Biden is out of the 2024 race. What happens to his campaign donations?

President Joe Biden announced Sunday that he is dropping out of the 2024 presidential race and endorsed Vice President Kamala Harris as his choice for the Democratic nominee. A practical question follows: What happens to his campaign funds?

The Biden campaign said it had $240 million in cash on hand earlier this month, compared to former President Donald Trump’s $331 million. Campaign finance rules put some limits on what Biden can do with that money now that he’s no longer running for president.

The money isn’t just in limbo, however. Though it’s not yet completely certain whether Harris will become the nominee — she’d need Biden’s delegates at the Democratic National Convention to assume the candidacy, though his endorsement certainly puts her ahead of any possible competition — she could access Biden’s funds more easily than another Democrat. And the campaign pot only seems to be growing: Major Democratic donors, some of whom had paused their contributions after Biden’s disastrous debate performance last month due to concerns about his candidacy, reportedly reopened their wallets after Biden’s announcement Sunday.