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President of the United States of America, Donald Trump’s second inauguration has become the most lavish in American history, supported by a record-breaking US$239 million worth of donations. A large portion, close to US$ 18 million, was provided by cryptocurrency companies and executives who were keen on funding Trump’s return to the White House. Ripple Labs was the crypto giving leader with US$4.
9 million, ranking as the second-largest donor total behind poultry behemoth Pilgrim’s Pride, which gave US$5 million. Trading platform Robinhood , a crypto heavyweight in terms of its business, contributed US$2 million. Other notable crypto donors, Coinbase, Kraken, Crypto.
com, stablecoin issuer Circle, and VC giant Paradigm, each gave US$1 million to the effort. Trump Courts Crypto with Regulatory Rollbacks and Policy Support The enormous financial display of support from crypto participants comes after years of escalating tensions with the Biden administration, which has begun an aggressive regulatory push. The SEC had designated a number of cryptocurrencies as securities, prompting lawsuits and enforcement actions throughout the industry.
In turn, crypto leaders rallied around Trump, who consistently marketed himself as a ‘pri-crypto president.’ Gemini co-founders and twin brothers Tyler and Cameron Winklevoss each donated US$1 million to Trump’s reelection campaign, and Kraken chairman Hesse Powwel donated US$1 million. Trump’s first year in office has already demonstrated his election promises to the crypto industry .
His administration unveiled a designated ‘AI and crypto czar,’ initiated strategies to create a digital asset strategic reserve, and toned down enforcement efforts at entities like the SEC and the CFTC. Prominently, the SEC itself has subsequently rejected several lawsuits against companies that have contributed to Trump’s inauguration fund, such as Ripple, Kraken, Coinbase, and Uniswap. XRP Remains Steady Regardless of Market Sentiment XRP, Ripple’s native coin, remains steadfast above US$2 regardless of more general stock market angst tied to Trump ’s economic stance, such as fresh tariffs.
Although XRP dipped briefly at US$1.61 earlier this month in April, it rebounded since, although it still trails by about 13 percent for the month. Trump’s record-breaking inauguration not only redefined campaign fundraising traditions but also marked the day that the cryptocurrency sector made its presence felt in Washington .
With wallets full of money and political supporters, crypto’s power seems more embedded than ever..
