As reported by Politico on January 18, several prominent players in the cryptocurrency industry, including Ripple, Coinbase, Kraken, Circle, and Robinhood, have collectively contributed over $10 million to President Trump’s inauguration fund. This significant financial support underscores the crypto industry’s strong backing of the current administration.
The funds will be utilized to finance elaborate inaugural events in Washington, D.C. The crypto sector had previously invested substantial amounts in Trump’s campaign, anticipating a favorable regulatory environment under his leadership.
President Trump has already taken steps to fulfill his promises to the industry. The entire crypto community eagerly awaits further developments, with speculation that Bitcoin may be mentioned in an upcoming speech. While the likelihood remains uncertain, the administration’s actions thus far have been viewed positively.
Contributors and Contributions
Ripple, known for its XRP token, has pledged $5 million in its native cryptocurrency. CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, who recently met with Trump at Mar-a-Lago, have been extended invitations to the inauguration, signaling a shift from previous legal battles under the Biden administration to a more collaborative relationship.
Leading U.S. crypto exchanges Coinbase and Kraken each donated $1 million. Coinbase CEO Brian Armstrong has engaged with Trump on multiple occasions to discuss regulatory reforms beneficial to the industry.
Circle, the company behind USDC stablecoin, and popular trading platform Robinhood have also made significant contributions of $1 million and $2 million, respectively. In addition, Trump recently launched a meme token on Solana called OFFICIAL TRUMP (TRUMP), which has seen a remarkable surge in value.
Amidst these developments, major tech giants like Amazon, Apple, Google, Meta, and Microsoft have each contributed $1 million to the inauguration fund. OpenAI CEO Sam Altman also made a personal donation of $1 million.
These companies, facing regulatory scrutiny and legal challenges under the previous administration, are seeking to align themselves with a government that could potentially reshape banking regulations.
Furthermore, the crypto community hosted an exclusive event, the Crypto Inaugural Ball, at the Andrew W. Mellon Auditorium in Washington. The event, sponsored by Stand With Crypto, Exodus, Anchorage Digital, and Kraken, featured a performance by renowned rapper Snoop Dogg and was organized by David Bailey, known for hosting previous industry events.
Response from Democrats
While the crypto industry’s support for Trump has been met with enthusiasm, Democrats, particularly Senator Elizabeth Warren, have expressed concerns about the industry’s alignment with the current administration. Warren has criticized Trump’s stance on crypto, suggesting that financial interests influence his support for the industry.
Accusing billionaires of influencing government decisions, Warren has been vocal in her opposition to crypto companies and individuals associated with the industry. Her confrontations with pro-crypto nominees, such as Treasury Secretary nominee Scott Bessent, highlight her skepticism towards the sector.
Despite facing backlash for her controversial statements linking crypto to criminal activities, Warren continues to challenge the industry’s growing influence in government affairs. Her confrontational approach during confirmation hearings reflects her ongoing efforts to hold the industry accountable.
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