The upcoming inauguration of Donald Trump on January 20, 2025, is on track to be one of the most opulent events in the annals of U.S. history. With substantial financial backing and high-profile supporters, the event is poised to capture global attention as a potentially historic celebration.
Unprecedented Fundraising Efforts
The inauguration committee has managed to amass an impressive $200 million, and forecasts suggest that this figure could exceed $225 million before the momentous day arrives. Notably, a significant portion of this funding is sourced from the burgeoning cryptocurrency industry, marking an unprecedented development in the arena of U.S. political history.
Why Crypto Giants Are Backing Trump
During his campaign, Trump positioned himself as a pro-crypto candidate, advocating for the elimination of restrictive policies and championing a regulatory framework conducive to the growth of the cryptocurrency sector. This clear and supportive stance has earned him considerable backing from influential figures within the digital asset community.
Among the notable contributors, Ripple has reportedly donated over $5 million to the inauguration fund, despite its ongoing legal challenges with the SEC. Other prominent crypto firms, including Coinbase and Kraken, have also pledged their support, each contributing at least $1 million. Meanwhile, some companies like MoonPay have chosen to keep their contributions confidential, adding an air of intrigue to their participation.
A Pro-Crypto Cabinet in the Making
Trump’s presidency holds the potential to usher in significant regulatory changes for the cryptocurrency landscape. His initial strategic move involves appointing Paul Atkins, a known pro-crypto advocate, to succeed Gary Gensler as the SEC chairman on Inauguration Day. Reports indicate that Trump is keen on filling his cabinet with other crypto-friendly figures such as Scott Bessent and Howard Lutnick. Ripple CEO Brad Garlinghouse has expressed his approval of these appointments, describing them as a “fresh start” for the crypto industry.
Big Tech Joins In
It appears that enthusiasm for Republican leader Donald Trump’s presidency extends beyond the crypto sphere, resonating across the entire technology sector. Notable tech industry personalities like Jeff Bezos, Mark Zuckerberg, and Sam Altman have all contributed to the inauguration fund, with each reportedly donating $1 million. This robust support from both the cryptocurrency and tech industries underscores a shared anticipation for a more innovation-friendly environment under Trump’s administration.
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