The cryptocurrency industry marked a significant turning point with a lavish inaugural ball celebrating the incoming presidency of Donald Trump, who has promised sweeping changes to crypto policy. The event, held at the historic Andrew W. Mellon Auditorium in Washington D.C., signaled a potential shift in the regulatory landscape after years of tense relations with the previous administration.
Executives from prominent crypto companies like Crypto.com, Kraken, and Exodus gathered for the first-ever crypto inauguration ball, a testament to the industry’s growing influence and anticipation for a more favorable regulatory environment. Attendees, dressed in formal attire, enjoyed a menu that blended traditional elegance with a nod to the president’s preferences, featuring miniature lobster rolls alongside McDonald’s burgers and fries. Entertainment was provided by rap icons Snoop Dogg, Rick Ross, and Soulja Boy, according to attendees and social media posts.
This gala represents a stark contrast to the challenges faced by the crypto industry just two years prior, when the collapse of FTX brought the sector to the brink. President Trump, absent from the event, actively sought crypto campaign contributions, pledging to be a “crypto president.” He is expected to issue executive orders designed to streamline regulations and encourage broader adoption of digital assets.
“There were a lot of dark years,” remarked Les Borsai, co-founder of crypto investment advisor Wave Digital Assets. “If this signifies what the future looks like … I think that’s the optimism we’ve been waiting for.” Attendees received commemorative “Make Bitcoin Great Again” hats and American flag pins featuring the Gemini logo, a nod to the crypto exchange founded by Trump campaign backers Cameron and Tyler Winklevoss.
The event, with tickets priced at $2,500 for general admission, sold out completely. VIP packages, costing $100,000, offered exclusive access to David Sacks, the incoming crypto czar and emcee of the gala. Approximately 1,500 people attended the event, which was also sponsored by Robinhood’s digital asset division, MicroStrategy, and Crypto.com, each with signature cocktails named in their honor. “Last night was truly a testament to how mainstream crypto has become,” stated JP Richardson, CEO of Exodus, a co-host of the ball.
Amidst the celebrations, President Trump further solidified his engagement with the crypto space by launching a digital token featuring imagery related to an assassination attempt he survived in July. This “meme coin” quickly achieved a market capitalization of approximately $5.5 billion, with its price hovering around $27.
The previous Biden administration’s regulatory crackdown on crypto companies, driven by concerns over fraud and money laundering, resulted in lawsuits against major exchanges like Coinbase, Binance, and Kraken. The anticipation surrounding Trump’s crypto-friendly SEC chair nominee, Paul Atkins, suggests significant policy shifts are on the horizon.
“The crypto voter showed up in the election and this event signifies a turning point for crypto policy in the United States,” declared Jonathan Jachym, global head of policy at Kraken. Bitcoin, energized by the prospect of regulatory changes, reached record highs exceeding $107,000 in December.
“We are proud to support the Crypto Ball … and look forward to supporting the new administration to advance innovation in digital assets,” affirmed a spokesperson for Crypto.com, confirming the attendance of their North American president, Matt David.
This inaugural ball marks not just a celebration, but a potential paradigm shift for the cryptocurrency industry, ushering in an era of anticipated growth and mainstream acceptance under a new presidential administration. The event underscores the evolving relationship between the crypto sector and government, highlighting the increasing political and economic significance of digital assets.
