Bitcoin increasingly valuable as a hedge against inflation, particularly in countries with less stable currencies.

Wood’s informal support aligns with a trend of several billionaires contributing funds and backing Trump’s presidential campaign. Blackstone CEO Stephen A. Schwarzman has also endorsed Trump, describing his support as a “vote for change.”

Winklevoss Twins Donate $1 Million in Bitcoin to Political Campaign

Cameron and Tyler Winklevoss, crypto pioneers and founders of the Gemini exchange, have donated  30.94 Bitcoin, valued at $2 million, to former President Donald Trump’s campaign.

The significant donation to the likely Republican candidate follows Trump’s recent promotion of the cryptocurrency industry in his campaign speeches.

In their public remarks, the Winklevoss twins criticized the Biden administration for what they see as using regulatory bodies to suppress the crypto industry, likening these efforts to the controversial Operation Choke Point.

They claimed that these regulatory actions targeted not only companies but also individuals linked to the industry, including themselves and their investment entity, Winklevoss Capital.

Tyler Winklevoss announced in a post on X  that he had donated $1 million in Bitcoin (15.47 BTC) to a political campaign and planned to vote for the candidate in the upcoming November elections.
He explained that his decision was driven by his perceptions of the current administration’s approach to cryptocurrency. According to Tyler, over the last few years, the Biden Administration has aggressively targeted the cryptocurrency industry. He accused the administration of leveraging various government agencies to intimidate, harass, and litigate against reputable players within the crypto space, aiming to dismantle the industry.

Furthermore, Tyler expressed his view that the actions of the administration constituted an abuse of power for political purposes, which he believed undermined innovation and inflicted harm on American taxpayers and the economy. He stated that, in his view, the administration had reached a point where no further actions or statements could alter its apparent stance against the cryptocurrency industry.

Winklevoss Twins Back Trump, Criticize Biden’s Crypto Policies

The Winklevoss twins pointed out several examples of what they consider to be regulatory overreach, such as the use of the banking system and the Securities and Exchange Commission (SEC) against crypto companies.

In a separate post on X , Cameron Winklevoss also declared his support for Trump, stating that he had contributed $1 million in bitcoin (15.47 BTC) to Trump’s campaign and intended to vote for him in the upcoming November elections.

He succinctly expressed his reasons, emphasizing Trump’s favorable stance towards Bitcoin, cryptocurrency, and business. Cameron believes that Trump’s election would halt what he views as the Biden administration’s antagonistic policies against the crypto industry, using the rallying cry “Onward!” to capture his optimistic outlook for the future under potential new leadership.

A few weeks ago, Trump committed to dismantling what he described as Biden’s war on cryptocurrency. He declared, “I will end Joe Biden’s war on crypto, and ensure that the future of crypto and the future of #Bitcoin will be made in America, with a lot of it being done right here in Florida.”

The Winklevoss twins’ donation marks a significant endorsement for the cryptocurrency industry, underscoring the persistent regulatory hurdles it faces.

Gemini, the crypto exchange they founded, has experienced firsthand the implications of regulatory actions by the SEC. The twins contend that the absence of definitive regulations for the crypto industry has enabled the US SEC to initiate numerous lawsuits against various crypto projects and companies, fostering a climate of uncertainty and inhibiting innovation.

The Winklevoss brothers were present at a June fundraiser for Trump, where attendance costs reached up to $300,000 per person. Additionally, they have contributed approximately $5 million to the Fairshake political action committee and its affiliates. This committee is known for running attack ads against various lawmakers and supporting specific candidates from both the Democratic and Republican parties for office.

Felony Conviction Impact on Presidential Run

Trump’s recent conviction on 34 felony counts could potentially complicate his bid to run for president again, despite currently leading in the polls as the prospective Republican presidential candidate. His sentencing hearing is scheduled in New York for July 11, just days before he is expected to receive the official party nomination.

Amid his legal challenges over the past two months, Trump has remained active in engaging with the cryptocurrency community. He hosted a dinner for individuals who purchased a non-fungible token (NFT) featuring his mugshot from a criminal case in Georgia.

His campaign has also announced that it will accept donations in cryptocurrency. Furthermore, after meetings with executives from major mining firms, Trump declared his intention to ensure all Bitcoin mining occurs within the United States. Meanwhile, President Biden’s campaign is reportedly considering accepting cryptocurrency donations for his reelection bid.

Crypto Industry Donations to Political Committees Hit $94M

Since 2023, donors from the cryptocurrency industry have contributed over $94 million  to federal political committees, surpassing the $83 million donated in the previous election cycle and showing strong support for their allies in Congress.

Among the country’s largest political donors are key figures in the crypto industry, reports OpenSecrets . Leading the pack is Jeffrey Yass of Susquehanna International Group, a libertarian who supports Republicans and has interests ranging from ByteDance to Bitcoin, donating $70 million with more expected before Election Day.

Fairshake and its two affiliated super PACs, Defend American Jobs and Protect Progress, have raised $85 million, adjusting earlier figures to account for the double-counting of in-kind cryptocurrency donations.

Notable donors include venture capitalists Marc Andreessen and Ben Horowitz, contributing $9 million each to Fairshake; billionaire twins Cameron and Tyler Winklevoss, who each donated $2.5 million; and Coinbase Global Inc. CEO Brian Armstrong, who gave $1 million. Additionally, his company contributed $20.5 million, while Ripple Labs donated $20 million.

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