The enormous financial display of support from crypto participants comes after years of escalating tensions with the Biden administration, which has begun an aggressive regulatory push. The SEC had designated a number of cryptocurrencies as securities, prompting lawsuits and enforcement actions throughout the industry.
In turn, crypto leaders rallied around Trump, who consistently marketed himself as a ‘pri-crypto president.’ Gemini co-founders and twin brothers Tyler and Cameron Winklevoss each donated US$1 million to Trump’s reelection campaign, and Kraken chairman Hesse Powwel donated US$1 million.
Trump’s first year in office has already demonstrated his election promises to the . His administration unveiled a designated ‘AI and crypto czar,’ initiated strategies to create a digital asset strategic reserve, and toned down enforcement efforts at entities like the SEC and the CFTC. Prominently, the SEC itself has subsequently rejected several lawsuits against companies that have contributed to Trump’s inauguration fund, such as Ripple, Kraken, Coinbase, and Uniswap.
