After actively financing Donald Trump’s campaign, several major crypto-industry players have made sizable donations to the U.S. president-elect’s inaugural fund, Decrypt noted.
Such political donations are used by private businesses to gain access to events tied to the transfer of power. They offer the chance to meet members of the incoming administration and, potentially, curry favour with the president.
According to The New York Times, funds raised by Mr Trump’s team set a record, nearing $200m. Some donors gave “seven-figure sums” without any chance of VIP access because available slots had run out, the paper noted.
Ripple
A representative of the California fintech firm told Decrypt it contributed $5m worth of XRP to Mr Trump’s inaugural committee.
Days ago, Ripple’s CEO, Brad Garlinghouse, and chief legal officer, Stuart Alderoty, met the politician over dinner.
Great dinner last night with @realDonaldTrump & @s_alderoty.
Strong start to 2025! pic.twitter.com/UjM6lahUG4
— Brad Garlinghouse (@bgarlinghouse) January 8, 2025
In October, Garlinghouse said a “reset” of the crypto industry after the presidential election was inevitable. He did not tie this to the outcome, arguing that the current administration’s hostility toward the sector would give way regardless.
Ripple co-founder Chris Larsen donated large sums to support Mr Trump’s opponent, the Democratic nominee Kamala Harris.
Robinhood
According to Decrypt, the online broker, which has expanded crypto support in recent years, sent $2m to the inauguration fund.
“Robinhood is pleased to welcome a new era of American innovation and smart regulation that promotes free markets, investor access and consumer choice,” said the company’s vice president Mary Elizabeth Taylor to the publication.
She stressed Robinhood’s readiness to work with the Trump administration to bring “positive changes to markets” and “democratize finance.”
Coinbase
A representative of the largest U.S. bitcoin exchange told Decrypt it donated $1m to Mr Trump’s inauguration.
The firm was among the first donors, wiring funds in mid-December.
“Coinbase seeks to work with the administration and both sides of Congress to create clarity in crypto regulation. And it is important to start early so we can get to work right away,” said vice-president Kara Calvert.
Circle
The issuer of the second-largest stablecoin, USDC, donated tokens worth $1m to the inaugural committee.
@circle has contributed 1M USDC to President Trump’s Inaugural Committee. We are excited to be building
a great American company, and the fact that the Committee took payment in USDC is an indicator of how far we have come, and the potential and power of digital dollars.— Jeremy Allaire — jda.eth / jdallaire.sol (@jerallaire) January 9, 2025
“We are excited to be building a great American company, and the fact that the committee accepted payment in USDC is an indicator of how far we have come, and the potential and power of digital dollars,” wrote Circle co-founder and CEO Jeremy Allaire.
Kraken
The U.S. cryptocurrency exchange’s donation likewise totalled $1m.
In June, Kraken co-founder Jesse Powell donated a similar amount, “predominantly in ETH,” to support Mr Trump’s campaign.
Major backers of the politician also included the Gemini co-founders, the Winklevoss twins.
The total raised in digital assets for Mr Trump’s campaign topped $20m.
Ondo Finance
The project specialising in decentralised investment products also contributed $1m to the president’s inauguration.
Ondo Finance is contributing $1M to @realDonaldTrump’s inauguration fund, backing the new administration’s drive to strengthen America’s global financial leadership through digital asset innovation. ??
? https://t.co/XhcNl20cJ7@nathanlallman, Founder & CEO of Ondo Finance,… https://t.co/6Z91k45RTS
— Ondo Finance (@OndoFinance) December 21, 2024
“As a leader in the RWA segment, Ondo Finance aims to make American financial assets more accessible worldwide through innovative blockchain solutions. In support of this mission, we seek to be a partner in shaping policies that expand access to U.S. financial markets and enhance their global competitiveness,” said the company’s co-founder and CEO, Nathan Allman.
In January 2023 the firm was the first to tokenise U.S. Treasury bonds.
Moonpay
The digital payments platform with support for cryptoassets confirmed it had made a donation to the inaugural fund. However, a Moonpay representative declined to disclose the amount to Decrypt.
Earlier, Bitwise CIO Matt Hougan concluded that politicians’ stance on crypto is irrelevant to the industry. A similar view was voiced by former BitMEX CEO Arthur Hayes.