Crypto Firms Donate $85 Million to Trump’s Inauguration for Potential Gains

A report reveals that 15 crypto firms donated over $85 million to Trump’s Inauguration, receiving various benefits such as closed SEC investigations and lucrative partnerships. Trump, known as the Crypto President, attracted significant donations, allegedly leading to swift legal advantages for contributors, while also raising concerns of potential corruption and undue influence over regulatory processes.

According to a recent report, 15 firms and individuals from the cryptocurrency sector contributed over $85 million to President Trump’s Inauguration, each donating more than $100,000. Many of these donors received both direct and indirect advantages from the Trump administration, such as dropped legal proceedings, profitable business collaborations, and participation in significant events like Trump’s Crypto Summit.

Trump gained recognition as the Crypto President while vowing to implement friendlier regulations during his campaign. His inauguration festivities featured a dedicated “Crypto Ball,” attracting donations from various prominent crypto firms. A report detailing these contributions has unveiled intriguing connections between donations and subsequent legal outcomes involving donors.

Notably, many donors, including Coinbase, Crypto.com, and Ripple, had their SEC investigations resolved positively since the onset of Trump’s presidency. Although the SEC may have shifted its stance independently regarding crypto enforcement, it is likely that the favourable perception of Trump’s administration contributed to the swift resolution of these cases.

Almost half of the donor firms experienced rapid legal reprieve, but they allegedly received additional regulatory benefits, too. Circle, for instance, claimed its IPO was facilitated by the Trump administration, while Galaxy Digital secured SEC approval for substantial restructuring, vital for its NASDAQ listing.

Furthermore, firms like Crypto.com forged financial partnerships with enterprises linked to the Trump family. CEOs, such as Brad Garlinghouse of Ripple, even predicted a crypto market boom during Trump’s term, especially as XRP, Solana, and Cardano received unexpected recognition in the US Crypto Reserve announcements. Notably, these companies contributed significantly to the inauguration.

Overall, most of the involved firms derived at least some discernible benefit from their donations, gaining access to events like Trump’s Crypto Summit. However, some groups, including the Ethereum Foundation, were overlooked, leading to allegations of corruption regarding Trump’s connections to the crypto industry. While some claims may lack robust evidence, the shifts in the crypto landscape under Trump’s administration are unmistakable, presenting a mix of outcomes for the sector.