In tuxedos and finery, one of the most famously dressed-down industries celebrated Friday night with a “Crypto Ball” in Washington to welcome the incoming administration of President-elect Donald Trump, as the crowd of digital asset insiders trust will lift their sector into American legitimacy.
Big names in crypto, such as Michael Saylor, Brian Armstrong, the Winklevoss brothers and Jesse Powell, and future officials of the incoming administration, especially Trump’s pick for crypto czar, David Sacks mingled in the Andrew W. Mellon Auditorium. While sipping cocktails and sinking truffle tuna tartare, they took in an appearance from rapper Snoop Dogg and — perhaps more significantly for their prospects in Washington — a visit from Rep. Mike Johnson.
The event marks the dramatic upturn in Washington’s fortunes for the crypto industry. With red “Make Bitcoin Great Again” hats circulated at the event, attendees are counting on a close relationship with the new administration and the new session of Congress that could finally cement the policy to establish digital assets as a full-fledged part of the regulated US financial sector .
US tech firms – including crypto firms – have used inaugural contributions as another means of showing financial support for the new administration, after Trump already enjoyed a string of large campaign supporters. Crypto companies including Coinbase, Ripple, Kraken and Circle have made major contributions to Trump’s inaugural committee, helping to push its total to record levels. Some of the same companies are on Crypto Ball’s sponsor list.
The four-hour affair, which was advertised at various advertised prices of $2,500 and $5,000 for tickets, was billed by a spokesman as an “exclusive social event” and the outside press was barred from joining the crowd of CEOs and founders.
Located among the neoclassical buildings that house the Environmental Protection Agency headquarters, the Government Auditorium is the same historic space that saw the signatures that gave birth to the North Atlantic Treaty Organization and also President Bill Clinton’s signing of the North American Free Trade Agreement (both of which are heavily criticized by the incoming president ). On Sunday, the venue will also host the inauguration party, organized by the conservative news provider Newsmax.
On Monday, Trump will be sworn in as president. That ceremony, moved indoors due to forecasts of temperatures even colder than the day Barack Obama first took the same oath, is expected by Trump’s crypto supporters to be quickly followed by a shower of orders and appointments that they bets on will put industry on firmer footing with the US government.
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