Trump’s 2017 inauguration was the most expensive ever, raking in a whopping $239 million in donations. A big chunk of that came from the crypto world.
Crypto’s Generous Contributions
The crypto industry showed major support for Trump’s presidency, donating around $18 million to his inauguration. This highlights how much the industry wanted a president friendly to their interests.
- Ripple Leads the Pack: Ripple Labs was the biggest crypto donor, contributing almost $5 million – second only to Pilgrim’s Pride.
- Other Big Names: Robinhood chipped in $2 million, while Coinbase, Kraken, Crypto.com, Circle, and Paradigm each gave $1 million.
Trump: A Crypto Champion?
The current political climate is much different under President Biden. The government’s been cracking down on crypto, leading to increased spending by crypto companies to influence elections and support pro-crypto candidates. They’ve spent over $130 million doing just that.
Trump, on the other hand, was seen as a crypto-friendly president. He even appointed someone as an “AI and crypto czar.” He also talked about creating a Bitcoin reserve and seemed to lessen the regulatory pressure from agencies like the SEC and CFTC. Several prominent crypto figures, including the Winklevoss twins and Jesse Powell (Kraken), donated significant amounts to his reelection campaign.
The Aftermath
Interestingly, the SEC has dropped lawsuits against several companies that donated to Trump’s inauguration, including big names like Coinbase, Crypto.com, Uniswap, Yuga Labs, Kraken, and Ripple. However, the current market reflects a different story. XRP, Ripple’s token, is down, partly due to Trump’s past policies impacting the broader market.