A recent report by Fortune highlights President Donald Trump’s inauguration week as the most extravagant in history, fueled by an unprecedented $239 million in donations from corporate backers and executives, including key crypto players like Ripple Labs.
Pilgrim’s Pride Tops Donations At $5 Million, Followed By Ripple
Among the contributors, the cryptocurrency sector emerged as a significant force, channeling approximately $18 million to support Trump, showcasing the industry’s robust backing for his presidency.
Leading the pack of crypto donations was Ripple Labs. The blockchain payment company reportedly contributed nearly $4.9 million, making it the second-largest donor overall, just behind Pilgrim’s Pride, which donated $5 million.
Other notable contributors from the crypto realm included Robinhood, the online brokerage that generates substantial revenue from crypto trading, which donated $2 million.
Additionally, major exchanges such as Coinbase, Kraken, and Crypto.com, along with stablecoin issuer Circle and venture capital firm Paradigm, each donated $1 million, further solidifying the crypto industry’s influence in the political arena.
Trump’s Crypto-Friendly Agenda
The political climate took a sharp turn under President Joe Biden, whose administration has been characterized by a comprehensive crackdown on the crypto industry.
The SEC has alleged that many cryptocurrencies qualify as securities, subjecting them to stringent regulatory requirements. This intensified scrutiny has prompted crypto executives to mobilize considerable resources, spending over $130 million to influence congressional elections and advocate for pro-crypto candidates.
In contrast, the crypto sector found a staunch ally in Trump, who proclaimed himself a “pro-crypto president.” Notable figures in the industry, including Tyler and Cameron Winklevoss, co-founders of the Gemini exchange, each pledged $1 million to Trump’s reelection campaign.
Kraken’s co-founder and chairman, Jesse Powell, also contributed $1 million, reflecting the industry’s concerted effort to support a candidate perceived as favorable to their interests.
Following Trump’s election victory, the administration embraced a crypto-friendly approach. Trump appointed an “AI and crypto czar,” initiated the establishment of a strategic Bitcoin and digital assets reserve, and effectively diminished the regulatory enforcement capabilities of key agencies, including the SEC and the Commodity Futures Trading Commission (CFTC).
Notably, the SEC has since dropped lawsuits against several donors to Trump’s inauguration fund, including prominent names like Coinbase, Crypto.com, Uniswap, Yuga Labs, Kraken, and Ripple.
At the time of writing, Ripple-backed token XRP, trades at $2.0835, key support for the cryptocurrency’s future price movements after a sharp drop toward $1.61 on April 7.
However, on a monthly basis, XRP is down nearly 13% as Trump’s tariff policy has taken a notable toll on risk assets and broader crypto prices.
Featured image from DALL-E, chart from TradingView.com
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