By Douglas Gillison, Suzanne McGee and Michelle Price
WASHINGTON (Reuters) – Cryptocurrency executives swilled cocktails and danced to rap superstar Snoop Dogg on Friday night as they celebrated the approaching inauguration of President-elect Donald Trump, whose administration has promised major changes in crypto policy.
After years of butting heads with Washington policymakers, executives from crypto companies including Crypto.com, Kraken, and Exodus partied at the first-ever crypto inauguration ball held at the 90-year-old Andrew W. Mellon Auditorium beneath towering 62-foot (19-metre) columns.
Clad in black tie and ball gowns, guests noshed on miniature lobster rolls and Trump’s favored McDonald’s (NYSE:MCD) burgers and fries, according to social media posts and two attendees who spoke to Reuters. In addition to Snoop Dogg, the entertainment lineup featured rappers Rick Ross and Soulja Boy, the attendees said.
One of many Washington celebrations ahead of Trump’s Monday swearing-in, the crypto gala marks a stunning turnaround for an industry that has been in the Biden administration’s crosshairs. Two years ago, it looked to be on the brink of extinction amid the collapse of FTX.
Trump, who did not attend the gala, courted crypto campaign cash with promises to be a “crypto president,” and is expected next week to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.
“There were a lot of dark years,” said Les Borsai, co-founder of the crypto investment adviser Wave Digital Assets, who flew in from Los Angeles. “If this signifies what the future looks like … I think that’s the optimism we’ve been waiting for.”
Swag included “Make Bitcoin Great Again” red baseball caps, and American flag pins with the symbol for Gemini, an event sponsor and crypto exchange founded by Cameron and Tyler Winklevoss, who backed Trump’s campaign.
SOLD OUT
Tickets sold out at $2,500 each for general admission, the ball’s website said, but for a cool $100,000, VIP packages provided face time with tech entrepreneur David Sacks, Trump’s incoming crypto czar and the gala’s emcee, according to attendees and crypto media outlets.
About 1,500 people attended.
Several other officials from Trump’s incoming administration were also present, the attendees said. Other sponsors included the digital asset division of Robinhood (NASDAQ:HOOD), MicroStrategy and Crypto.com, according to the event website. Sponsors had cocktails named in their honor.
“Last night was truly a testament to how mainstream crypto has become,” said JP Richardson, CEO of Exodus, which co-hosted the ball.
While the industry was reveling, Trump on Friday night expanded his cryptocurrency interests, which already include World Liberty Financial, by launching a digital token branded with an image from his attempted assassination in July.
The price of that “meme coin” was around $27 by Saturday afternoon, giving it a market capitalization of about $5.5 billion, according to CoinMarketCap.
Worried about fraud and money laundering, President Joe Biden’s regulators cracked down on crypto companies, suing exchanges Coinbase (NASDAQ:COIN), Binance, Kraken and dozens more in federal court. Trump’s crypto policy team is taking shape, with his crypto-friendly Securities and Exchange Commission chair pick Paul Atkins expected to forge major crypto policy changes.
“The crypto voter showed up in the election and this event signifies a turning point for crypto policy in the United States,” Jonathan Jachym, global head of policy at Kraken, said in a statement.
Bitcoin, the world’s largest cryptocurrency, hit new records above $107,000 in December on excitement over Trump’s policy changes.
“We are proud to support the Crypto Ball (NYSE:BALL) … and look forward to supporting the new administration to advance innovation in digital assets,” said a spokesperson for Crypto.com, adding the company’s president of North America, Matt David, attended.
Representatives for the Trump administration, Robinhood, MicroStrategy, Gemini and the event’s other two hosts, BTC Inc. and Stand With Crypto, did not immediately comment. Sacks did not immediately return an emailed request for comment. Representatives for Snoop Dogg, Rick Ross and Soulja Boy could not immediately be reached on Saturday.