Trump’s crypto-frenzied inauguration weekend makes first family billions of dollars richer
Snoop Dogg was the lead act at the first-ever Crypto Inaugural Ball held in Washington on Friday evening
MacKenzie Sigalos
As the crypto industry celebrates the arrival of a new administration in Washington, D.C., nobody is taking quicker advantage of the coming changes than the person leading the charge: President Donald J. Trump.
On Friday night, crypto A-listers rubbed elbows with political elites and members of Trump’s inner circle at the Crypto Ball, held at the opulent Mellon Auditorium, just down the street from the White House.
Meanwhile, Trump’s net worth was about to explode from an asset that, up to that point, didn’t exist. The same night of the party, the incoming president launched $TRUMP, a meme coin built on the Solana platform. Its market cap over the weekend climbed past $14 billion. Like with other meme coins, there’s no underlying product. Trump told his followers in a social media post, “It’s time to celebrate everything we stand for: WINNING!”
The website for $TRUMP says 80% of the coins are held by the Trump Organization and affiliates.
Inside the Crypto Ball were some of the leaders of the platforms allowing ordinary investors to buy into Trump’s newest project. They included Coinbase CEO Brian Armstrong and Kraken co-founder Jesse Powell.
Trump wasn’t done after one token.
On Sunday came the introduction of $MELANIA, named after the first lady. The coin quickly spiked more than 40%, surpassing $2 billion in value. Both the Trump and Melania coins have dropped significantly from their highs.
Then there’s World Liberty Financial, a decentralized finance project endorsed by the Trump family, which hiked its token price from 1.5 cents to 5 cents and released an additional 5 billion tokens for sale. The project, initially launched in September, has raised more than $300 million in total sales so far, according to blockchain firm Arkham Intelligence.
The Trump family gets 75% of World Liberty’s crypto coin revenue, according to the project’s founding document. On-chain data shows millions of dollars worth of token transfers to Coinbase’s institutional custody provider.
“We’re making routine movements of our crypto holdings as part of regular treasury management, payment of fees and expenses, and to address working capital requirements,” World Liberty said in a statement.
CNBC reached out to Donald and Melania Trump earlier Monday and didn’t receive a response.
‘Reign of terror’
In the period of 48 hours, the Trump family’s net worth surged by billions of dollars, based on holdings of its just-launched digital assets, underscoring the unregulated nature of cryptocurrencies and the president’s ability to use his fame, power and newfound partnership with the nascent industry to enrich himself, his family and his allies at the flip of a switch.
Broader market enthusiasm has been expressed in the price of bitcoin, which surged to an all-time high hours before the inauguration to nearly $110,000. Crypto industry leaders and investors emerged as some of Trump’s biggest supporters in the campaign in an effort to influence future policies and to ease the restrictive regulations imposed during the Biden administration. In July, Trump delivered the keynote at the Bitcoin Conference in Nashville, Tennessee.
Digital asset entrepreneurs, politicians, and members of Trump’s inner circle hit the red carpet at the first-ever Crypto Inaugural Ball in Washington on Friday.
MacKenzie Sigalos
“The reign of terror against crypto is over,” David Sacks, a prominent Silicon Valley investor and the new White House AI and crypto czar, told the packed D.C. ballroom on Friday night. His comments were met with applause that echoed beneath the Mellon Auditorium’s soaring columns.
Sacks, an earlier Trump critic who said the events of Jan. 6, 2021, had “disqualified” him from being a candidate at the national level, threw his weight behind Trump last year. He hosted a high-profile fundraiser at his San Francisco mansion in June and regularly promoted the Republican candidate on the popular “All-In” podcast.
“The beginning of innovation in America for crypto has just begun,” Sacks added on Friday.
On X, formerly Twitter, conversations were lighting up about the new $TRUMP coin. There was plenty of skepticism from those in and around the industry.
“Trump needs to fire his crypto advisors, from top to bottom and replace with people who know what they are doing,” wrote Gabor Gurbacs, founder of digital asset firm Pointsville, in a post on X. “The memecoins cost the US, the presidency and his family a lot of credibility and the consequences haven’t even started.”
Mark Cuban, the billionaire former tech entrepreneur and part owner of the Dallas Mavericks, commented on the apparent lawlessness of it all. Cuban, a longtime independent who became a vocal supporter of Democratic nominee Kamala Harris, said the coins are particularly harmful to the crypto industry in its effort to prove its legitimacy.
“Hello every scam targeted at everyone and anyone who has no clue about crypto,” he wrote.
But at the pre-inauguration party, Trump’s new coin wasn’t much of a topic. Rather, the chatter centered on the broader implications of Trump’s policies, which promised to dismantle years of regulatory gridlock in the Biden administration.
“Two years ago, everyone thought crypto was dead,” said one attendee who asked not to be named in order to speak candidly on the topic. “A year ago, we were begging for help, and this weekend, we’re on top of the world.”
Crypto firms made substantial contributions to Trump’s inaugural fund, signaling their enthusiasm. Ripple donated $5 million in digital tokens, while Coinbase, Kraken, and Circle each gave $1 million. Online brokerage Robinhood contributed $2 million.
Inside the first-ever Crypto Ball at the Mellon Auditorium in Washington ahead of the Donald Trump Inauguration.
MacKenzie Sigalos
Coinbase and Kraken have both been battling the SEC in court. Robinhood received a Wells Notice in May related to its U.S. crypto business, which is typically one of the final steps before the SEC issues formal charges. Ripple has been in a years-long legal fight with SEC and outgoing Chairman Gary Gensler.
“The question now is, what do we do with this momentum?” said Ripple Chief Legal Officer Stuart Alderoty, who attended the Friday night festivities. “How do we take that momentum and move forward to really create the promise that I think this new administration has of making the U.S. the crypto capital of the world?”
Alderoty wants to see a coalition formed to discuss unified policy priorities.
“Ultimately, Congress will own the policy, and we can’t dictate to Congress what the policy should be,” Alderoty said. “It would be great if, ahead of that, in the face of the most crypto-friendly Congress we’ve ever had, there could be some alignment on what the priorities are,” Alderoty said, noting that the industry has splintered in the past when proposals have been introduced.
Inside the Crypto Ball
There was a hefty dose of lawmaker support at the party, all from the Republican side of the aisle. House Speaker Mike Johnson was there, along with Senators Marsha Blackburn, Ted Cruz and Cynthia Lummis. Former House members French Hill and Patrick McHenry arrived to show their support.
Cleanspark CEO Zach Bradford, who has been meeting with Trump in private roundtables to discuss bitcoin mining, said he spoke with Howard Lutnick, Trump’s pick to be Secretary of Commerce, at the event.
“We talked about bitcoin mining and how bitcoin, but also bitcoin mining, can be a central point of commerce,” Bradford told CNBC.
Bradford said he emphasized to Lutnick the potential for bitcoin mining to be a significant economic driver.
“It’s a positive revenue generator from a net production perspective,” Bradford said. “But we’re also contributing significant tax revenues for the states where we operate.”
Bradford said Lutnick is “excited about it,” describing him as “somebody that gets bitcoin.”
Scott Bessent, likely to be the next Treasury secretary, made his way through the main floor of the ballroom and took photos with attendees.
Koh Harada, COO of Aleo, a privacy-focused blockchain, said Bessent was “pretty coy about things, but the fact that he was even there was very interesting.”
Aleo, which has raised over $200 million from investors including SoftBank and Andreessen Horowitz, chose to establish in the U.S. while many rivals opted to launch from offshore jurisdictions like the Cayman Islands as a shield from various regulations.
“We didn’t set up shop in the U.S. on a whim,” Harada said. In talking to a mix of legal and compliance experts, the company realized that “America is the best fertilizer for tech — period,” he said.
Aleo, which combines privacy-focused functionality with smart contract capabilities, has become a go-to resource for other startups looking to return to the U.S., Harada added. The company picked Wyoming, a state known for its crypto-friendly policies.
“Wyoming stood out as the most welcoming state for crypto,” Harada said. “They’ve created forward-thinking policies and are even establishing blockchain research centers at the University of Wyoming.”
It was the side conversations in the MAGA Inc. VIP Reception greenroom where the most significant exchanges of the evening unfolded.
MacKenzie Sigalos
Also in attendance on Friday was MicroStrategy founder Michael Saylor, wearing his trademark orange bow tie, a nod to bitcoin’s iconic color. Ripple CEO Brad Garlinghouse and top execs at Coinbase, including global policy head Faryar Shirzad, mingled with guests.
The Winklevoss twins chatted in a group that included Chris Dixon of Andreessen Horowitz and his colleague, Sriram Krishnan, who recently left his role as a general partner at the firm to join Sacks’ task force. Bo Hines, Trump’s choice to lead the Presidential Council of Advisers for Digital Assets, was also present. He’ll report directly to Sacks.
While Snoop Dogg performed in the main ballroom, venture capitalist Katie Haun was engrossed in conversation with Galaxy Digital’s Mike Novogratz. Other musical guests Rick Ross and Soulja Boy, who was charged by the SEC in 2023 for illegally promoting a crypto token without disclosing he was paid, kept the larger crowd entertained.
Guests were issued wristbands based on status. Black wristbands signified general admission and gold allowed entry to a VIP balcony. White bands granted the most exclusive perks. General admission cost $2,500, and some sponsors paid $1 million for access to the greenroom on the ground floor tucked behind the stage in the main ballroom.
Tightly guarded by security, Donald Trump Jr. donned custom MAGA buttons on his shirt as he swiftly made his way into the innermost chamber of the VIP section, a room barricaded by a rotating bouncer and only allowing in certain guests. Along with Sacks, and Speaker Johnson, he could be seen conversing with Fred Thiel, CEO of mining company MARA Holdings.
Thiel shared details of a blockchain initiative his company had launched earlier that day with Johnson, an effort designed to symbolize the intersection of crypto and politics.
“We minted a block on the blockchain with a portrait of President Trump, created entirely from transactions,” Thiel said.
Speaker of the House, Mike Johnson, with Mara CEO Fred Thiel. Johnson seen texting President Donald Trump a photo of the Trump47 bitcoin block minted by Mara earlier that day.
Fred Thiel
The so-called Trump47 block embedded Trump’s headshot into the Bitcoin blockchain, creating a lasting digital tribute to the president.
“We released it Friday morning, and it went viral,” Thiel said. He added that Johnson “was so impressed” that he texted Trump a picture of it.
Tracy Hoyos-López, a former California prosecutor and one of the people credited with turning Trump pro-bitcoin, was also at the event.
“Don’t mess with crypto,” Hoyos-López, who helped to plan the evening’s celebration, told CNBC while Snoop Dogg was performing his live set. “Our event is a symbol of who we are in the world.”
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White House crypto czar David Sacks says stablecoin bill will unlock ‘trillions’ for U.S. Treasury
U.S. President Donald Trump sits next to Crypto czar David Sacks at the White House Crypto Summit at the White House in Washington, D.C., U.S., March 7, 2025.
Evelyn Hockstein | Reuters
President Donald Trump‘s top crypto and AI advisor David Sacks said Wednesday that the administration expects the stablecoin legislation moving through the Senate to pass with “significant bipartisan support,” and claimed it could unlock demand for U.S. Treasuries.
“We already have over $200 billion in stablecoins — it’s just unregulated,” Sacks told CNBC’s “Closing Bell Overtime.” “If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly.”
The GENIUS Act — a bill to regulate stablecoins — cleared a key procedural vote in the Senate. With 15 Democrats voting for the bill to pass the cloture threshold this week, the proponents have the votes necessary to avoid a filibuster.
“We have every expectation now that it’s going to pass,” added Sacks, though he didn’t answer a question about concerns from Democrats that there aren’t sufficient safeguards in place to keep the president and his family from profiting from legislation.
Democrats previously rejected the GENIUS Act in part on concern that President Trump’s personal cryptocurrency ventures, including his own meme coin and a stablecoin from his family’s crypto business, created an unprecedented conflict of interest.
Unlike digital assets such as bitcoin, which can trade wildly, stablecoins are a subset of cryptocurrencies whose value is tied to that of a real-world asset, like the U.S. dollar. Bitcoin hit a new record on Wednesday, nearing $110,000.
Tether, which is banked by Cantor Fitzgerald in the U.S., controls more than 60% of the stablecoin market. Deutsche Bank found that stablecoin transactions hit $28 trillion last year, surpassing that of Mastercard and Visa, combined.
Sacks, who has emerged as a powerful policy voice inside Trump’s inner circle, framed the GENIUS Act not just as a crypto breakthrough but as a national economic strategy.
“Stablecoins offer a new, more efficient, cheaper, smoother payment system — new payment rails for the U.S. economy,” he said. “It also extends the dominance of the dollar online.”
The White House has aggressively backed the effort, even as concerns mount over the president’s potential conflicts.
While Sacks sold $200 million in crypto-related holdings before taking his White House job according to a disclosure filing, Trump and his family have been leaning into building a crypto empire.
The Trumps are financial backers of World Liberty Financial, which just launched its own stablecoin — USD1 — backed by Treasuries and dollar deposits.
Abu Dhabi’s MGX investment fund recently pledged $2 billion in USD1 to Binance, the world’s largest digital assets exchange. It’s the company’s largest-ever investment made in crypto.
Still, the path to passage isn’t entirely smooth. Senator Josh Hawley, R-Mo., added a controversial rider to the bill that would cap credit card late fees — what’s seen as a poison pill that could alienate banking allies and stall final approval.
WATCH: Trump’s growing crypto empire raising conflict of interest concerns
The Trump administration wants to pull the plug on ENERGY STAR, the federal program behind those familiar blue labels on energy-efficient appliances, homes, and buildings. Launched in 1992, ENERGY STAR has saved Americans more than $500 billion in energy costs while slashing greenhouse gas emissions.
To dig into what this means for everyday Americans, we spoke with Rebecca Foster, CEO of clean energy nonprofit Vermont Energy Investment Corporation (VEIC), which has spent decades working to make homes, schools, and businesses more energy efficient.
Electrek: What is the ENERGY STAR program, and what are the benefits for consumers?
Rebecca Foster: It’s simple: ENERGY STAR helps customers and businesses save energy and reduce costs. The program does this by clearly labeling which products are energy-efficient options. It’s a certification of confidence – it does not dictate efficiency standards. The program was created in 1992 by President George H.W. Bush and has enjoyed decades of bipartisan support.
The brand has become the backbone of energy efficiency across the country. ENERGY STAR is a recognized and reliable mark of efficient appliances and electronics that lower costs and improve indoor air quality. The ENERGY STAR label has also expanded to include efficiency standards for weatherizing homes and certifying when new buildings are constructed to high efficiency standards. Utilities benefit from ENERGY STAR, too – with more efficient appliances and systems plugged in, they are better able to manage the grid and decrease costs for customers.
The main benefit to consumers is significant savings through energy efficiency. A typical home can save around $450 a year on their energy bills by choosing ENERGY STAR-certified products, according to a Lawrence Berkeley National Laboratory estimate. Lower-income households spend a greater proportion of their budget on energy, so losing that savings will be felt especially hard by these families. Energy efficiency programs that VEIC administers, including Efficiency Vermont, Efficiency Smart, and the DC Sustainable Energy Utility, have incorporated ENERGY STAR certifications into their rebates and educational materials for decades. The ENERGY STAR certification is an easy way to let people know which products are eligible for rebates and encourage folks to choose the more efficient option by making it more affordable with incentives. Combined, these programs have delivered more than $694 million in customer incentives since 2000, resulting in over $5.6 billion in lifetime customer savings.
Evaluations of the ENERGY STAR program show it saves US households about $40 billion a year nationwide – and has delivered about $500 billion in savings since it began. All for a program that costs the government just $30 million annually. According to the Consortium for Energy Efficiency‘s 2022 survey, where I worked for over a decade prior to joining VEIC, nearly 90% of US households report recognizing the ENERGY STAR label and almost half (45%) report knowingly purchasing an ENERGY STAR-certified product or home within the last 12 months.
Electrek: How would ending the ENERGY STAR program hurt consumers at a national and regional level?
Rebecca Foster: Efficiency labels and education from ENERGY STAR leads to more affordable energy bills for customers. Ending the program means less clarity and guidance for how to choose the more efficient option, which means higher costs month after month. Households are increasingly opting for more efficient, all-electric clean technologies like cold climate heat pumps for heating/cooling and EVs for their transportation needs. That means efficiency will become even more important for households to maintain lower electricity use. So, losing ENERGY STAR now will really cost Americans more in the short and long term.
Regionally and on a local level, getting rid of ENERGY STAR could disrupt energy efficiency programs run by states, utilities, and third-party administrators that rely on the ENERGY STAR label for rebates. It could also hurt manufacturers, distributors, and contractors who have built their businesses around providing and installing more efficient equipment. Existing lists of qualified products will quickly become out of date as new models and new technology enter the market. We could see programs in different states or run by different entities come up with confusing or competing standards for their rebates, making it more difficult for people to save energy.
All of these impacts hurt consumers, especially at a time when families and businesses are already struggling to keep up with rising costs.
Electrek: What sort of impact would ending this program have on the grid?
Rebecca Foster: A stable electric grid is more important than ever as we see growing electricity demand due to data centers and AI and an increasing reliance on electricity to meet more of our daily needs. ENERGY STAR has been the backbone of energy efficiency across the country for decades, and it’s delivered the more efficient lighting, appliances, and heating systems that are in use today in countless homes. Efficiency is a major reason why US electricity demand has been flat for the last two decades, according to the EIA.
As we see the electrification of our transportation and heating sectors, we’re also going to see unprecedented growth in electricity demand – an 11% increase in New England alone over the next decade, according to ISO New England. That’s part of a 50% increase in demand nationally by 2050, according to the National Electrical Manufacturers Association.
Losing ENERGY STAR would slow down and complicate management of the grid because efficiency contributes to a stable and optimized grid. It also helps avoid the costly expansion of transmission projects by reducing demand without asking customers to make large behavioral changes.
A more efficient grid can also avoid investing in new fossil fuel power generation, like natural gas power plants, helping meet state and regional goals for clean energy and emissions reductions. ENERGY STAR is a great tool for realizing an efficient, electrified future. Ending the program will put a greater burden on grid operators and utilities by taking away one of the most effective tools in the toolbox for addressing rising energy demand: customer participation.
Rebecca Foster is VEIC’s CEO. Heading up the executive leadership team, Rebecca guides the nonprofit’s strategic planning, business development, and performance across its contracts nationwide. With nearly 25 years of experience in the clean energy industry, Rebecca is a seasoned leader dedicated to the organization’s mission of generating the energy solutions the world needs.
VEIC is a national clean energy nonprofit that delivers high-impact energy solutions focused on equity and innovation. Since 1986, VEIC has been recognized as a leader in decarbonization strategies, working with governments, utilities, foundations, and businesses to reduce GHG emissions and create a sustainable energy system that benefits everyone.
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