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Ripple Pledges $5M in XRP to Donald Trump’s Inauguration
Ripple Pledges $5M in XRP to Donald Trump’s Inauguration
December 21, 2024
Ripple, XRP
Cryptocurrency companies, including Ripple, are contributing millions to fund the inauguration celebrations of United States President-Elect Donald Trump.
As reported by FOX Business, Ripple has pledged to contribute $5 million worth of XRP to the Trump-Vance inaugural committee. This committee is responsible for financing the three-day inaugural celebration of Trump and his Vice President, JD Vance, following their victory in last month’s presidential election.
The activities, such as dinners, parades, and galas, will take place before and after Trump’s inauguration on January 20, 2025. FOX Business has stated that the company has confirmed its contribution to the fund.
Other Crypto Companies’ Donations
In addition to Ripple, other notable cryptocurrency companies have also made significant donations to the Trump-Vance inaugural committee. Specifically, U.S. crypto exchanges Coinbase and Kraken have each donated $1 million.
Other cryptocurrency companies, like MoonPay and Robinhood, have also committed to contributing to the fund, although they have not disclosed the exact amount of their upcoming donations.
Despite the contributions from cryptocurrency companies, their donations only represent a portion of the $200 million that the fund has raised so far. Interestingly, a source close to the fund has expressed confidence that the amount could increase to $225 million before January 20.
Trump Gains Crypto Support
The donations from cryptocurrency companies showcase the industry’s increasing confidence in Trump. According to FOX Business, the crypto industry has donated over $200 million in support of Trump throughout the election cycle.
Ripple was a major donor from the cryptocurrency industry, with its Chief Legal Officer (CLO) Stuart Alderoty contributing 624,000 XRP, valued at $300,000 at the time, to a Super PAC supporting Trump.
It is worth noting that Trump had promised to implement lighter regulations for the industry compared to Biden’s approach. Since his reelection, Trump has taken significant steps to fulfill his campaign promises.
This includes appointing several pro-crypto officials to his cabinet, such as Paul Atkins as SEC Chair and David Sacks as the first White House AI & Crypto Czar.
With Trump’s support for cryptocurrency, investors are eager to see how the industry will develop under his administration.
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