As a seasoned observer of the intersection between technology and politics, I find it intriguing to see the growing influence of cryptocurrencies in the political landscape. The recent pledge by Ripple and other crypto firms to donate millions towards President-elect Trump’s inauguration is a clear testament to this trend.
Ripple has committed to donating 5 million dollars’ worth of XRP towards the festivities marking the swearing-in ceremony of President-elect Donald Trump and Vice President-elect J.D. Vance, which is scheduled for January.
Additionally, companies like Coinbase, Kraken, and Ondo Finance have also made substantial contributions to the fund supporting the inauguration.
Crypto Companies Are Contributing Over $8 Million to Trump’s Inauguration
Based on reports from Fox Business, both Coinbase and Kraken donated a total of $2 million to the Trump-Vance Inaugural Fund.
This group is planning a sequence of festivities such as balls, processions, and banquets, to honor the triumph in the November elections. The multi-day jubilation will occur near the inauguration ceremony scheduled for January 20th.
Concurrently, it’s reported that Ondo Finance is contributing $1 million to the initial fund. This announcement comes after Ondo reached an all-time high of $2.14 earlier this week, which was boosted by a $250,000 investment from World Liberty Financial, a cryptocurrency project endorsed by Trump.
Ripple Sets New Standard for Cryptocurrency Donations with a $5M Contribution to Trump’s Inauguration Fund. By donating 5 million dollars worth of XRP, Ripple has made the largest cryptocurrency donation in history, contributing to Trump’s $200 million inaugural fund. This move demonstrates that cryptocurrencies are no longer just investment alternatives; they are shaping the political landscape in real-time, as reported by Mario Nawfal on X (previously Twitter).
As a researcher, I’ve observed that these crypto leaders are offered various benefits in return for their generous donations. Specifically, those who contribute $1 million or raise $2 million are granted access to six invitations for exclusive events taking place during the inauguration weekend.
These occurrences encompass a dinner with Trump and Vance, as well as a gathering with Trump’s upcoming Cabinet members, along with other potential meetings. This situation offers an excellent chance for businesses such as Ripple and Ondo to create a more advantageous impact on the incoming administration.
Crypto Donations Take Center Stage
Contributions made through cryptocurrencies have significantly impacted the ongoing political campaign process. Previously reported by BeInCrypto, three Political Action Committees (PACs) with ties to crypto collectively donated approximately $133 million towards election campaigns. Notable among these top contributors were Ripple, Coinbase, and Jump Crypto.
Following the election, Brad Garlinghouse, CEO of Ripple, added another $25 million to Fairshake, a political action committee advocating for cryptocurrency. This group has amassed a total of $103 million for the upcoming 2026 midterm elections.
Over the past year since President Trump’s re-election, leaders in the cryptocurrency sector have been actively pursuing dialogue with the incoming government. Just recently, the CEO of Crypto.com, Kris Marszalek, held a meeting with President Trump to discuss favorable policies for cryptocurrencies and potential financial appointees who share this perspective.
Last month, it was reported that Brian Armstrong, the CEO of Coinbase, held a private discussion with former President Trump, primarily concerning possible staff appointments within the administration.
The initiatives have already produced some outcomes. Specifically, the position of the SEC Chair has changed hands, with Gary Gensler stepping down, and Paul Atkins, known for being supportive of cryptocurrencies, taking over.
Furthermore, Trump appointed David Sacks as the inaugural Advisor for AI and Cryptocurrencies. These advancements suggest that the crypto market may play a significant role in shaping policy during Trump’s term in office.
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2024-12-21 04:40