Donald Trump’s flagship super PAC, MAGA Inc., has received a surge of donations from the crypto sector, according to a report from the New York Times.
Crypto interests alone accounted for $45 million of MAGA Inc.’s total fundraising, which gathered $177 million in the first half of the year alone.
High-profile donors include an affiliate of Crypto.com, which gave $10 million, Blockchain.com, which donated $5 million, and Gemini co-founders Cameron and Tyler Winklevoss, who donated $4 million through their company and personally.
Still, there is a fair amount of internal skepticism in the crypto community about whether these funds will translate into effective legislative outcomes.
This story is an excerpt from the Unchained Daily newsletter.
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Sources from both the Trump administration and the crypto industry told Wired that crypto donors are becoming impatient with their return on investment.
One main point of contention from the administration is crypto firms like Coinbase cozying up to Democrats.
“If [Democrats] take power again, you’re not getting shit,” a senior administration official told Wired, adding “all of your bets are wasted.”
