Trump’s inauguration attracts large cryptocurrency donations

Big Cryptocurrencies are joining Big Tech and many others in corporate America by donating millions to President-elect Trump’s inauguration festivities, FOX Business has learned.

Cryptocurrency exchanges Coinbase and Kraken have donated $1 million to the Trump-Vance Inauguration Committee, the organization that is funding the three-day festivities, parades and dinners to celebrate. Donald Trump And Vice President-elect J.D. Vance’s big win in November electionwhich takes place in the days before and after the swearing-in on January 20.

Blockchain payments company Ripple will also make a $5 million contribution to the cryptocurrency token XRP, the digital asset it uses to facilitate its cross-border payments business.

The three companies confirmed the donations to FOX Business, and Coinbase said they were among the first cryptocurrency companies to contribute to the fund.

“Coinbase is committed to working with the administration and both sides to create regulatory clarity for cryptocurrencies, and it is important to engage early in order to hit the ground running,” the company’s vice president of US policy, Kara Calvert, said in a statement. Fox Business. “That’s why Coinbase has committed to supporting President Trump’s transition and eventual inauguration long before the election. We are eager to work with the most pro-crypto administration in US history as we build the future of crypto in America.”

Another cryptocurrency company, MoonPay, a digital asset payment provider, told FOX Business it would also donate to the fund but declined to reveal the exact amount.

News of cryptocurrency donations has not yet been reported.

The contributions make up a small portion of the record $200 million already pledged to the inaugural committee from corporate and individual donors, surpassing the previous record of $107 million raised by Trump’s first inaugural committee in 2017, and topping $62 million. Compiled by the Biden committee in 2017. 2021. A source at the Trump-Vance inauguration committee tells FOX Business they are confident they can reach $225 million by 2021. Opening Day.

The contributions from the crypto elite, many of whom are donating to a presidential inauguration fund for the first time, reflect the enthusiasm the industry has for Trump, who has promised a lighter regulatory touch than his predecessor Joe Biden. The industry has spent more than $200 million this election cycle, which included significant contributions from Ripple, Coinbase, and venture capital firm Andreessen Horowitz. Executives, including Kraken founder Jesse Powell and Andreessen Horowitz co-founders Marc Andreessen and Ben Horowitz, were among Trump’s largest individual donors.

A press representative for Andreessen Horowitz did not respond to requests for comment about whether the company plans to donate to the inaugural fund.

“Cryptocurrency innovation is shaping up to be as big, if not bigger, than the software and internet revolutions,” Kraken co-CEO Arjun Sethi told FOX Business. “For the first time, we have a president who truly understands the potential of a revolutionary technology and embraces the cryptocurrency sector. We are excited to continue working with President-elect Trump and his administration to push for long-overdue regulatory clarity and unlock this next wave of innovation.”

Since his election on November 5, Trump has already delivered on some of his promises to support the digital assets industry, including nominating crypto-friendly Paul Atkins as the next head of the Digital Assets Caucus. Securities and Exchange Commission. He also appointed David Sachs as the first-ever cryptocurrency and AI “czar,” a role in which Sachs will bridge the gap between the industry and regulators by working closely with them on policy initiatives, while chairing the President’s Council of Advisors for Science and Technology. .

“With the appointment of trusted and experienced crypto proponents like Paul Atkins and David Sachs to the Trump administration, the future of the cryptocurrency industry looks nothing short of promising,” Ripple CEO Brad Garlinghouse said in a statement to FOX Business. “I am optimistic that we can finally move beyond the failed war on cryptocurrencies that you have waged Elizabeth WarrenAttack dog, Chairman Gensler.” Current SEC Chairman Gary Gensler will depart on January 20, 2025, the same day as the inauguration.

Trump nominates Paul Atkins to lead the Securities and Exchange Commission

Trump has also filled his cabinet with crypto-friendly picks like his Treasury Secretary nominee Scott Besent, who has been a vocal advocate for the transformative potential of cryptocurrency and blockchain technology, Commerce Secretary nominee Howard Lutnick, and financial giant CEO Cantor Fitzgerald. In which he is personally invested greatly Bitcoin.

In addition to cryptocurrencies, major tech companies and their executives are also giving cash to Trump’s inaugural fund, including… Amazon founder Jeff Bezos, Facebook‘s Mark Zuckerberg, Uber CEO Dara Khosrowshahi and Sam Altman of OpenAI. Each of them donated one million dollars to the fund. Additionally, Bezos and Zuckerberg were among the tech CEOs who met with Trump in recent days at Mar-a-Lago.

Trump and Bezos sat down to dinner earlier this week

Earlier this week, Vlad Tenev, CEO of trading platform Robinhood, said Fox Business The company plans to donate $2 million to the inaugural committee.

The donations and one-on-one meetings with Trump represent a dramatic shift in tone for tech executives, many of whom were outspoken critics of Trump before his re-election, as they seek to mend ties with the de facto regulator.