Crypto Giants Ripple, Coinbase, and Tether Support Trump’s White House Ballroom Initiative
Major players in the cryptocurrency sector, including Ripple, Coinbase, and Tether, have shown their support for a fundraising event aimed at financing an expansion of the White House. This initiative, which focuses on constructing a new ballroom, highlights the increasing intersection of the crypto industry and political engagement under the Trump administration, which many in the sector view as favorable to digital currencies.
Ripple, Coinbase, Tether Show Political Engagement at Fundraiser
The exclusive fundraising gala held recently brought together executives from leading crypto firms such as Ripple, Coinbase, Tether, and Gemini alongside influential figures from traditional finance and technology. Their participation signifies a calculated approach by the digital asset sector to enhance its influence within the current administration, especially as discussions around crypto regulation continue to evolve. Ripple’s involvement is particularly significant, as it aligns with the company’s strategy to elevate its profile in political conversations.
Crypto Sector Strengthens Ties with Pro-Crypto Trump Administration
This fundraising effort is intended to support the construction of a new 90,000-square-foot ballroom, described as a modern addition to the East Wing of the White House. Officials from the administration have noted that the project will be financed entirely through private donations, with no taxpayer money involved. President Trump acknowledged the support from donors at the gala, confirming that the construction costs were completely covered and expressing gratitude for their contributions. This direct financial engagement from key players in the crypto industry marks a pivotal shift towards building connections with policymakers who are considered supportive of their interests, moving from traditional lobbying to direct financial contributions.
YouTube Contributes $22M Settlement to Fundraiser
Adding to the fundraising efforts, YouTube announced a $22 million contribution, which is reportedly part of a settlement regarding the lawsuit filed by Trump over the suspension of his account after the events at the Capitol in January 2021. While this contribution is not directly related to the cryptocurrency donations, it highlights the gala’s role as a platform for significant corporate interactions with the administration. This event clearly signals the crypto industry’s evolving approach to politics, actively engaging with the political landscape and supporting initiatives aligned with their interests while ongoing concerns about influence and transparency remain.
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