Cryptocurrency companies are contributing significantly to Donald Trump's inauguration in hopes of fostering a favorable relationship with the incoming administration.
Massive Donations from Crypto Giants
Leading cryptocurrency firms, including Ripple, Kraken, and Coinbase, are making significant financial contributions to Trump's inauguration. Ripple has donated $5 million in XRP, while Kraken and Ondo Finance have each committed $1 million. These donations are viewed as strategic investments in the future of digital currencies.
Why the Crypto Industry Is All In for Trump
The crypto industry hopes for clear regulations under Trump, whose pro-business stance promises reduced regulatory barriers. Companies like Coinbase are committed to working with the administration to create regulatory clarity for crypto assets.
Crypto-Friendly Appointments
The crypto industry's support is reciprocated with pro-crypto appointments in Trump's administration. Paul Atkins, a crypto advocate, is set to lead the SEC, offering hope for less stringent regulation. Additionally, the role of 'crypto and AI czar' has been introduced, with David Sacks appointed to the position.
Through substantial donations, the crypto industry seeks to establish a more favorable business climate in the Trump administration. It remains to be seen if these contributions will yield the intended regulatory changes.
