President Donald Trump’s inauguration was marked by an unprecedented level of opulence, largely made possible through a record $239 million received from corporate supporters and executives. This information was revealed in a recent filing with the Federal Election Commission. A significant contribution of $18 million came from the cryptocurrency sector, known for its strong support of Trump, the 47th president of the United States. Major contributors included firms from the oil industry like Exxon Mobil, tech giants such as Google, and a lobby group representing the U.S. vaping industry.
Among the crypto companies, Ripple Labs made a notable contribution of nearly $4.9 million, becoming the second largest donor after Pilgrim’s, which provided $5 million. Robinhood, another major player in the crypto market, donated $2 million. Other significant contributors included top exchanges like Coinbase, Kraken, and Crypto.com, as well as Circle, a stablecoin issuer that recently moved to go public, and the venture capital firm Paradigm, each donating $1 million.
Though many crypto firms had already acknowledged their donations, the latest filing highlights the extensive financial backing Trump received from the industry. Under the previous administration led by President Joe Biden, the SEC had enforced stringent measures against the crypto sector, alleging that most cryptocurrencies were securities needing strict regulatory compliance. This led to several lawsuits, prompting crypto executives to assemble a substantial financial reserve exceeding $130 million for supporting congressional elections and pro-crypto candidates.
Crypto leaders rallied behind Trump, who identified himself as a “pro-crypto president.” Notably, Tyler and Cameron Winklevoss, cofounders of the Gemini crypto exchange, each committed $1 million to Trump’s reelection efforts, while Jesse Powell, cofounder and chairman of Kraken, also donated $1 million.
Once back in the White House, Trump advocated for a crypto-friendly government by appointing an AI and crypto czar, sanctioning a strategic Bitcoin and digital assets reserve, and diminishing the influence of crypto litigation units at the Commodity Futures Trading Commission, the SEC, and the Department of Justice.
In light of these changes, lawsuits against donors to Trump’s inauguration, such as Coinbase, Crypto.com, Uniswap, Yuga Labs, Kraken, and Ripple, have been dismissed by the SEC. This report was initially published on Fortune.com.
