Trump’s Inauguration: A Historic Display of Corporate Support
In a comprehensive analysis by Fortune, it has been revealed that President Donald Trump’s inauguration week set a new standard for opulence, backed by an astonishing $239 million in contributions from corporate sponsors and executives. This impressive financial endorsement included significant input from the cryptocurrency sector, with Ripple Labs at the forefront.
Major Donors: Pilgrim’s Pride and Ripple Lead the Charge
The cryptocurrency industry played a pivotal role in this historic financial backing, channeling around $18 million in support of Trump. Ripple Labs emerged as a leading contributor, with nearly $4.9 million donated, positioning them just behind Pilgrim’s Pride, who topped the donations with $5 million.
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Other prominent crypto-related donations came from Robinhood, a notable online brokerage known for its crypto trading services, contributing $2 million. Additionally, major players like Coinbase, Kraken, Crypto.com, stablecoin issuer Circle, and venture capital firm Paradigm each pledged $1 million, underscoring the crypto industry’s substantial political influence.
Trump’s Supportive Stance on Cryptocurrency
Under the leadership of President Joe Biden, the political landscape has shifted significantly, marked by intensified regulatory scrutiny on the cryptocurrency industry. The SEC has categorized many cryptocurrencies as securities, subjecting them to rigorous regulations. In response, crypto industry leaders have rallied substantial resources, spending over $130 million to sway congressional elections in favor of crypto-friendly candidates.
Conversely, the crypto community found a staunch supporter in Trump, who declared himself a “pro-crypto president.” This alignment was further demonstrated by notable industry figures such as Gemini exchange co-founders Tyler and Cameron Winklevoss, each pledging $1 million towards Trump’s reelection campaign.
Kraken’s co-founder and chairman, Jesse Powell, also contributed $1 million, reflecting the industry’s strategic investment in a candidate supportive of their objectives.
Pro-Crypto Policies During Trump’s Administration
Following his election, Trump’s administration actively promoted a crypto-friendly agenda. Initiatives included appointing an “AI and crypto czar,” establishing a strategic reserve for Bitcoin and digital assets, and reducing the regulatory powers of key agencies like the SEC and CFTC. Notably, the SEC has since ceased legal actions against several inauguration fund donors, including prominent entities like Coinbase, Crypto.com, Uniswap, Yuga Labs, Kraken, and Ripple.
As of the latest data, Ripple’s token XRP is trading at $2.0835, maintaining a crucial support level following a significant drop to $1.61 on April 7. Despite monthly declines of nearly 13%, influenced by Trump’s tariff policies affecting risk assets and broader crypto markets, XRP remains a focal point for investors.
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