Top Crypto Industry Players Donate Substantially to President-Elect’s Inaugural Fund Donald Trump.
What happened : Companies such as Ripple, Coinbase, Kraken, Robinhood et Circle have collectively donated at least $10 million to the inaugural fund since Election Day.
According to a report from Politico, these contributions will be used to fund official events related to the inauguration, symbolizing the industry’s support for Trump, who is expected to be the first US president to take a clear stance in favor of cryptocurrencies.
The cryptocurrency industry also held a sold-out unofficial inaugural ball at the Andrew W. Mellon Auditorium in Washington on Friday evening. The event, at which Snoop Dogg participated as musical guest, was partly organized by David Baileywhich organized a conference on Bitcoin that Trump attended last summer.
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Ripple, currently facing enforcement action from the SEC, donated $5 million in digital tokens to the inaugural committee. US cryptocurrency exchanges Coinbase and Kraken, as well as stablecoin company Circle, each donated $1 million. Online broker Robinhood donated $2 million.
-Why it matters : These donations have sparked controversy, with Democrats and watchdog groups accusing the president of influence peddling. However, the cryptocurrency industry views this as a celebratory moment and a chance to interact with the new administration.
Due to ongoing regulatory uncertainties, these companies are likely looking to build strong relationships with the new administration, hoping to achieve a more favorable regulatory climate for cryptocurrencies.
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