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Trump promises executive orders to boost crypto adoption

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Crypto policy shift marks turning point for industry in

U.S

By Douglas Gillison, Suzanne McGee and Michelle Price

WASHINGTON, Jan 18 (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 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, MicroStrategy ( MSTR )

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, 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 ... 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 ( MSTR ), 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.

(Additional reporting by Elizabeth Howcroft in Paris and

Jarrett Renshaw; Editing by Rod Nickel)