The inauguration function of Donald Trump is set to take place on January 20, 2025. The general anticipation is that the United States will witness a lavish inaugural function – far more extravagant than in the previous inaugurations.
The inauguration committee has already collected $200 million, and the fund is expected to cross $225 million before the inauguration day. Notably, it is the unprecedented support from the crypto industry that has pushed the fund to this high level. Curious to know more? Read on!
Why Crypto Companies Are Backing Trump
During the US election campaign, Donald Trump presented himself to the electorate as a pro-crypto candidate. He promised to formulate policies necessary to strengthen the cryptocurrency sector, and assured voters he would dismantle policies that have stifled the growth potential of the sector.
Ripple, a crypto company that is fighting a tough legal battle with the US SEC, has donated more than $5 million, as per reports.
Coinbase and Kraken are among crypto companies that have made significant contributions to the inauguration committee. Reports suggest that Coinbase and Kraken have contributed at least $1 million each.
Interestingly, some crypto companies, like MoonPay, have declined to comment on how much they have contributed to the inauguration fund.
Record Fundraising Efforts for Trump’s Inauguration
As per a recent report, at least $200 million has been collected so far by the inaugural committee for the three-day celebration, which will mark the official commencement of Trump’s presidency.
The report notes that the inaugural committee is preparing to amass over $225 million before the inauguration day.
Trump’s Crypto-Friendly Appointments
Trump recently named a pro-crypto advocate, Paul Atkins as the successor of Gary Gensler, who is set to step down from his post of the US SEC chairman on the day when Trump takes his oath as the president.
Reports indicate that Trump is planning to bring in several pro-crypto figures to his cabinet. There is a high chance that vocal crypto supporters, Scott Bessent and Howard Lutnick, will secure key positions in Trump’s cabinet.
Recently, Brad Garlinghouse, the CEO of Ripple, welcomed the appointments made by Trump, terming the action as a fresh start for the crypto industry.
Big Tech Joins the Fundresing Wave
It seems that not just the crypto industry, but also the entire technology sector is enthusiastic about the beginning of the presidency of Republican leader Donald Trump.
Among top tech company figures who have contributed to the inauguration fund are Jeff Bezos, Mark Zuckerberg and Sam Altman.
Reports say that each of these three top tech leaders have donated $1 million to the inauguration fund.
In conclusion, as Trump’s pro-crypto administration takes shape, the industry’s historic support reflects optimism for regulatory clarity and innovation. Both crypto and tech leaders are poised to collaborate with the new administration to build the future of digital assets.
