Silicon Valley and Crypto Circles Pour Heavily, Trump Sets Fundraising Record Before Midterm Elections

Deep News
Feb 03

Donald Trump and his allies have collectively raised $429 million for 2025, amassing an unusually large "war chest" as the midterm elections approach. Most notably, the political action committee (PAC) controlled by Trump's allies—Maga Inc ("Make America Great Again")—currently holds $304 million in cash, far exceeding any other campaign committee. According to the latest report, this amount is also tens of millions of dollars higher than any group associated with the Democratic Party. This massive fundraising is underpinned by substantial support from Silicon Valley and the cryptocurrency sector. Prominent figures in the tech industry, such as OpenAI co-founder Greg Brockman and the cryptocurrency exchange Crypto.com, have contributed $12.5 million and $30 million respectively, becoming key drivers of Trump's fundraising efforts. These donations not only reflect Trump's continued dominance of the Republican Party but also highlight the policy preferences of Silicon Valley and the crypto industry, particularly their desire for deregulation. These fundraisers clearly hope to continue advancing Trump's "America First" policies, especially regarding lenient regulation in the cryptocurrency and artificial intelligence sectors. Previously, venture capital giant A16Z founders Marc Andreessen and Ben Horowitz each donated $3 million. The firm has been actively lobbying for legislation favorable to crypto startups and attempting to prevent states from passing fragmented AI regulatory laws. Simultaneously, the sources of this huge sum of money include not only major corporations and industry giants but also numerous individuals seeking leniency from Trump. For example, banker Julio Herrera Velutini, who was indicted for bribing the governor of Puerto Rico, contributed $3.5 million through his family, evidently hoping to leverage Trump's influence for a more favorable outcome. With the upcoming elections, Trump and his allies now possess sufficient resources to influence campaign dynamics in key districts, particularly in competitive races for the Senate and House of Representatives. How this vast amount of money will be deployed remains uncertain; nevertheless, it plays a crucial role in maintaining Trump's dominance within the party and shaping the future political landscape.

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