How Cryptocurrency Companies Are Celebrating Donald Trump’s Inauguration: Snoop Dogg, Cocktails, and McDonald’s Burgers

Cryptocurrency executives from some of the largest companies, including Crypto.com, Krakenand Exodus, celebrated the upcoming inauguration of President-elect Donald Trump in a historic cryptocurrency-themed ceremony. The event, the first of its kind, was held at the Andrew W. Mellon Grand Hall, a 90-year-old hall in Washington, D.C., and featured performances by rap legends Snoop Dogg, Rick Ross, and Soulja Boy.That night, a pre-inauguration celebration, reflected a shift in Washington’s approach to digital currencies. Trump, who did not attend the ceremony, had previously sought out cryptocurrency shareholders with promises to be a “crypto president.” During the ceremony, Trump’s supporters showed their optimism about what they see as a brighter future for this industry.

A night of music, celebrities and the promise of cryptocurrencies

The ceremony was a lavish affair attended by about 1,500 people, including many figures from the incoming Trump administration. Although he was not physically in attendance, Trump’s influence hung over the event, which included themed merchandise such as “Make Bitcoin Great Again” hats. Attendees enjoyed McDonald’s, Trump’s favorite restaurant, along with lobster rolls, as they mingled to the tunes of hip-hop music.

Les Boursay, co-founder of Digital assets waveHe expressed optimism about the future of cryptocurrencies in the United States, saying: “There have been a lot of dark years. If this is any indication of what the future looks like… I think this is the optimism we have been waiting for.” The event is sponsored by major players in the cryptocurrency space. like twin And Robinhood, was a vivid demonstration of how the cryptocurrency industry embraces mainstream culture and politics.

Cryptocurrency codes and upcoming policy changes

Cryptocurrency Ball also highlighted Trump’s continued interest in digital currencies. A few days before the event, he launched a new digital token, $Trump, which features an image inspired by the attempt on his life in July. The coin’s release caused a stir in the cryptocurrency market, with its price rising from $7 to nearly $30 within hours of its debut, pushing its market capitalization to $30 billion.

Although Trump’s token has generated excitement, it has also raised ethical concerns. Critics have questioned the timing and ramifications of the launch of digital assets linked to Trump’s political office. Adav Notti, executive director of the Campaign Legal Center, criticized the move, saying: “It’s literally taking advantage of the presidency — creating a financial instrument so that people can transfer money to the president’s family in connection with his office. It’s unprecedented.”

Despite the controversy, Eric Trump defended the project, calling $Trump “the most popular digital meme on the face of the Earth.” He expressed his pride in the family’s ongoing work in the field of cryptocurrencies. Meanwhile, venture capitalist Nick Tomino warned of potential damage to investors, saying: “Trump’s 80% ownership and timing of his launch hours before the inauguration is predatory, and many will likely be harmed by it.”

Read also: Donald Trump’s inauguration live: Everything you need to know

A turning point in crypto policy

As the cryptocurrency industry celebrates its new influence, attention is turning to the future regulatory landscape. Jonathan Jakim, global head of policy at Kraken, noted that the event symbolizes a new chapter in US cryptocurrency policy. “The crypto voter has emerged in the election, and this event marks a turning point in crypto politics in the United States,” he said.

With promises to reduce regulatory hurdles and support widespread adoption of digital assets, the incoming Trump administration has signaled that major policy changes are on the horizon. His crypto-friendly picks, such as Paul Atkins for the SEC, are expected to reshape the regulatory environment, which has faced tough scrutiny under the Biden administration.

Entertainment and celebrities at the party

The entertainment aspect of Crypto Ball also played a major role in the success of the evening. Snoop Dogg, who performed at the event, was a prominent figure because of his long history with Trump, from his 2007 appearance on “The Apprentice” to the rapper’s past criticisms of the president. His performance, which included songs like “Drop It Like It’s Hot,” marked a surprising change in tone, as Snoop seemed to embrace the occasion despite past political differences.

Rick Ross, Soulja Boy, and other celebrities joined the celebration, adding to the larger-than-life atmosphere of the event. UFC star Colby Covington was also in attendance, sharing moments from the night on social media.

Trump’s embrace of cryptocurrencies comes after years of tension between the cryptocurrency industry and policymakers in Washington. Under the Biden administration, several regulatory actions have been taken against major cryptocurrency exchanges such as Coinbase and Binance, amid concerns about fraud and money laundering. As Trump prepares to take office, the cryptocurrency community hopes the new administration will introduce more favorable policies, encourage innovation and ease regulatory barriers.

Trump’s policies are expected to focus on supporting the digital asset industry by lifting restrictions on token sales and promoting cooperation between crypto financial institutions and traditional financial institutions. The shift comes as bitcoin and other cryptocurrencies have gained unprecedented value, with bitcoin recently surpassing $107,000 in December.