Crypto Industry Celebrates Trump's Incoming Administration With a 'Crypto Ball' in Washington

Tech industry members of the digital-assets community attended the "Crypto Ball" Friday night in Washington, D.C., to celebrate the incoming administration of President-elect Donald Trump, which the crowd hopes will lift their sector into U.S. legitimacy.

The event was held at the Andrew W. Mellon Auditorium, where attendees wore tuxedos and finery, despite the industry's famous dressed-down style. Among the big names in crypto at the event were Michael Saylor, Brian Armstrong, the Winklevoss brothers and Jesse Powell. Future officials in the incoming administration were also present, most notably Trump's crypto czar pick, David Sacks.

As attendees drank cocktails and ate truffle tuna tartare, they enjoyed a performance from rapper Snoop Dogg and a visit from Speaker of the House Mike Johnson, which could be more significant for their Washington prospects.

The event marks the dramatic upswing in Washington fortunes for the crypto industry. With red "Make Bitcoin Great Again" hats being circulated at the event, the attendees are counting on a close relationship with the new administration and the new session of Congress, which could finally cement policy to establish digital assets as a full-fledged part of the regulated U.S. financial sector.

U.S. tech firms — including crypto companies — used inauguration contributions as another means of showing financial support for the new administration after Trump had already benefited from a number of big-dollar campaign supporters. Some of the crypto businesses that made major contributions to Trump's inaugural committee include Coinbase, Ripple, Kraken and Circle, which helped bring the total to record levels. Some of the same companies are also on the Crypto Ball's sponsor list.

The four-hour affair was advertised at various prices, with tickets ranging from $2,500 to $5,000. A spokesperson billed the event as an "exclusive social event," and the outside press was barred from joining the crowd of CEOs and founders.

The government auditorium is nestled among the neoclassical buildings that house the Environmental Protection Agency headquarters. It's the same historic space that saw the signatures that gave birth to the North Atlantic Treaty Organization and also President Bill Clinton's signing of the North American Free Trade Agreement (both of which are roundly criticized by the incoming president). On Sunday, the venue will also house the inauguration-eve party hosted by conservative news purveyor Newsmax.

By Monday, Trump will be sworn in as president. That ceremony is being moved indoors because of forecasts of temperatures even more frigid than the day Barack Obama first took the same oath. Trump's crypto supporters expect the ceremony to be quickly followed by a rain of executive orders and appointments that they're betting will put the industry on firmer footing with the U.S. government.