Crypto Industry Celebrates Trump Inauguration with Lavish Ball

WASHINGTON, Jan. 18 (Reuters) — Cryptocurrency executives gathered Friday night at the historic Andrew W. Mellon Auditorium to celebrate the impending inauguration of President-elect Donald Trump, whose administration has pledged significant changes to crypto policy. The event, dubbed the first-ever Crypto Inauguration Ball, featured performances by rap superstar Snoop Dogg and other artists, marking a dramatic shift for an industry that has faced intense scrutiny under the Biden administration.

Attendees, including executives from Crypto.com, Kraken, and Exodus, donned black-tie attire and enjoyed a menu that included miniature lobster rolls and McDonald’s burgers, a nod to Trump’s favorite fast food. The gala, which sold out at $2,500 per ticket, also offered VIP packages for $100,000, providing access to tech entrepreneur David Sacks, Trump’s incoming crypto czar.

“There were a lot of dark years,” said Les Borsai, co-founder of Wave Digital Assets, reflecting on the industry’s struggles. “If this signifies what the future looks like … I think that’s the optimism we’ve been waiting for.”

The event’s swag included “Make Bitcoin Great Again” caps and American flag pins featuring the Gemini logo, a nod to the crypto exchange founded by Cameron and Tyler Winklevoss, who supported Trump’s campaign. Sponsors such as Robinhood, MicroStrategy, and Crypto.com had cocktails named in their honor.

Trump, who did not attend the gala, has promised to reduce regulatory hurdles and promote the adoption of digital assets. His administration’s crypto-friendly stance has already driven Bitcoin to new highs, with the cryptocurrency surpassing $100,000 in December.

“The crypto voter showed up in the election, and this event signifies a turning point for crypto policy in the United States,” said Jonathan Jachym, global head of policy at Kraken.

While the industry reveled, Trump expanded his crypto interests by launching a digital token branded with an image from his attempted assassination in July. The token, priced at around $27 by Saturday afternoon, had a market capitalization of about $5.5 billion.

The Biden administration had previously cracked down on crypto companies, citing concerns over fraud and money laundering. However, Trump’s incoming team, including SEC chair pick Paul Atkins, is expected to usher in a more favorable regulatory environment.

“We are proud to support the Crypto Ball … and look forward to supporting the new administration to advance innovation in digital assets,” said a spokesperson for Crypto.com.

Representatives for the Trump administration, Robinhood, MicroStrategy, Gemini, and other event hosts did not immediately respond to requests for comment.