- The crypto market has slowly started to consolidate following a rocky start to Trump’s presidency.
- Meanwhile, an April 20 filing from the Federal Election Commission revealed that Trump’s inauguration fund received over US $250 million in donations.
- Several crypto companies emerged as supporters, including Solana Labs, Consensys and Uniswap’s CEO.
- Other major companies across industries – such as McDonald’s and Apple – were also major contributors.
The first few months of Donald Trump’s second presidency have been mixed for the crypto sector. Significant strides in regulation and administration–industry relationships have been offset by economic uncertainty amid a looming global trade war.
Despite the polarising tariffs, which have sent global financial markets into a state of flux, support for Trump appears pretty widespread across major crypto players.
According to documents revealed by the Federal Election Commission (FEC), several big-name digital asset businesses donated significant sums to Trump’s inauguration fund.
Related: US Court OKs Pause in SEC v. Ripple Tit-for-Tat Appeal Cases: Is it Finally Over?
Solana Joins Coinbase, XRP, with Seven-Figure Donation
Solana Labs led the charge, according to the filing, and parted ways with $1 million USD ($1.56 million AUD) to support the current US administration.
The April 20 document also unveiled handsome contributions from Uniswap’s CEO Hayden Adams ($245k USD [$381k AUD]) and MetaMask developers Consensys ($100k USD [$156k AUD]).
Interestingly, none of the freshly-revealed donators came close to matching Ripple Labs’ handout, which nearly surpassed $5 million USD ($7.8 million AUD).
Between Trump clinching the election and the report’s release on the crypto community’s favourite meme day, 4/20, his party received US $239 million (AU $372 million) worth of donations.
Some of the world’s biggest companies were responsible for this sum, including Meta, PayPal, FedEx and Apple.
Trump’s Crypto Play Rakes in the Big Bucks
It’s pretty easy to see why crypto companies are flocking to curry favour with DJT.
Despite a rocky relationship with the actual price of digital assets, it’s hard to deny his administration has been benevolent toward the industry’s evolution.
A slate of lawsuits spearheaded by the Securities and Exchange Commission (SEC) has been dropped, providing legal relief to major projects like Coinbase, OpenSea and XRP.
Meanwhile, a series of stablecoin bills are working through the chambers of parliament.
With so much regulatory change taking place, crypto companies want to put their hand up and have their issues heard.
And what better way to get the attention of someone than giving them a few million bucks?
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