US President Donald Trump convened key figures from the cryptocurrency sector at a recent fundraising event held at the White House. Notable industry representatives, including Coinbase, Ripple, Tether, and the Winklevoss twins, were in attendance. The evening showcased plans for a significant expansion of the presidential residence, specifically a new ballroom funded entirely through private contributions.
Crypto Leaders Gather for Trump’s Gala
On Wednesday, Trump entertained 128 prominent business and financial leaders at a gala, which is part of his initiative to build a $250 million ballroom at the White House. The guest list highlighted several influential personalities from the crypto world, including key players from Coinbase, Ripple, Tether, and the Gemini exchange’s Winklevoss twins. In addition to these figures, executives from major corporations like Google, Microsoft, Amazon, Apple, Meta, and Palantir attended, along with representatives from telecommunications giants T-Mobile and Comcast. Notably, tobacco companies Altria and Reynolds American were also present.
Trump Engages Donors with Lavish Fundraiser
The dinner aimed to attract Trump’s top financial backers, celebrating the ongoing construction of the new ballroom. This event assembled a well-known array of financiers and influential individuals interested in maintaining their connections with Trump.
Funding Controversy Surrounds Ballroom Project
Earlier this summer, the Trump administration disclosed plans to create a 90,000-square-foot ballroom in the East Wing of the presidential residence. The White House clarified that private donors would entirely fund this construction, alleviating taxpayers from financial responsibility. Trump highlighted that the new venue would accommodate up to a thousand guests and would be fortified with bulletproof glass. Officials characterized the project as a necessary enhancement to host large events, including state dinners.
While it remains unclear how many of the gala attendees made financial contributions, Trump expressed gratitude to those present for their significant donations and asserted that the funding for the project was fully secured. However, the event ignited criticism from various quarters. Prominent figures, including Senator Elizabeth Warren, raised concerns regarding the potential for wealthy donors to leverage their contributions for favorable treatment from Trump. Warren questioned the motivations behind the donations, suggesting that the contributions were unlikely to be altruistic.
YouTube’s Financial Contribution to the Project
Although YouTube representatives were absent from the gala, the platform committed $22 million to the ballroom project as part of a legal settlement with Trump, stemming from a lawsuit over the temporary suspension of his account following the Capitol riots in 2021. This scenario draws parallels to an earlier private gathering Trump hosted at his Virginia golf club in May, which was organized for top holders of his meme coin, including a private tour of the White House for the 25 largest investors.
