- Crypto firms, including Uniswap and Solana, contributed large sums to Trump’s inauguration fund.
- SEC dropped investigations into major crypto firms, raising concerns over political influence.
- The crypto sector is increasing its political involvement, with growing contributions to PACs for upcoming elections.
The executive team members of Uniswap, Solana, and Consensys donated substantial amounts to the inauguration fund of former U.S. president Donald Trump. Donations came forward immediately following Trump’s reelection victory and his inauguration ceremony during his second presidential term. These donations have sparked concerns because multiple cryptocurrency companies were already subject to U.S. Securities and Exchange Commission (SEC) investigation.
Donations from Crypto Firms
The Federal Election Commission records show that Uniswap CEO Hayden Adams donated $245,000 to the Trump-Vance Inaugural Committee. Solana Labs made a major contribution of $1 million as they operate the Solana network. The company ConsenSys received the donation of $100,000 from its founder, Joseph Lubin. Crypto companies supported these particular donations, which occurred when regulatory scrutiny intensified against their sector.
A group of major donors consisting of McDonald’s, Meta, Apple, and OpenAI together gave $1 million each to the Trump-Vance Inaugural Committee. The fund managed to gather more than $239 million between November 15, 2023, and April 20, 2024.
The fundraising effort happened after major changes took place within the SEC during the Trump administration. February marked the time when the SEC decided to terminate its Uniswap probe and dismiss the ConsenSys case. The two companies engaged in SEC court cases pertaining to regulatory-related disputes.
The companies claim their donations to Trump’s inauguration fund triggered their dismissal following the donations. The practice of political funding has provoked questions about how political funding affects regulatory determinations. Major crypto entities, including Ripple, Coinbase, and Kraken, managed to escape SEC enforcement actions after a settlement between the parties occurred. Nine million dollars came from business donations when these companies funded Trump’s inauguration ceremony.
Crypto and Politics: Potential Conflicts of Interest
The donations and subsequent regulatory actions raise concerns about potential conflicts of interest. In January 2024, Trump launched a memecoin on the Solana blockchain, further intertwining his administration with the crypto sector. His family also introduced a stablecoin project, World Liberty Financial, pegged to the U.S. dollar. These developments have drawn criticism from some members of Congress, who worry about the potential for political favoritism.
Approximately $131 million went into congressional district races during the 2024 electoral cycle through donations from political action committees nourished by crypto funding. The Fairshake PAC plans to distribute over $100 million during the 2026 midterm elections while receiving backing from significant cryptocurrency companies, Coinbase and Ripple. This marks a growing trend of cryptocurrency companies using financial contributions to gain political leverage.
Cryptocurrency sectors continue to establish political connections when Trump administration regulators at the SEC make parallel changes while receiving high-profile donations for his inauguration. The rising political impact of the crypto sector leads to ongoing questions about federal regulatory strategies for cryptocurrencies alongside U.S. lawmakers relationships.
