Cryptocurrency industry leaders, which donated heavily into the 2024 elections, have contributed millions to President-elect Donald Trump’s inauguration fund, and threw a star-studded gala to celebrate his second administration.
Top crypto firms have donated at least $10 million to the inauguration, according to a Politico report. Since Election Day, crypto companies like Ripple, Coinbase, Kraken, Robinhood and Circle have made seven-figure donations to Trump’s inaugural committee.
“This is a moment of celebration for the industry,” Kristin Smith, CEO of the Blockchain Association, a leading crypto trade association, told the outlet.
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Crypto companies Coinbase, Kraken, Circle each donated $1 million to the inaugural fund. Robinhood, a leading online brokerage that has some ties to crypto, donated $2 million.
Additionally, Coinbase executives, including the company’s CEO Brian Armstrong, were on Capitol Hill on Friday, ahead of the inauguration. According to the report, Armstrong has twice met with Trump, including once since Election Day.
“I think it’s important to ensure that industry … can engage with this administration and engage in a meaningful way during the transition period,” Kara Calvert, vice president for U.S. policy at Coinbase, said of the firm’s donation.
“This is the most pro-crypto president that we’ve ever seen, and he has made a platform clear now for months. And that is a really attractive characteristic right now,” She continued.
Trump announced that crypto would be a priority for him, and is expected to take executive action on bitcoin and cryptocurrency on his first day in office. His cabinet picks also shine a light on the President-elect’s affinity to the industry — David Sacks will be the first-ever crypto czar.
These companies’ executives have already traveled to Washington, D.C. for the inauguration and its high-profile events.
Friday night, top executives hosted The Crypto Ball at the Mellon Auditorium, featuring Snoop Dogg, Rick Ross, and Soulja Boy as musical performances, according to Politico Playbook. The party was hosted by David Bailey, who runs a Bitcoin conference that Trump spoke at in 2024. Other sponsors included the Coinbase-backed advocacy group Stand With Crypto and the digital asset firms Exodus, Anchorage Digital and Kraken.
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— Nick Sortor (@nicksortor) January 18, 2025
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Those in attendance of the party included Trump’s oldest son Donald Trump Jr., Vivek Ramaswamy, and top GOP donor Peter Thiel. Lawmakers also attended the event including House Speaker Mike Johnson, Sens. Ted Cruz (R-TX), Cynthia Lummis (R-WY) and Katie Britt (R-AL), and Reps. Ryan Zinke (R-MT) and Bryan Steil (R-WI) as well as expelled Rep. George Santos (R-NY).
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Paul Manafort, who went to prison for financial fraud convictions revealed by special counsel Robert Mueller related to Manafort’s alleged collusion with the Russian government in 2016, received a thank-you shout-out from the host for “introducing” Trump to crypto.
The executive orders Trump is expected to sign on his first day might address debanking and the repeal of a policy requiring banks to count the digital assets they hold as liabilities on their balance sheet.