As the buzz surrounding President-elect Donald Trump’s inauguration builds, the cryptocurrency industry celebrated a historic shift in Washington. On Friday night, crypto executives and enthusiasts gathered at the Andrew W. Mellon Auditorium in Washington, D.C., for the first-ever crypto inauguration ball. Beneath towering columns, attendees indulged in miniature lobster rolls, McDonald’s favorites, and cocktails named after event sponsors, all while grooving to performances by Snoop Dogg, Rick Ross, and Soulja Boy.
The event marked a stunning turnaround for an industry that, just two years ago, faced regulatory crackdowns under the Biden administration. “There were a lot of dark years,” said Les Borsai, co-founder of Wave Digital Assets. “If this signifies what the future looks like … I think that’s the optimism we’ve been waiting for.”
Crypto’s Revival: A Political Pivot
The gala underscored the cryptocurrency sector’s transformation from regulatory pariah to political powerhouse. President-elect Trump, who did not attend the event, has promised sweeping policy changes to promote digital assets, including executive orders to reduce regulatory roadblocks. This shift has reignited optimism among crypto enthusiasts and businesses alike.
During the Biden administration, regulatory scrutiny reached new heights, with agencies suing major crypto exchanges like Coinbase, Binance, and Kraken over alleged fraud and money laundering concerns. Trump’s incoming crypto-friendly team, including his pick for SEC chair Paul Atkins, has signaled a more supportive approach.
“The crypto voter showed up in the election,” said Jonathan Jachym, Kraken’s global head of policy. “This event signifies a turning point for crypto policy in the United States.”