In a dazzling display of red, white, and blue, the cryptocurrency industry marked a historic moment on Friday night at the Andrew W. Mellon Auditorium in Washington, D.C. The event, a glamorous inauguration gala ahead of President-elect Donald Trump’s swearing-in, brought together crypto executives, political figures, and celebrity entertainers, symbolizing a dramatic shift in the sector’s fortunes.
The celebration was headlined by rap legend Snoop Dogg, joined by Rick Ross and Soulja Boy, as guests enjoyed cocktails and danced under towering 62-foot columns at the 90-year-old venue. Clad in formal attire, attendees feasted on an eclectic menu featuring miniature lobster rolls and Trump’s personal favorites—McDonald’s burgers and fries—according to social media posts and sources at the event.
“This signifies what the future looks like for crypto,” said Les Borsai, co-founder of Wave Digital Assets, who traveled from Los Angeles to attend. “There were a lot of dark years, but this is the optimism we’ve been waiting for.”
Crypto’s Political Rebirth
The gala, which sold out at $2,500 per ticket with VIP packages priced at $100,000, marked a turning point for an industry that has struggled under the scrutiny of Washington regulators during the Biden administration. Trump, who did not attend the event, campaigned on a pro-crypto platform and promised to be a “crypto president.”
His incoming administration is expected to implement sweeping policy changes to reduce regulatory barriers and promote broader adoption of digital assets. David Sacks, the tech entrepreneur named Trump’s “crypto czar,” served as the event’s emcee.
Sponsors of the gala included Crypto.com, MicroStrategy, and the digital asset division of Robinhood. Guests were treated to themed cocktails named after sponsors and received “Make Bitcoin Great Again” caps and Gemini-branded American flag pins.
A Booming Market
Bitcoin, the world’s largest cryptocurrency, recently soared past $107,000, fueled by anticipation of Trump’s crypto-friendly policies. At the event, attendees celebrated the sector’s revival, just two years after it faced existential threats from regulatory crackdowns and the collapse of major exchanges like FTX.
Jonathan Jachym, Kraken’s global head of policy, hailed the gala as a pivotal moment for the industry. “The crypto voter showed up in the election, and this event signifies a turning point for crypto policy in the United States,” he said.
Trump’s influence on the industry extends beyond policy. On the night of the gala, he launched a digital token featuring imagery from his attempted assassination in July. The token, labeled a “meme coin,” surged to a market capitalization of $5.5 billion by Saturday afternoon, according to CoinMarketCap.
Looking Ahead
The event’s success underscores how mainstream the cryptocurrency industry has become. JP Richardson, CEO of Exodus, which co-hosted the gala, described the night as “a testament to crypto’s evolution and acceptance.”
As Trump’s team gears up to reshape crypto regulation, industry leaders are optimistic about the opportunities ahead. Paul Atkins, Trump’s pick for SEC chair, is expected to lead major policy overhauls.
“The Crypto Ball was an extraordinary celebration of innovation,” said a spokesperson for Crypto.com. “We look forward to working with the new administration to advance the digital assets industry.”
Representatives for Snoop Dogg, Rick Ross, and Soulja Boy, as well as the Trump administration, were unavailable for comment. However, the night’s jubilant atmosphere left no doubt that the crypto industry is ready to embrace a new era.
