A new Federal Election Commission (FEC) report has revealed how 15 cryptocurrency firms and individuals donated over $100,000 to President Donald Trump’s election campaign, totalling more than $85 million. The report further shows how subsequently these donors and sponsors received various benefits from his administration, including dropped legal proceedings and lucrative business partnerships.
The report further alleges that these firms and individuals contributed to various election related events including the inauguration festivities, which included a “Crypto Ball.” The report does not, however, give any evidence and it is unclear if there was an understanding of getting favors or benefits in return if Trump was elected president.
Trump’s pro-crypto election campaign
During his campaign, Trump repeatedly pitched the idea of making the United States a hub for the cryptocurrency industry, making it one of his biggest pitches on the economy and fostering expectations of friendlier regulations while earning him the reputation of a “Crypto President.”
The report suggests a correlation between these donations and subsequent actions by the Trump administration.
Notably, eight of the donors—Coinbase, Crypto.com, Uniswap, Yuga Labs, Kraken, Ripple, Robinhood, and Consensys—saw Securities and Exchange Commission (SEC) investigations or lawsuits against them closed during Trump’s term. While the SEC’s evolving stance on cryptocurrency enforcement may have contributed to these outcomes, the report indicates that being in the president’s favor likely expedited the process.
Alleged benefits beyond legal matters
The report further alleges that other donors received benefits beyond resolved legal issues. Circle, for instance, recently pursued an initial public offering (IPO) after publicly stating that Trump’s presidency facilitated the move. Galaxy Digital received SEC approval for a significant reorganization, a crucial step toward a NASDAQ listing.
Other donors, such as Crypto.com and ONDO, reportedly secured direct financial partnerships with businesses connected to the Trump family.
Ripple CEO Brad Garlinghouse previously predicted a cryptocurrency bull market under Trump. Additionally, XRP, Solana, and Cardano — all companies that made substantial inauguration donations — were unexpectedly included in the U.S. Crypto Reserve announcement.
The report indicates that most donor firms received some form of discernible benefit. Multicoin and Paradigm, for example, received invitations to Trump’s Crypto Summit, while more prominent entities like the Ethereum Foundation were reportedly excluded.
