Tech giants and crypto firms under fire for Trump contributions

US senators have raised concerns over OpenAI CEO Sam Altman's $1 million donation to President-elect Donald Trump's inaugural fund.

This inquiry highlights concerns about corporate influence in political processes, particularly from tech and cryptocurrency companies.

US lawmakers are investigating corporate donations to Trump's campaign fund

In a January 17 letter to Sam Altman, U.S. attorneys, Senators Elizabeth Warren and Michael Bennett, asked OPNI to provide details about Altman's recent contributions to Trump's inaugural fund.

Major tech companies including OpenAI, Microsoft, Google and Amazon have given millions to the fund in the past two months, according to lawmakers. Interestingly, cryptocurrency companies such as Ripple, Coinbase, Kraken, Robinhood and Circle have reportedly contributed around $10 million to the Trump Fund.

These funds are expected to support high-profile launch events, reflecting the optimism in the digital asset sector. The industry sees the incoming Trump administration as an ally in advancing long-awaited regulatory changes that could bring further growth to the crypto sector.

However, the lawmakers raised concerns about ulterior motives behind these contributions. He suggested that donations could be used as attempts to influence the new administration's policies or to overcome regulatory problems.

A number of donor companies such as Amazon, Google, Microsoft and Ripple are currently under federal scrutiny over various legal issues.

“These donations raise questions about corruption and the influence of corporate money in the Trump administration, and Congress and the public must answer them,” the lawmaker said.

US lawmakers have expressed concern that such donations could influence regulatory oversight. He emphasized that financial support can be used as leverage in legal battles and investigations involving these companies.

“The industry's efforts suggest that Big Tech companies are trying to curry favor and skirt the rules. That would be good for billionaire tech executives, but bad for America: Unregulated, Big Tech monopolies threaten consumer rights, squeeze workers and stifle innovation, the lawmakers wrote.

With this in mind, the legislators sought detailed information about the donation. This includes whether or not The board of the OpenAI company approved the donationthe identity of the people involved and the relationship with the Trump transition team. They set a deadline of January 31, 2025 for a general response.

But Altman explained that the contribution was personal. On January 17, he expressed confusion about the question on Twitter:

“It was a personal contribution … my company made no decision.”