Ripple, Crypto Firms Donate $18M to Trump's $239M Inauguration Fund

Crypto industry leaders and firms, including Ripple Labs, Robinhood, Coinbase, and Kraken, collectively contributed about $18 million to Donald Trump’s record-breaking $239 million inauguration fund, with Ripple donating the largest amount from the sector at nearly $5 million. These donations made crypto one of the most significant sources of support for Trump’s second-term festivities, second only to Pilgrim’s Pride Corp, a poultry producer. The strong financial backing reflects growing tensions between the crypto industry and the Biden administration’s regulatory stance, as well as Trump’s positioning as a pro-crypto president. Following the donations and Trump’s election, the SEC notably reduced its enforcement actions and settled or paused lawsuits against major crypto firms, including Ripple and Coinbase. The broader list of donors included major tech and financial firms, highlighting the significant role of digital asset companies in recent political fundraising. This convergence of political support and regulatory shifts has contributed to increased optimism within the crypto sector, despite ongoing market volatility and global economic uncertainty.