In a striking display of political engagement, the cryptocurrency industry contributed a total of $18 million to former President Donald Trump’s latest inauguration, according to newly released documents from the U.S. Federal Election Commission and reporting by Fortune.
The contribution is part of a record-breaking $239 million raised for what has been called the most extravagant inauguration event in U.S. history.
The significant involvement of crypto-related companies and executives not only underscores the growing financial power of the industry but also its strategic push to influence future regulatory environments.
Trump’s recent pro-crypto rhetoric has clearly positioned him as a favorable candidate among digital asset firms preparing for the 2024 election.
Ripple Labs Stands Out with $4.9 Million Contribution Amid Legal Battle
Among all donors, Ripple Labs emerged as the second-largest contributor to Trump’s inauguration, offering a staggering $4.9 million.
The move is particularly notable given Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), a case that has become emblematic of the tensions between regulators and the crypto industry.
Ripple’s sizable donation suggests a clear strategy: to align with a political figure who may usher in more favorable crypto policies.
The top spot among contributors was taken by Pilgrims, a poultry giant, which donated $5 million.
Ripple’s presence near the top of the donor list highlights the company’s intent to play a leading role in shaping future policy discussions in Washington.
Contributions from Robinhood, Coinbase, Circle, and Other Industry Titans
Ripple was not alone in its financial support of the inauguration. A range of major crypto and fintech companies also opened their wallets.
Robinhood, the trading platform with a large crypto user base, contributed $2 million. Circle, the company behind the USDC stablecoin and a future IPO candidate, gave $1 million.
Additional donations came from high-profile exchanges such as Coinbase, Kraken, and Crypto.com, as well as venture capital firm Paradigm.
These contributions reflect a broader, industry-wide recognition that political capital may be just as important as technological innovation in the fight for regulatory clarity and market stability in the U.S.
Also Read: Bitcoin’s ‘Digital Gold’ Narrative Is Under Pressure As Gold Demand Rises, Says JP Morgan
Crypto’s Political Strategy: Defense or Offense in Washington?
The $18 million in inauguration donations from the crypto sector appears to be more than just a symbolic gesture, it’s a calculated political strategy.
Facing increased scrutiny and regulatory actions under the Biden administration, crypto firms are aligning with Trump, who has expressed a more relaxed stance on digital assets.
By investing heavily in political engagement, these companies are positioning themselves to influence the legislative and regulatory frameworks that will shape the future of digital finance in America.
In particular, for firms like Ripple that are entangled in legal challenges, supporting a pro-crypto candidate may serve both as a defensive measure and as a long-term bet on regulatory reform.
Recent Crypto Political Moves Reflect Industry’s Expanding Influence
The crypto industry’s political momentum isn’t limited to Trump’s inauguration. Other recent examples reinforce the sector’s deepening involvement in national politics.
Notably, Trump’s political action committee (PAC) has raised $7.5 million in crypto donations, underscoring continued support as the 2024 election looms.
Meanwhile, longtime Bitcoin critic Peter Schiff has also entered the spotlight, launching a campaign to grow his Bitcoin reserve through public donations, despite his skepticism toward BTC’s long-term value.
Together, these developments illustrate a critical turning point: crypto is no longer just a fringe financial innovation, it is a major political and economic force seeking a seat at the table in Washington.