Ripple, a leading cryptocurrency company, has pledged $5 million in XRP to President-elect Donald Trump’s inaugural committee, which will be used to organize the three-day inaugural festivities, including galas, parades, and dinners, which will take place in January 2025.
In addition to Ripple, other cryptocurrency companies also supported the event. Coinbase and Kraken, two of the largest cryptocurrency exchanges in the U.S., each contributed $1 million. Additionally, MoonPay, a digital payments company, also offered financial support, although it did not disclose the exact amount.
In total, the inaugural committee has already raised more than $200 million, a record for any previous presidential inauguration. By comparison, Donald Trump’s first inauguration in 2017 raised $107 million, and Joe Biden’s in 2021 raised $62 million. The total is expected to grow to $225 million by Inauguration Day.
Friendly administration for cryptocurrencies
The support from cryptocurrency companies comes amid optimism about the incoming Trump administration’s policies, which promise a more friendly approach to regulation of the digital asset sector. One key sign is the nomination of Paul Atkins, a well-known crypto advocate, as chairman of the Securities and Exchange Commission (SEC). Additionally, Donald Trump has appointed David Sacks to the newly created position of cryptocurrency and artificial intelligence “czar.”
These decisions are aimed at strengthening cooperation between the cryptocurrency industry and regulators and creating favorable conditions for the development of the digital assets market in the US.
XRP Value Increase
Donald Trump’s presidential election victory boosted the value of XRP, a cryptocurrency linked to Ripple. Since the election results were announced, its price has risen significantly, which analysts attribute to investor optimism about the incoming administration.
A friendly policy towards cryptocurrencies could become an impulse for further development of the entire digital asset market. Ripple and other companies in the industry see these changes as an opportunity to solidify cryptocurrencies as an integral part of the global financial system.
Summary
The donation of Ripple and other cryptocurrency companies to Donald Trump’s inaugural committee is a clear signal of support for the new administration, which has announced a more open approach to cryptocurrency regulation. The friendly policies of the US government could benefit both XRP and the entire digital asset market, which is eagerly awaiting developments.
