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Circle's million-dollar donation reflects its desire to establish favorable relationships with the incoming administration.
Key Takeaways
Circle has donated 1 million USDC to President-elect Donald Trump's inaugural committee. The Trump-Vance Inaugural Committee aims to raise $150 million for the inauguration events. <?xml encoding="UTF-8"?>Circle has joined Ripple, Coinbase, and Kraken in supporting President-elect Donald Trump’s inaugural committee. Circle co-founder and CEO Jeremy Allaire announced today that the company just donated 1 million USDC to Trump’s inauguration.
“We are excited to be building a great American company,” Allaire said, noting that the Committee’s acceptance of USDC demonstrates “how far we have come, and the potential and power of digital dollars.”
Established to oversee the events for Trump’s second inauguration, the Trump-Vance inaugural committee set a fundraising goal of $150 million. According to ABC News, contributions have already surpassed this milestone since last December.
Ripple previously committed $5 million in XRP tokens to Trump’s upcoming inauguration celebrations in January, according to FOX Business. Coinbase, Kraken, and Ondo Finance collectively donated over $3 million to the inauguration fund.
Major tech executives have pledged substantial donations, including $1 million each from 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 each pledged $1 million.
Unlike political action committee donations, inaugural committee contributions have no limits. These funds will support various inaugural events such as galas and parades.
Trump’s inauguration is set for January 20, 2025, at 12 PM ET. The major event will take place at the US Capitol in Washington, D.C., marking Trump’s return to the presidency for a non-consecutive second term.
The crypto industry is poised for major developments as Trump prepares to take office. The incoming administration is expected to foster a more favorable regulatory environment for crypto assets in the US, thus encouraging other nations to follow suit.
With the transition to a new administration, there is potential for clearer guidelines regarding crypto regulations, which could alleviate uncertainty for both investors and businesses. The anticipated shift in policy may encourage greater participation from financial institutions in the crypto market.
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