By Douglas Gillison, Suzanne McGee and Michelle Price
WASHINGTON (Reuters) – Cryptocurrency executives drank cocktails and danced to rap superstar Snoop Dogg on Friday night as they celebrated the impending inauguration of President-elect Donald Trump, whose administration has promised major changes in cryptocurrency policy.
After years of confronting Washington policymakers, executives from crypto companies including Crypto.com, Kraken and Exodus celebrated at the first-ever Crypto Inauguration Ball held at the Andrew W Auditorium . Mellon, aged 90, under an imposing 62 feet (19 meters).
Dressed in black tie and ball gowns, guests enjoyed miniature lobster rolls and Trump’s favorite McDonald’s (NYSE:) burgers and fries, according to social media posts and two attendees who spoke to Reuters. In addition to Snoop Dogg, the entertainment lineup included rappers Rick Ross and Soulja Boy, attendees said.
One of several celebrations in Washington before Trump is sworn in on Monday, the crypto gala marks a stunning turnaround for an industry that was in the crosshairs of the Biden administration. Two years ago, it seemed on the verge of extinction due to the collapse of FTX.
Trump, who did not attend the gala, has courted crypto campaign money by promising to be a “crypto president,” and is expected to issue executive orders next week aimed at reducing regulatory barriers to crypto and promote widespread adoption of digital assets.
“There were a lot of dark years,” said Les Borsai, co-founder of crypto investment advisor Wave Digital Assets, who arrived from Los Angeles. “If this means what the future is going to look like…I think that’s the optimism we’ve been waiting for.”
The loot included red “Make Great Again” baseball caps and American flag pins with the symbol from Gemini, an event sponsor and crypto exchange founded by Cameron and Tyler Winklevoss, who supported Trump’s campaign.
EXHAUSTED
Tickets sold for $2,500 each for general admission, the ball’s website said, but for a whopping $100,000, VIP packages included meeting tech entrepreneur David Sacks, the new Trump’s crypto czar and the emcee of the gala, according to attendees and crypto media.
Around 1,500 people participated.
Several other officials from the new Trump administration were also present, attendees said. Other sponsors included the digital assets division of Robinhood (NASDAQ:), MicroStrategy and Crypto.com, according to the event website. Sponsors named cocktails in their honor.
“Last night was truly a testament to the growing popularity of crypto,” said JP Richardson, CEO of Exodus, which co-hosted the ball.
As the industry rejoiced, Trump on Friday evening expanded his cryptocurrency interests, which already include World Liberty Financial, by launching a digital token bearing an image of his assassination attempt in July.
The price of this “meme coin” was around $27 as of Saturday afternoon, giving it a market capitalization of around $5.5 billion, according to CoinMarketCap.
Worried about fraud and money laundering, President Joe Biden’s regulators have cracked down on crypto companies, suing exchanges Coinbase (NASDAQ:), Binance, Kraken and dozens of others in federal court. Trump’s crypto policy team is taking shape, and his pick, crypto-friendly Securities and Exchange Commission Chairman Paul Atkins, is expected to make major changes to crypto policy.
“Crypto voters showed up for election and this event marks a turning point for crypto politics in the United States,” Jonathan Jachym, global head of policy at Kraken, said in a statement.
Bitcoin, the world’s largest cryptocurrency, hit new record highs above $107,000 in December on enthusiasm over Trump’s policy changes.
“We are proud to support the Crypto Ball (NYSE:)… and look forward to supporting the new administration in advancing innovation in digital assets,” a Crypto.com spokesperson said, adding the president of the company for North America, Matt David. , attended.
Representatives for the Trump administration, Robinhood, MicroStrategy, Gemini and the event’s two other hosts, BTC Inc. and Stand With Crypto, did not immediately comment. Sacks did not immediately return an emailed request for comment. Representatives for Snoop Dogg, Rick Ross and Soulja Boy could not immediately be reached Saturday.
