Leading cryptocurrency firms have contributed at least $10 million to the Trump inaugural fund, with top executives converging in Washington ahead of the incoming president’s swearing-in on Monday.
Ripple, Coinbase, Kraken, Circle, and Robinhood collectively donated over $10 million to Trump’s inauguration fund, demonstrating the crypto industry’s commitment to President Donald Trump.
This follows the industry’s substantial financial support for Trump’s campaign, with hopes for a crypto-friendly administration.
What they donated
Ripple, the issuer of XRP, has pledged $5 million worth of its native coin. CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, who recently met Trump at Mar-a-Lago, have been invited to the inauguration. They have transitioned from battling court cases under President Biden to securing a place at the table.
Coinbase and Kraken, the two largest crypto exchanges in the U.S., each donated $1 million. Coinbase CEO Brian Armstrong has been in Washington since Election Day and has met with Trump twice to discuss crypto-friendly reforms.
Circle, the company behind USDC, also contributed $1 million, while Robinhood, popular among retail traders, donated $2 million. Additionally, Trump launched a meme token on Solana, the OFFICIAL TRUMP (TRUMP) token, which saw a 9,000% increase in the past 10 hours.
What you should know
- These donations, funding the official events surrounding the inauguration, highlight the excitement within the digital asset sector as Trump prepares to become the first explicitly pro-crypto U.S. president.
- The industry is seeking influence to push the incoming administration and a GOP-controlled Congress to complete a regulatory overhaul that could spur its growth.
“This is a moment of celebration for the industry,” said Kristin Smith, CEO of the Blockchain Association, a leading crypto trade association.
- The industry laid the groundwork for this celebration by investing over $160 million in a super PAC that helped elect a bipartisan group of lawmakers supportive of its agenda. These high-dollar influence campaigns illustrate how the crypto industry has become a significant source of political contributions, playing an outsized role in American politics.
There is little doubt that Trump will support the industry now. Expectations of numerous crypto-friendly executive orders during his first 100 days are no longer unfounded.
Big tech companies too
Big Tech is also making its presence felt. Amazon, Apple, Google, Meta, and Microsoft each donated $1 million to the inauguration fund. OpenAI CEO Sam Altman made a personal $1 million donation.
- These companies, having faced federal investigations and antitrust lawsuits under Biden, are now seeking closer ties with an administration that could potentially change banking regulations.
- Meanwhile, the crypto community hosted one of the season’s exclusive events. Last night, the Crypto Inaugural Ball took place at the Andrew W. Mellon Auditorium in Washington.
Legendary rapper Snoop Dogg headlined the event, sponsored by Stand With Crypto, Exodus, Anchorage Digital, and Kraken. David Bailey, the organizer of last summer’s Bitcoin conference where Trump made his promises, was behind the event.
