Source: Cointelegraph Original: "{title}"
According to the latest filings with the Federal Election Commission (FEC), several cryptocurrency companies and their executives donated substantial amounts to U.S. President Donald Trump's inauguration fund following the announcement of the 2024 election results.
According to FEC documents made public by the Trump-Vance Inaugural Committee on April 20, Uniswap CEO Hayden Adams donated over $245,000, Solana Labs donated $1 million, and software company Consensys donated $100,000 to Trump's inauguration ceremony in January. Many major crypto companies had previously announced their support for Trump through donations, including Coinbase, Ripple Labs, Kraken, Ondo Finance, and Robinhood.
Overall, Trump's inauguration fund reported that from November 15 to April 20, net donations from companies and individuals exceeded $239 million. This includes $1 million donated by McDonald's, $1 million from Meta, $1 million from Apple CEO Tim Cook, $1 million from OpenAI CEO Sam Altman, and various donations from companies such as Delta Air Lines, ExxonMobil, FedEx, Nvidia, PayPal, Target, and Coca-Cola.
Since Trump was inaugurated on January 20 and appointed Mark Uyeda as acting chairman of the Securities and Exchange Commission (SEC), the agency has dropped investigations and enforcement actions against several crypto companies, including those that donated to Trump's 2024 campaign or inauguration fund. In February, Uniswap announced that the SEC had dropped its investigation into the company, while Consensys founder Joseph Lubin stated that the SEC had agreed to end another lawsuit against his company.
Memecoins, Stablecoin Issuers, and Future Elections
Trump's memecoin launched on the Solana blockchain on January 17, and his wife Melania's memecoin also launched a few days later. This move drew attention from the crypto industry and lawmakers, with many concerned that the president's use of his office could lead to conflicts of interest.
Trump's family also launched World Liberty Financial, a crypto company responsible for launching a stablecoin pegged to the U.S. dollar, coinciding with lawmakers considering regulatory legislation regarding this technology.
In addition to the Consensys case, the SEC stated that it plans to drop enforcement actions or investigations against Ripple, Kraken, Robinhood Crypto, and Coinbase. These three companies collectively donated $9 million to the inauguration fund.
During the 2024 U.S. election cycle, cryptocurrency-backed political action committees (PACs) spent over $131 million to influence election outcomes in key congressional districts. Fairshake PAC has already stated that it has over $100 million in funds available for the 2026 midterm elections, part of which comes from donations by Coinbase and Ripple.
Related: Nasdaq-listed Upexi's stock surged 630% after raising $100 million and establishing SOL financial reserves.
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