According to a new report, 15 companies and individuals in the crypto industry have donated more than $100,000 to President Trump’s inauguration, totaling over $85 million.
Almost all of these companies apparently received direct or indirect benefits from the Trump administration. This includes reducing legal proceedings, profitable business partnerships and participation in Trump’s crypto summit.
Crypto Industry has been all in on Trump’s inauguration
Donald Trump has gained a reputation as crypto president since he promised to bring friendly regulations to the campaign’s trajectory.
Trump’s inauguration festival includes “crypto balls,” with several well-known companies making donations to these events. Today, the report summarises all crypto-related contributions of over $100,000, revealing some interesting facts.
Crypto donations for Trump’s inauguration. Source: Fortune
Since taking office, President Trump and his family have been said to be involved in prominent code controversies, and these donations may be related to some of them.
For example, eight donors, Coinbase, Crypto.com, Uniswap, Yuga Labs, Kraken, Ripple, Robinhood, and Consensys, filed SEC investigations or lawsuits that were closed since Trump’s term began.
The committee may have dropped the investigation into these companies anyway due to a change in attitude towards code enforcement. But being in a good president’s book could probably help the process.
Claiming benefits to donors
In other words, almost half of the companies that donated to Trump’s inauguration have seen their legal issues have been resolved rapidly. This is not just about the regulatory benefits they allegedly received.
For example, the circle recently created an IPO after publicly saying that Trump’s presidency made it possible. Galaxy Digital has received SEC approval for a major reorganization, a key step in the NASDAQ list.
Other donors such as Crypto.com and Ondo have gained more direct financial partnerships with companies associated with the Trump family.
Previously Ripple CEO Brad Garlinghouse had anticipated the code bull market under Trump. Additionally, XRP, Solana and Cardano were all unexpectedly included in the announcement of US crypto-protected areas.
All three of these companies made massive donations to Trump’s inauguration.
Most of the companies involved seem to have at least some sort of significant profit from these contributions. Donors like Multicoin and Paradigm received invitations to Trump’s Crypto Summit, while much more prominent groups like the Ethereum Foundation were snubbed.
Meanwhile, KOLs and community members from various industries have already argued for major corruption in Trump’s crypto connections.
While some allegations may lack considerable evidence, both because of the cryptography, the cryptospace has changed dramatically under the new administration.
