Former U.S. President Donald Trump hosted a fundraiser at the White House on Wednesday, seeking to raise funds for a proposed $250 million ballroom. The event drew notable figures from the cryptocurrency industry, including executives from Gemini, Coinbase, and Ripple.
The dinner aimed to gather financial pledges for the construction of a 90,000-square-foot ballroom at the White House. Trump thanked attendees for their generosity, stating that the costs were "fully taken care of". The White House aims to finance the project entirely through private donations.
Among the attendees were Cameron and Tyler Winklevoss, co-founders of Gemini, who have been consistent supporters of Trump. They previously pledged $2 million in Bitcoin to Trump's 2024 campaign and donated $21 million to a Trump-aligned political action committee before the 2026 midterms. Ripple Labs CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty also attended the fundraiser, further cementing ties between Ripple and the Trump administration. Coinbase CEO Brian Armstrong has also met with Trump and supported pro-crypto legislation in Washington.
The cryptocurrency industry has been increasingly engaging with U.S. politicians amid heightened regulatory scrutiny. This comes after major crypto firms faced bankruptcies in 2022, leading to investor losses and exposing fraud. Trump has presented himself as a champion for cryptocurrency, criticizing Democratic attempts to regulate the sector. In June 2024, he stated he would be the "crypto president" at a San Francisco fundraiser.
The fundraising efforts have faced some criticism, with Senator Elizabeth Warren questioning the motives of the donors. Several companies have pledged $5 million or more, including Google, Booz Allen Hamilton, Lockheed Martin, Palantir, and NextEra Energy. The White House is collaborating with the nonprofit Trust for the National Mall to manage the fundraising. Donors may receive recognition, potentially through having their names inscribed on bricks or stones.
