In a latest development, Circle CEO took to X to announce Circle’s contribution of 1M USDC to President Trump’s Inaugural Committee.
“We are excited to be building a great American company, and the fact that the Committee took payment in USDC is an indicator of how far we have come, and the potential and power of digital dollars,” he remarked.
Circle’s donation is part of a larger trend of cryptocurrency companies backing the upcoming inauguration. Coinbase and Kraken have both contributed $1 million, while Ripple has committed $5 million in XRP. Notably, to date, the US President-elect has received more than $170 million in donations, according to an ABC report. Most of the funds raised have come from tech executives. The committee is expected to raise over $200 million, which will be used for the inauguration event.
Tech Executives Commit Big
Major tech executives have committed 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.
Trump has shown strong support for Bitcoin, with his administration aiming to attract investment and promote digital asset adoption as part of its economic strategy. In a recent video address to the Blockchain Association, he reiterated his commitment to supporting blockchain innovation while also addressing national security concerns.
Inauguration Around The Corner
Notably, Trump’s inauguration is set for January 20, 2025, at 12 PM ET. The significant event will take place at the US Capitol in Washington, D.C., marking Trump’s return to the presidency for a second term. The incoming administration is expected to facilitate a more favorable regulatory environment for crypto assets in the US, encouraging other nations to follow suit.
There is also potential for clearer guidelines regarding crypto regulations, which could mitigate uncertainty for both investors and businesses.
