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(Donald Trump reacts at the Bitcoin 2024 Conference in Nashville, Tennessee.)
Big cryptocurrencies are joining Big Tech and the rest of American companies in donating millions to President-elect Trump’s inauguration celebrations, FOX Business has learned.
Cryptocurrency exchange Kraken donated $1 million to the Trump-Vance inaugural committee, the organization funding the three-day spectacle of galas, parades and rallies celebrating Trump and his vice president-elect JD Vance’s big election victory. of November, which took place in the previous days. and after his swearing-in on January 20. Blockchain payments company Ripple will also make a $5 million contribution in its native crypto token XRP.
Both companies confirmed the donations to FOX Business. Another cryptocurrency outfit, MoonPay, a digital asset payments provider, told FOX Business that it will also donate to the fund, but declined to disclose an exact amount.
No news about crypto donations has been reported yet.
The contributions make up a small part 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 surpassing the $62 million dollars raised by the Biden committee in 2021. A source from the Trump-Vance inaugural committee tells FOX Business they are confident they can reach $225 million by the day of the inauguration.
Former US President Donald Trump, right, and Senator JD Vance, Republican of Ohio and Republican vice presidential candidate, stand together during a campaign event at Van Andel Arena in Grand Rapids, Michigan, US, on Saturday, July 20 2024. Triumph (Photographer: Emily Elconin/Bloomberg via Getty Images/Getty Images)
The contributions from the crypto elite, many of whom are donating for the first time to a presidential inaugural fund, reflect the enthusiasm the industry has for Trump, who has promised a lighter regulatory touch than his predecessor Joe Biden. The industry cut more than $200 million in political spending this election cycle with major contributions from Ripple, Coinbase, and venture capital firm Andreessen Horowitz. Executives like Kraken founder Jesse Powell and Andreessen Horowitz founders Marc Andreessen and Ben Horowitz were among Trump’s biggest individual donors.
Press representatives for Andreessen Horowitz and Coinbase did not respond to requests for comment on whether the companies plan 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 disruptive technology and embraces the crypto sector. We are excited to continue working with President-elect Trump and his administration to drive long-needed regulatory clarity and unlock this next wave of innovation.
Since being elected on November 5, Trump has already delivered on some of his promises to support the digital asset industry, including nominating cryptocurrency supporter Paul Atkins as the next chairman of the Securities and Exchange Commission. He also named David Sacks as the first cryptocurrency and AI ‘czar’, a role in which Sacks will bridge the gap between the industry and regulators by working closely with them on policy initiatives, while heading the President’s Council of Advisors for Science. and Technology. .
“With knowledgeable and trusted cryptocurrency advocates like Paul Atkins and David Sacks appointed to the Trump Administration, the future of the cryptocurrency industry looks bright,” Ripple CEO Brad Garlinghouse said in a statement to FOX Business. “I am optimistic that we will finally be able to overcome the failed war on cryptocurrencies waged by Elizabeth Warren’s attack dog, Chairman Gensler.” Acting SEC Chairman Gensler will depart on January 20, 2025, the same day as the inauguration ceremony.
TRUMP NOMINATES PAUL ATKINS TO LEAD SECURITIES AND EXCHANGE COMMISSION
Paul Atkins, CEO of Patomak Global Partners LLC, participates in a strategic and policy discussion with President Donald Trump at the Eisenhower Execution Office Building in Washington, April 11, 2017. (REUTERS/Joshua Roberts/File Photo/Reuters Photos)
Trump has also filled his Cabinet with cryptocurrency-friendly candidates, such as his Treasury Secretary nominee Scott Bessent, who has been a strong advocate for the transformative potential of crypto and blockchain technology, and Commerce Secretary nominee Howard Lutnick. , CEO of financial giant Cantor Fitzgerald. who has personally invested heavily in bitcoin.
In addition to cryptocurrencies, big tech companies and their executives are also shelling out cash to Trump’s inaugural fund, including Amazon founder Jeff Bezos, Facebook’s Mark Zuckerberg, Uber CEO Dara Khosrowshahi, and Sam Altman from OpenAI. Each donated $1 million to the fund. Additionally, Bezos and Zuckerberg are among the technology CEOs who have met with Trump in recent days at Mar-a-Lago.
TRUMP AND BEZOS SIT DOWN TO DINNER EARLIER THIS WEEK
Earlier this week, Vlad Tenev, CEO of trading platform Robinhood, told FOX Business that 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 by tech executives, many of whom had been outspoken critics of Trump before his re-election, as they seek to improve relations with their de facto regulator.
