The cryptocurrency industry has heavily invested in President-elect Donald Trump’s inauguration and aims to leverage his pro-crypto stance to push for favorable regulatory reforms. With significant contributions and high-profile events, crypto firms are positioning themselves for influence in the incoming administration.
Crypto Firms Pour Millions into Trump’s Inaugural Fund
Major cryptocurrency companies, including Ripple, Coinbase, Kraken, Robinhood, and Circle, have collectively donated over $10 million to President-elect Donald Trump’s inaugural committee. These contributions reflect the industry’s enthusiasm for Trump’s explicit support of cryptocurrencies and its hope for a regulatory overhaul.
Inaugural Events Highlight Industry Influence
Crypto companies are not only funding official inaugural events but are also hosting their own celebrations. A sold-out unofficial inaugural ball featuring Snoop Dogg as a musical guest will be held at the Andrew W. Mellon Auditorium in Washington, D.C., organized by prominent industry figures and sponsors like Stand With Crypto and Exodus.
Policy Goals Under Trump’s Pro-Crypto Administration
The cryptocurrency sector views Trump as a groundbreaking ally, with plans to stockpile bitcoin and establish a new regulatory framework. Trump has pledged to form a digital assets advisory council, which will be led by David Sacks and former Congressional candidate Bo Hines. This council is seen as a critical avenue for shaping U.S. crypto policy.
Key Executives Attend Inauguration for Influence
High-profile executives, including Ripple’s CEO Brad Garlinghouse and Coinbase’s CEO Brian Armstrong, are actively engaging with the incoming administration. These figures have attended meetings with Trump and other officials, signaling their intent to influence the regulatory environment.
Criticism from Opponents of Industry Influence
While crypto leaders celebrate Trump’s support, critics argue the industry is buying influence. Senator Elizabeth Warren has called out the donations, describing them as an attempt by billionaires to control the government. Watchdog groups have also expressed concerns over the financial sway of the industry.
A Bipartisan Investment in Political Influence
Beyond the inauguration, crypto firms have invested heavily in political campaigns, contributing $160 million to a super PAC that supported pro-crypto lawmakers. This bipartisan approach underscores the industry’s determination to solidify its position in U.S. policymaking.
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