Circle joins Ripple, Coinbase to support Trump's inaugural committee

Key Takeaways

Circle has donated 1 million USDC to President Donald Trump's first committee.
The Trump-Vance Inaugural Committee aims to raise $150 million for the inauguration events.

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 has just donated 1 million USDC to Trump's inauguration.

“We are excited to be building a great American company,” Allaire saidnoting that the Committee's adoption of the USDC shows “how far we've 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 Newsdonations have already exceeded this mark since last December.

Ripple previously said it would donate $5 million in XRP tokens to Trump's inauguration celebration in January, according to FOX Business. Coinbase, Kraken, and Ondo Finance together contributed more than $3 million to the startup fund.

Top 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 pledged $2 million, while Uber and CEO Dara Khosrowshahi each pledged $1 million.

Unlike contributions from political action committees, contributions to a start-up committee have no limits. This money will support a number of inaugural events such as galas and parades.

Trump's inauguration is set for January 20, 2025, at 12 PM ET. The big event will be held at the US Capitol in Washington, DC, marking Trump's return to the presidency for a second non-consecutive term.

The crypto industry is poised for major developments as Trump prepares to take office. The incoming administration is expected to create a more favorable regulatory environment for crypto assets in the US, so encouraging other nations to follow suit.

With the transition to a new administration, there is the potential for clearer guidance regarding crypto regulations, which could reduce uncertainty for both investors and businesses. The expected policy move could encourage more participation from financial institutions in the crypto market.