Crypto companies are highly influential in Washington as Donald Trump prepares for his second term. Ripple, Coinbase, Kraken, Robinhood, and Circle have donated at least $10 million to Trump’s inaugural funds. These funds will cover the cost of the official major events in honor of the President-elect’s comeback.
The crypto industry looks at this as a very important moment. Although openly pro-crypto, Trump is the first U.S. president to pledge to advocate for the industry. The hype in Washington is already an indication of the motivation of the different crypto companies to be more influential in the talks about the new regulations that will affect the industry.
Ripple is in the spotlight with a $5 million token donation. Although they have had disputes with the SEC before. CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, who recently met Trump, will be present at Monday’s swearing-in.
Coinbase, Kraken, and Circle have donated $1 million each. Robinhood has not been left out, thus contributing an extra $2 million. Coinbase CEO Brian Armstrong has met Trump twice since Election Day, which is a clear sign of a strong and close relationship between the two industries.
The endorsement of the inaugural fund goes beyond just the funds alone. The digital currency area is contesting for slots on a proposed Digital Asset Advisory Committee. Under the chairmanship of crypto and AI magnate David Sacks, this assembly projects to be the prime mover of digital asset regulation.
Crypto-backed inaugural ball highlights cultural influence
Adding to the celebrations, a crypto-based inaugural ball will take place on Friday. The event, which is already sold out and has Snoop Dogg as the main attraction, clearly demonstrates the industry’s increasing cultural clout. Organized by David Bailey, the event is supported by Coinbase’s advocacy group, as well as numerous crypto firms.
But not everyone is pleased. Critics, like Sen. Elizabeth Warren, believe that these donations are a kind of buying influence. “Billionaires believe that they are the owners of this government,” Warren mentioned, calling the industry’s tactics discrete but brazen.
Crypto’s plenty of money and the growing connections with politicians is a new phase of the sector’s impact on US politics. The industry is celebrating, and it’s already evident that the year 2025 is going to determine the future of digital assets.
