Crypto Industry Pumps Millions into Trump’s Inauguration Fund

The cryptocurrency sector has emerged as a significant financial contributor to President-elect Donald Trump’s upcoming inauguration, slated for 20 January. Reports indicate that major players in the crypto industry have collectively donated millions, aligning their support with Trump’s administration.

Ripple, a prominent blockchain firm currently entangled in a legal battle with the U.S. Securities and Exchange Commission (SEC), made a notable contribution of $5 million in XRP tokens. Similarly, Coinbase, the largest crypto exchange in the United States, has added $1 million to the inauguration fund.

Kraken, a well-established crypto exchange headquartered in San Francisco, has also pledged $1 million towards the event. Kraken’s founder, Jesse Powell, who previously faced FBI scrutiny over hacking allegations, is reported to have personally donated an additional $845,000 worth of cryptocurrency to Trump’s campaign efforts.

Stablecoin issuer Circle joined the list of contributors by donating $1 million in USDC stablecoins. Meanwhile, decentralized finance (DeFi) platform Ondo Finance followed suit, providing another $1 million in donations. Robinhood, which has increasingly expanded its crypto services, has also committed $2 million to the inauguration fund.

Interestingly, traditional tech giants in Silicon Valley have mirrored the crypto sector’s enthusiasm, with both Google and Meta announcing $1 million contributions.

According to watchdog group Public Citizen, the broader crypto industry has donated over $119 million to Trump’s re-election campaign. Key contributors include Coinbase and Ripple, underscoring the sector’s vested interest in shaping future regulatory and economic policies. This marks a shift from Trump’s previous stance when he famously referred to Bitcoin as “a scam against the dollar.” However, his tone changed in 2024 when he pledged to make the United States a “crypto capital” during the Bitcoin Conference in Nashville.

As the inauguration approaches, the substantial financial backing from the crypto world highlights the industry’s growing influence in U.S. politics, potentially paving the way for significant regulatory developments in the years to come.