Written by Douglas Jellison, Susan McGee and Michelle Price
WASHINGTON (Reuters) – Cryptocurrency executives sipped cocktails and danced to rap star Snoop Dogg on Friday night as they celebrated the approaching inauguration of President-elect Donald Trump, whose administration has promised major changes to cryptocurrency policy.
After years of wrangling with policymakers in Washington, executives from cryptocurrency companies including Crypto.com, Kraken, and Exodus participated in the first-ever cryptocurrency launch event held in the 90-year-old Andrew W. Mellon Hall 62 feet below (19 meters) columns.
Dressed in black tie and party gowns, guests ate miniature lobster rolls, burgers and fries from McDonald's (NYSE:) favorites, according to social media posts and two attendees who spoke to Reuters. In addition to Snoop Dogg, entertainment included rappers Rick Ross and Soulja Boy, attendees said.
The cryptocurrency gala, one of many Washington celebrations ahead of Trump's swearing-in on Monday, marks a stunning turnaround for an industry that was in the Biden administration's crosshairs. Two years ago, they seemed to be on the verge of extinction amid the FTX collapse.
Trump, who did not attend the ceremony, has sought crypto campaign funds with promises to be a “crypto president,” and next week is expected to issue executive orders aimed at reducing regulatory barriers for cryptocurrencies and encouraging widespread adoption of digital assets.
“There were a lot of dark years,” said Les Boursay, co-founder of cryptocurrency investment advisor Wave Digital Assets, who came from Los Angeles. “If this is any indication of what the future looks like… I think this is the optimism we've been waiting for.”
The swag included red baseball caps reading “Make Great Again” and American flag pins with the symbol of Gemini, a corporate sponsor of the event and a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, who supported the Trump campaign.
do
Tickets sold for $2,500 general admission, the party's website said, but for $100,000, VIP performances offered live time with tech entrepreneur David Sachs, Trump's next cryptocurrency czar and concert emcee, according to attendees and cryptocurrency media.
About 1,500 people attended.
Several other officials from the incoming Trump administration were also in attendance, attendees said. Other sponsors include Robinhood's (NASDAQ:) digital assets division, MicroStrategy, and Crypto.com, according to the event's website. Patrons had cocktails named after them.
“Last night was a true testament to the reach of cryptocurrencies,” said JP Richardson, CEO of Exodus, which co-hosted the event.
While the industry was celebrating, Trump on Friday night expanded his interests in cryptocurrencies, which already include World Liberty Financial, by launching a digital token bearing an image from his assassination attempt in July.
The price of the “meme coin” was about $27 by Saturday afternoon, giving it a market value of about $5.5 billion, according to CoinMarketCap.
Concerned about fraud and money laundering, President Joe Biden's regulators have cracked down on cryptocurrency companies, suing exchanges Coinbase (NASDAQ:), Binance, Kraken, and dozens of others in federal court. Trump's cryptocurrency policy team is taking shape, with Paul Atkins, chairman of the crypto-friendly Securities and Exchange Commission, expected to formulate major cryptocurrency policy changes.
“The crypto voter has emerged in the election and this event marks a turning point in crypto politics in the United States,” Jonathan Jakim, global head of policy at Kraken, said in a statement.
Bitcoin, the world's largest cryptocurrency, set new records of over $107,000 in December on excitement over Trump's policy changes.
A Crypto.com spokesperson said: “We are proud to support Crypto Ball (NYSE:)… and look forward to supporting the new management to advance innovation in digital assets,” adding the company's North American president, Matt David. civilized region.
Representatives for the Trump administration, Robinhood, MicroStrategy, Gemini, and the other two hosts of the event, BTC Inc., did not comment. And Stand With Crypto, right away. Sachs did not immediately respond to an email request for comment. Representatives for Snoop Dogg, Rick Ross and Soulja Boy could not immediately be reached on Saturday.
