Virtual Asset Industry Withdraws SEC Lawsuit After Large Political Donations, Raising Allegations of Favoritism
Summary
- The virtual asset industry reportedly donated more than $239 million to President Trump's inauguration fund.
- The SEC announced that it had withdrawn the legal proceedings against Uniswap and ConsenSys, sponsors of the inauguration fund.
- There are suspicions that the donations were made for political benefits.
On the 21st (local time), the virtual asset (cryptocurrency) specialized media Cointelegraph reported, citing a report from the U.S. Federal Election Commission (FEC), that key figures in the virtual asset industry raised more than $239 million in donations to the inauguration fund of President-elect Donald Trump shortly after the 2024 U.S. presidential election.
Hayden Adams, CEO of Uniswap (UNI), donated more than $245,000 to Trump's inauguration committee, while Solana Labs contributed $1 million and ConsenSys donated $100,000.
In addition, major virtual asset companies such as Coinbase, Ripple (XRP), Kraken, Ondo Finance (ONDO), and Robinhood were listed as sponsors.
The media reported, "President Trump appointed Mark Uyeda as acting chairman of the SEC immediately after his official inauguration on January 20 this year, and shortly thereafter, the SEC withdrew the legal proceedings against Uniswap and ConsenSys, which were sponsors of Trump's inauguration fund."
It added, "As large-scale political donations from virtual asset companies continue and SEC lawsuits are subsequently withdrawn, there are growing suspicions in the industry that these donations may have led to political benefits."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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