The cryptocurrency sector is throwing its weight behind President-elect Donald Trump’s administration, with major firms making significant donations to his inaugural committee.
At a Glance
- Circle donated $1 million in USDC to Trump’s inaugural committee
- Ripple, Coinbase, and Kraken also made substantial donations
- Trump’s pro-crypto stance attracted strong backing from the industry
- The inauguration fund is expected to surpass $225 million
- Trump has made several pro-crypto appointments and promises
Cryptocurrency Giants Back Trump’s Inauguration
In a bold move signaling the cryptocurrency industry’s growing influence in mainstream politics, major players in the sector are making substantial donations to President-elect Donald Trump’s inaugural committee. This surge of support from the crypto world underscores the industry’s hope for favorable policies under the new administration.
Leading the charge is Circle, a prominent stablecoin issuer, which has donated $1 million in USDC to Trump’s inaugural committee. This marks Circle’s first major political contribution in the United States and highlights the increasing acceptance of digital currencies in political fundraising.
Circle donates $1 million in USDC to Trump's inaugural committee, says CEO Jeremy Allaire https://t.co/eEbkAzbWZR
— The Block (@TheBlock__) January 9, 2025
Industry-wide Support and Expectations
Circle’s donation is not an isolated gesture. Other major cryptocurrency firms have also stepped forward with significant contributions. Ripple has pledged $5 million in XRP tokens, while both Coinbase and Kraken have each committed $1 million to Trump’s campaign.
The acceptance of these donations, particularly in the form of digital currencies, is seen as a promising sign for the industry’s future under the Trump administration. The total fund for Trump’s inauguration committee is anticipated to exceed $225 million, surpassing the $107 million raised in 2017.
Trump’s Pro-Crypto Stance
The cryptocurrency sector’s enthusiastic support for Trump stems from his increasingly pro-crypto stance and promises of regulatory reform. This marks a significant shift from his previous criticisms of Bitcoin, with Trump now advocating for ensuring Bitcoin production in the USA.
“Coinbase committed to supporting President Trump’s transition and ultimately his inauguration well ahead of the election. We’re eager to work with the most pro-crypto Administration in US history as we build the future of crypto in America,” Coinbase VP of US Policy Kara Calvert said.
Trump has made several pro-crypto appointments, including naming David Sacks as the first crypto and AI advisor to oversee regulatory collaboration with the industry. He has also engaged with industry leaders, including meetings with Crypto.com’s Kris Marszalek and Ripple executives, signaling a strong commitment to fostering partnerships within the crypto ecosystem.
