As President-elect Donald Trump prepares for his inauguration in less than two weeks, a flurry of activity is underway among crypto industry executives eager to secure access to the new administration.
Central to this effort is the anticipated formation of a crypto advisory council, which insiders suggest may comprise around two dozen prominent CEOs and founders of the digital asset industry.
Mar-a-Lago Becomes A Crypto Hub
Sources familiar with the situation told Bloomberg that many of the potential appointees already have established relationships with Trump, having engaged with him in recent months.
Trump and his inner circle, including David Sacks, who has been appointed as the White House’s artificial intelligence (AI) and crypto czar, are currently evaluating candidates for this pivotal advisory role, Bloomberg reports.
Since Trump’s reelection in November, Mar-a-Lago has become a hotspot for executives seeking to discuss industry regulations and appointments. Notable figures such as Kris Marszalek, CEO of Crypto.com, recently met with Trump at his residence to explore these topics.
Additionally, Ripple executives Brad Garlinghouse and Stuart Alderoty dined with Trump to discuss “broader industry challenges,” including the ongoing lawsuit from the US Securities and Exchange Commission (SEC).
Coinbase Global Inc. CEO Brian Armstrong has also maintained dialogue with Trump, reflecting the growing collaboration between the crypto industry and the incoming administration.
Major players, including Coinbase, Kraken, and Ondo, have pledged substantial donations—$1 million each—to Trump’s inaugural committee, while Ripple has committed to a $5 million donation in XRP tokens.
In a show of support for the new administration, the crypto industry is hosting the “Inaugural Crypto Ball” in Washington on January 17.
Priced at $2,500 per ticket, this event is organized by BTC Inc., the Coinbase-supported advocacy group Stand with Crypto, along with other notable sponsors including Anchorage Digital, Exodus, and MetaMask.
Venture Capitalists And Billionaires Rally Behind Trump’s Stance
Trump’s attitude towards digital assets has undergone a significant transformation. Previously skeptical, he once referred to Bitcoin as a “scam” and dismissed its value as “based on thin air.”
However, during his recent presidential campaign, he shifted to a pro-crypto stance, culminating in a speech at the Bitcoin 2024 conference where he embraced Bitcoin as a symbol of “freedom, sovereignty, and independence from government control.”
With Bitcoin prices soaring—hitting a record high of over $108,000 in December—market expectations are high that Trump’s administration will adopt a favorable approach towards digital assets.
He has expressed ambitions to position the United States as “the crypto capital of the planet” and the “Bitcoin superpower of the world,” emphasizing the importance of digital assets for American competitiveness in a December post on Truth Social.
Trump’s newfound support for the crypto industry has garnered backing from influential venture capitalists such as Marc Andreessen and Ben Horowitz, as well as the billionaire Winklevoss twins.
In the broader context, the digital asset industry has invested approximately $135 million in political donations through the Fairshake PAC, primarily supporting candidates who won their races in the recent elections.
Featured image from DALL-E, chart from TradingView.com
