Major players in the cryptocurrency industry have made substantial donations to President-elect Donald Trump‘s inaugural fund.
What Happened: Companies such as Ripple, Coinbase, Kraken, Robinhood, and Circle have collectively donated a minimum of $10 million to the inauguration fund since Election Day.
According to a report by Politico, these contributions will be used to finance official events related to the inauguration, symbolizing the industry’s support for Trump, who is anticipated to be the first U.S. president with a clear pro-crypto stance.
The cryptocurrency industry also hosted a sold-out unofficial inaugural ball on Friday night at the Andrew W. Mellon Auditorium in Washington. The event, which included Snoop Dogg as a musical guest, was partly organized by David Bailey, who manages a Bitcoin conference where Trump was a speaker last summer.
Ripple, currently facing enforcement action from the SEC, has donated $5 million in digital tokens to the inaugural committee. U.S. crypto exchanges Coinbase and Kraken, as well as stablecoin company Circle, each donated $1 million. Online brokerage Robinhood made a contribution of $2 million.
Why It Matters: These donations have sparked controversy, with Democrats and watchdog groups accusing the president of trading influence. However, the crypto industry perceives this as a celebratory moment and a chance to interact with the incoming administration.
Amid ongoing regulatory uncertainties, these firms are likely seeking to build a strong relationship with the new administration, hoping for a more favorable regulatory climate for cryptocurrencies.
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