By Douglas Gillison, Suzanne McGee and Michelle Price
WASHINGTON (Reuters) – Cryptocurrency executives sipped cocktails and danced to rap superstar Snoop Dogg on Friday night as they celebrated the imminent inauguration of President-elect Donald Trump, whose administration has promised major changes to cryptocurrency policy .
After years of butting heads with Washington policymakers, executives from cryptocurrency companies including Crypto.com, Kraken and Exodus partied at the first cryptocurrency inaugural ball held at the 90-year-old Andrew W. Mellon Auditorium old, under imposing heights of 62 feet (19 meter columns.
Dressed in black tie and party dresses, guests munched on miniature lobster rolls and Trump’s favorite McDonald’s burgers and fries, according to social media posts and two attendees who spoke to Reuters. Plus Snoop Dogg , the entertainment show featured rappers Rick Ross and Soulja Boy, attendees said.
The crypto gala, one of many celebrations in Washington ahead of Trump’s inauguration on Monday, marks a surprising shift for an industry that has been in the crosshairs of the Biden administration. Two years ago, it seemed to be on the brink of extinction amid the FTX collapse.
Trump, who did not attend the gala, courted crypto campaign money with promises to be a “crypto president,” and is expected to issue executive orders next week aimed at reducing crypto regulatory hurdles and promoting widespread adoption of the asset. digital.
“There were a lot of dark years,” said Les Borsai, co-founder of cryptocurrency investment advisor Wave Digital Assets, who flew in from Los Angeles. “If this means what the future is going to be like… I think that’s the optimism we’ve been waiting for.”
The loot included red baseball caps with the slogan “Make Great Again” and American flag pins with the symbol of Gemini, an event sponsor and cryptocurrency exchange founded by Cameron and Tyler Winklevoss, who backed Trump’s campaign.
EXHAUSTED
Tickets sold out at $2,500 each for general admission, according to the ball’s website, but for $100,000, VIP packages provided face-to-face time with tech entrepreneur David Sacks, Trump’s incoming crypto czar, and teacher of gala ceremonies, according to attendees and crypto media.
About 1,500 people attended.
Several other officials from the incoming Trump administration were also present, attendees said. Other sponsors included Robinhood’s digital assets division (NASDAQ 🙂, MicroStrategy and Crypto.com, according to the event website. Sponsors named cocktails in his honor.
“Last night was truly a testament to how popular crypto has become,” said JP Richardson, CEO of Exodus, one of the hosts of the ball.
As the industry reveled, Trump on Friday night expanded his cryptocurrency interests, which already include World Liberty Financial, by launching a digital token featuring an image of his assassination attempt in July.
The price of that “meme coin” was around $27 on Saturday afternoon, giving it a market capitalization of about $5.5 billion, according to CoinMarketCap.
Concerned about fraud and money laundering, President Joe Biden’s regulators cracked down on cryptocurrency companies, suing exchanges Coinbase (NASDAQ 🙂, Binance, Kraken and dozens more in federal court. The Crypto Policy Team Trump’s move is taking shape, and his chosen Securities and Exchange Commission Chairman Paul Atkins is expected to forge major changes in crypto policy.
“The crypto voter showed up in the election and this event signifies a turning point for crypto policy in the United States,” Jonathan Jachym, global head of policy at Kraken, said in a statement.
Bitcoin, the world’s largest cryptocurrency, hit new records above $107,000 in December amid enthusiasm for Trump’s policy changes.
“We are proud to support Crypto Ball (NYSE:)… and look forward to supporting the new management to advance innovation in digital assets,” a Crypto.com spokesperson said, adding the company’s North American president, Matt David. , attended.
Representatives of 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 respond to an emailed request for comment. Representatives for Snoop Dogg, Rick Ross and Soulja Boy could not immediately be reached on Saturday.
