Crypto Firms Donated Over $18 Million to Trump's Inauguration Fund, New FEC Report Shows

A new Federal Election Commission (FEC) report has shown that crypto firms and stakeholders donated over $18 million to Donald Trump's inauguration.

Crypto firms and stakeholders donated over $18 million to former President Donald Trump’s inauguration, a new Federal Election Commission (FEC) report has shown.

The revelation adds a new meaning to the series of pro-crypto moves made under the Trump administration, which saw the administration introduce policies that favored crypto firms and stakeholders.

According to FEC data seen by Blockstix, crypto donors accounted for a significant portion of the $245.27 million donated to Trump’s inauguration fund after the last presidential election.

The biggest crypto donor was Ripple, the issuer of XRP, which donated $4.9 million, more than every other company except multinational food producer Pilgrim’s, which donated $5 million.

After Ripple, the next biggest crypto donor was retail trading platform Robinhood, which donated $2 million. Several other firms donated $1 million each. These include crypto exchanges Coinbase (COIN), Kraken, and Crypto.com, stablecoin issuer Circle, Solana Labs, crypto venture capital firm Galaxy Digital, and tokenization platform Ondo Finance.

Cardano’s Input Output Global donated $250,000, while Bored Ape’s Yuga Labs and Consensys donated $100,000 each.

Individuals also donated significantly to the fund. Among the biggest personal donors were Uniswap CEO Hayden Adams, Multicoin Capital co-founder Kyle Samani, Paxos CEO Charles Cascarilla, and Coinbase and Paradigm co-founder Fredrick Ernest Ehrsam III.

Each of these individuals donated at least $250,000 to the inauguration fund. In total, crypto firms and executives donated at least $17.9 million to the fund.

The new report comes as the Trump administration has been making a series of pro-crypto moves. Earlier this year, the administration announced a new Digital Assets Stockpile that will include Bitcoin, Ethereum, Cardano, Solana, and Stellar.

The administration has also been engaging with crypto firms and executives, inviting them to participate in White House events and meetings.

Recently, the White House hosted a Crypto Summit, where it brought together some of the biggest names in the crypto industry to discuss the future of digital assets.

Among the executives who attended the event were Multicoin Capital's founders, Paradigm co-founders, and executives from Circle, FTX, Galaxy, and Block. However, some major crypto organizations, including the Ethereum Foundation, were not invited to the event.

The administration has also taken steps to advance the use of digital assets in government services. Earlier this year, the Internal Revenue Service announced that it will begin accepting cryptocurrency payments for taxes in 2025.

The new report from the FEC sheds light on the role of crypto firms and stakeholders in funding political campaigns. It is clear that these firms and stakeholders are increasingly engaging in the political process.

As the cryptocurrency industry continues to grow and evolve, it will be interesting to see how these firms and stakeholders continue to engage in the political sphere.