The crypto industry's elite gathered in Washington on Friday evening for a 'Crypto Ball' to mark the incoming administration of President-elect Donald Trump, with attendees hopeful that his presidency will usher in a new era of legitimacy for digital assets in the US. The guest list included prominent figures such as Michael Saylor, Brian Armstrong, the Winklevoss brothers, and Jesse Powell, as well as future administration officials, including Trump's pick for crypto czar, David Sacks. The event, held at the Andrew W.
Mellon Auditorium, featured a performance by rapper Snoop Dogg and a visit from Speaker of the House Mike Johnson. According to one attendee, the event was 'overall insane' with a significant presence of legacy Silicon Valley VCs, global crypto investor and founder leadership, and policymakers, including senior leadership like Mike Johnson.
The event marks a significant shift in the crypto industry's fortunes in Washington, with attendees looking forward to a close relationship with the new administration and Congress, which could lead to the establishment of digital assets as a regulated part of the US financial sector. US tech firms, including crypto companies, have shown financial support for the new administration through inauguration contributions, with companies like Coinbase, Ripple, Kraken, and Circle making major contributions to Trump's inaugural committee. The Crypto Ball, which was sponsored by some of the same companies, was a four-hour exclusive social event that was closed to the outside press.
The venue, a historic space that has hosted significant events such as the signing of the North Atlantic Treaty Organization and the North American Free Trade Agreement, will also host the inauguration-eve party hosted by Newsmax on Sunday. By Monday, Trump is expected to be sworn in as president, and his crypto supporters anticipate that this will be followed by a series of executive orders and appointments that will put the industry on firmer footing with the US government.