Circle has joined Ripple, Coinbase, and Kraken in sponsoring Trump's second inauguration committee. Circle CEO Jeremy Allaire announced a $1M USDC donation. The move shows cryptocurrency's rising political significance.
Trump's team hoped to raise $150M for the inaugural events — and they have already surpassed their objective. Ripple pledged $5M of XRP. Coinbase, Kraken, and Ondo Finance contributed more than $3M. Technology executives are also opening their money. Jeff Bezos, Sam Altman, and Mark Zuckerberg each contributed $1M. Robinhood Markets has committed $2M. Uber and its CEO have each contributed $1M.
There are no limits on inaugural committee donations. The funds will go towards galas and parades.
Trump's inauguration is scheduled for January 20, 2025, in the US Capitol. The crypto industry predicts significant changes under Trump. His government may establish a more favorable regulatory environment for digital assets. This could lead to global trends and more institutional participation in crypto markets.
Allaire views the donation's acceptance as a sign of progress. It shows "how far we have come and the potential and power of digital dollars," he said. The donation may help foster positive relationships with the incoming administration.
The crypto community is keeping a close eye on Trump as he prepares to resume office. Clear norms may cut confusion for investors and enterprises. The shift might herald a new age for digital currencies in America and elsewhere.
