President Trump’s second term in the US has been a challenging time for the crypto sector. Bitcoin reached a high of $109K initially but also experienced lows around $70K due to concerns about Trump’s tariffs and global market volatility.
Despite efforts to regulate the crypto industry and build stronger connections with it, the global trade war has caused economic uncertainty and instability in the markets.
However, Trump received significant support from major crypto companies. Recent documents from the Federal Election Commission (FEC) show that these firms donated millions to Trump’s inauguration fund, totaling around $18 million.
Ripple Labs was the largest donor, contributing approximately $5 million ($7.8 million AUD). Other notable contributors include Solana Labs, Uniswap’s CEO Hayden Adams, and Consensys. Pilgrim’s Pride Corp, a US-based poultry producer, donated the most.
Between Trump’s victory and the release of the report, his political party received around $239 million in donations. Coinbase, Kraken, Ondo Finance, Robinhood, and other major crypto firms made significant contributions. Meta, PayPal, FedEx, Open AI’s Sam Altman, Nvidia, and Apple were also top contributors.
The Trump administration’s pro-crypto stance has led to the dropping of major lawsuits by the SEC, providing relief for companies like Coinbase, OpenSea, and Ripple.
Trump announced an executive order on digital assets that will establish a new US strategic cryptocurrency reserve, which is expected to include Bitcoin, Ether, XRP, Solana, and Cardano.
Despite positive developments and meetings between Ripple’s CEO and Trump, XRP has failed to rally. It is currently trading at $2.10, experiencing a slight decline in the past day and week.
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