Written by Douglas Gillison, Suzanne McGee, Michelle Price
WASHINGTON (Reuters) – Crypto industry executives celebrated President-elect Donald Trump’s upcoming inauguration on Friday night by drinking cocktails and dancing to superstar Snoop Dogg’s rap. The administration has promised major changes to crypto policy.
After years of clashes with policymakers in Washington, executives from crypto companies such as Crypto.com, Kraken and Exodus have announced plans to build a 62-foot (19-meter) tall pillar.
Attendees dressed in black ties and ball gowns served miniature lobster rolls and Trump’s favorite McDonald’s (NYSE:) burgers and fries, according to social media posts and two people who spoke to Reuters. I was munching on it. In addition to Snoop Dogg, the entertainment lineup also included rappers Rick Ross and Soulja Boy, according to attendees.
The crypto celebration, one of many in Washington ahead of President Trump’s swearing-in on Monday, marks a surprising turnaround for an industry that has been a target of the Biden administration. Two years ago, it looked like it was on the verge of extinction with the collapse of FTX.
Although he did not attend the gala, Trump has called for cryptocurrency campaign contributions on the promise of becoming the “crypto president,” and will launch a campaign next week aimed at reducing hurdles in cryptocurrency regulation and promoting the adoption of digital assets. It is expected that he will issue a presidential order.
“We’ve had a lot of dark years,” said Les Borsai, co-founder of Wave Digital Assets, a crypto investment advisor who flew in from Los Angeles. “If this means what the future looks like…I think that’s the optimistic thing we’ve been waiting for.”
Stolen items included a red “Make Great Again” baseball cap and an American flag pin with the symbol of Gemini, an event sponsor and cryptocurrency exchange founded by Trump campaign supporters Cameron and Tyler Winklevoss. It was
sold out
According to the ball’s website, tickets are sold out at a general admission price of $2,500 each, but attendees and crypto media say the VIP package is priced at an unbelievable $100,000, with President Trump’s next crypto czar He was offered a FaceTime session with the gala’s host, technology entrepreneur David Sachs.
Approximately 1,500 people participated.
Several other officials from the incoming Trump administration also attended, according to attendees. Other sponsors included Robinhood’s (NASDAQ:) digital assets division, MicroStrategy, and Crypto.com, according to the event’s website. Sponsors had cocktails named in their honor.
“Last night was a true testament to how mainstream crypto has become,” said JP Richardson, CEO of Exodus, which co-hosted the ball.
Amid industry uproar, President Trump on Friday night expanded his interest in cryptocurrencies, which already includes World Liberty Financial, by launching a digital token branded with an image from the July assassination attempt.
The “meme coin” was priced at about $27 by Saturday afternoon, giving it a market capitalization of about $5.5 billion, according to CoinMarketCap.
Concerned about fraud and money laundering, President Joe Biden’s regulators have cracked down on crypto companies, suing Coinbase (NASDAQ:), Binance, Kraken and dozens of other exchanges in federal court. President Trump’s crypto policy team is taking shape, with Paul Atkins, the crypto-friendly nominee for head of the Securities and Exchange Commission, expected to roll out major changes to crypto policy.
“Crypto voters showed up in the election, and this event marks a turning point in US crypto policy,” Kraken global policy director Jonathan Jahim said in a statement.
Bitcoin, the world’s largest cryptocurrency, hit a new record of over $107,000 in December on excitement over President Trump’s policy changes.
“We are proud to support Crypto Ball (NYSE:)… and look forward to assisting the new administration in advancing digital asset innovation,” a Crypto.com spokesperson said. said Matt David, the company’s president of North America. , attended.
Trump administration representatives Robinhood, MicroStrategy and Gemini, as well as the event’s two other organizers, BTC Inc. and Stand With Crypto, did not immediately comment. Sachs did not immediately respond to an email seeking comment. Representatives for Snoop Dogg, Rick Ross and Soulja Boy could not immediately be reached Saturday.
