Ripple, Tether join tech donors backing Trump’s $300m White House fundraiser

Major cryptocurrency firms Ripple, Coinbase, and Tether have emerged as key backers of pro-crypto initiatives in Washington.

Alongside tech giants, these companies are pledging millions toward funding President Donald Trump’s $300 million White House ballroom project.

The move highlights deepening crypto ties to the US political infrastructure, a connection that was already visible during the 2024 general election.

However, not all observers are supportive, and the donations have raised eyebrows.

Trump’s mega White House ballroom

According to a BBC report, Trump is planning a 90,000-square-foot (8,360 sq m) ballroom, which officials say will not use taxpayer funds.

The ornate structure is already under construction on the East Wing grounds, with groundbreaking having begun earlier this week.

White House officials say the $300 million project will be fully privately funded through the Trust for the National Mall nonprofit.

The ballroom is intended to host state dinners and other events, replacing costly South Lawn tents.

Trump has pledged personal contributions and touted the venue’s longevity for future administrations.

While he insists no taxpayer dollars will be used, the donor list has raised eyebrows, with critics warning it could serve as a pay-for-play route to the administration.

Crypto firms bolster elite donor list

Trump’s new White House ballroom has a donor roster that features around 40 prominent corporations and billionaires.

While it blends Silicon Valley powerhouses with defense and energy players, also prominent are companies from across the burgeoning crypto space.

The list of tech giants includes major players such as Amazon, Google, Meta, Microsoft, Apple, and HP Inc. In early September, Trump hosted several tech titans at a White House dinner.

Among defense companies are Lockheed Martin and Palantir. T-Mobile, tobacco firm Altria Group Inc., and railroad operator Union Pacific are also part of the heavyweight donor group.

Crypto’s presence stands out with Ripple, Tether and Coinbase. Ripple is the company behind the XRP cryptocurrency and Ripple USD stablecoin, while Tether is contributing via Tether America, the US arm of the world’s top stablecoin provider behind USDT.

Coinbase joins the elite list too, having attended an October 15 donor dinner.

Individual crypto advocates include Gemini co-founders Cameron and Tyler Winklevoss, as well as Charles and Marissa Cascarilla of crypto bank Paxos.

Critics point to ‘pay-to-play’ fears

Crypto companies pledging millions of dollars to the infrastructure project comes amid Trump’s continued positive nod to the industry.

On Thursday, October 23, the US president pardoned Binance founder Changpeng Zhao, adding to a list of similar orders since taking office for a second term in January. While the industry has welcomed the move, ethical concerns have only intensified.

Former Bush ethics counsel Richard Painter has called it an “ethics nightmare,” warning of a “pay-to-play” outlook. 

“It’s using access to the White House to raise money,” Painter told BBC.

View replies 42.6K Reply Copy link Overall criticism has also touched on the pro-crypto stance of Trump’s administration.

During the previous Biden administration, the crypto space complained of an anti-crypto stance, and many firms in the sector that are now cozying up to Trump were largely unwelcome in Washington.

But Ripple, Tether, Coinbase, and their peers are now among the top players benefiting from an amplified lobbying presence.

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