With cocktails and Snoop Dogg, the crypto industry celebrates Trump’s inauguration By Reuters

By Douglas Gillison, Suzanne McGee and Michelle Price

WASHINGTON (Reuters) – Cryptocurrency executives sipped cocktails and danced to rap star Snoop Dogg on Friday night as they celebrated the imminent inauguration of President-elect Donald Trump, whose administration has promised major changes in crypto policy.

After years of negotiating with Washington lawmakers, executives from crypto companies including Crypto.com, Kraken, and Exodus joined the first crypto launch event held in the 90-year-old Andrew W. Mellon Auditorium under a 62-foot tower. 19-meter) columns.

Dressed in black tie and ball gowns, guests munched on lobster rolls and burgers and fries from Trump’s McDonald’s (NYSE: ) restaurant, according to social media and two people who who spoke to Reuters. In addition to Snoop Dogg, the entertainment lineup included rappers Rick Ross and Soulja Boy, those in attendance said.

One of the many festivities in Washington ahead of Trump’s inauguration on Monday, the crypto gala marks a dramatic shift for the industry that was in the middle of the Biden administration. Two years ago, it seemed to be on the brink of extinction during the FTX crash.

Trump, who did not attend the event, solicited crypto campaign funds with promises to be a “crypto president,” and is expected next week to issue executive orders aimed at reducing barriers to crypto system and promote universal adoption of digital assets.

“There have been a lot of dark years,” said Les Borsai, co-founder of crypto advisor Wave Digital Assets, who flew in from Los Angeles. “If this represents what the future looks like … I think it’s the hope we’ve been waiting for.”

Swag included “Make Great Again” red baseball caps, and American flag pins with a logo for Gemini, the event’s sponsor and the crypto exchange founded by Cameron and Tyler Winklevoss, who sponsored the campaign. of Trump.

SOLD OUT

Tickets sold for $2,500 each for general admission, the soccer website said, but for a cool $100,000, VIP packages offered face time with the tech entrepreneur. David Sacks, Trump’s incoming crypto czar and gala’s emcee, according to attendees and crypto media.

About 1,500 people attended.

Several other officials from the incoming Trump administration were also in attendance, attendees said. Other sponsors included digital asset division Robinhood (NASDAQ:), MicroStrategy and Crypto.com, according to the event’s website. Supporters had cocktails named in their honor.

“Last night was a testament to how much cryptocurrencies have changed,” said JP Richardson, CEO of Exodus, who was running the ball.

As the industry cheered, Trump on Friday night expanded his cryptocurrency interests, which already include World Liberty Financial, by launching a digital symbol with the image of an assassination attempt in July.

The price of that “meme coin” was about $27 on Saturday afternoon, giving it a market capitalization of about $5.5 billion, according to CoinMarketCap.

Worried about fraud and money laundering, President Joe Biden’s administration cracked down on crypto companies, suing exchanges Coinbase (NASDAQ :), Binance, Kraken and many others in federal court. Trump’s crypto policy team is moving forward, and his Securities and Exchange Commission chairman-elect Paul Atkins is expected to create major changes to crypto policy.

“A crypto voter appeared in the election and this event means a change in crypto policy in the United States,” Jonathan Jachym, Kraken’s global head of strategy, said in a statement.

Bitcoin, the world’s largest cryptocurrency, hit new records above $107,000 in December on the cheers of Trump’s policy changes.

“We are proud to support the Crypto Ball (NYSE:) … and look forward to supporting the new system to promote new digital assets,” said a spokesperson for Crypto.com, adding the president of k’ North American company, Matt David. , he attended.

Representatives of the Trump administration, Robinhood, MicroStrategy, Gemini and two other forces of the event, BTC Inc. and Stand With Crypto, did not immediately comment. Sacks did not immediately return an email request for comment. Representatives for Snoop Dogg, Rick Ross and Soulja Boy were not immediately available Saturday.