Ripple joins Coinbase in supporting Trump’s inauguration committee
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Circle donates $1 million to President-elect Donald Trump's inaugural committee. The Trump-Vans Inauguration Committee plans to raise $150 million for the inauguration events.
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Circle has joined Ripple, Coinbase and Kraken in supporting President-elect Donald Trump's inauguration committee. Circle founder and CEO Jeremy Allaire announced today that the company is donating $1 million to Trump's inauguration.
“We're excited to build a great American company,” Allaire said, adding that the committee's adoption of USDC “shows how far we've come and the power and potential of the digital dollar.”
The Trump-Vance Inauguration Committee, which is set up to oversee events for Trump's second birthday, has set a fundraising goal of $150 million. According to ABC News, donations have surpassed this mark since last December.
Top tech executives have pledged $1 million each in major donations, including Amazon's Jeff Bezos, OpenAI CEO Sam Altman and Meta's Mark Zuckerberg, CNBC reported last month. Robinhood Markets committed $2 million, while Uber and CEO Dara Khosrowshahi pledged $1 million each.
Unlike political action committee donations, contributions to a founding committee are unlimited. These funds support various opening events such as galas and parades.
Trump's inauguration is set for January 20, 2025, at 12 p.m. The largest event to mark Trump's return to the presidency for a second consecutive term will be held at the US Capitol in Washington, DC.
The crypto industry is poised for major developments as Trump prepares to take office. The incoming administration is expected to promote a more favorable regulatory environment for crypto assets in the US, thereby encouraging other countries to follow suit.
After the transition to a new administration, there will likely be clearer guidelines regarding crypto regulations that will ease uncertainty for investors and businesses. The expected policy change may encourage more participation in the crypto market from financial institutions.
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