Traders Furious as Trump Aims at Crypto Sector to Cover Costs for New White House Ballroom During Crypto market Downturn
Following the revelation that his family has accrued $1 billion from various crypto asset undertakings, US President Donald Trump held a dinner at the White House for corporations that have committed funds for the development of a new $250 million ballroom. Notably, the guest list featured high-ranking officials from crypto companies like Gemini, Coinbase, and Ripple.
This dinner reportedly formed part of a fundraising campaign to price floor the 90,000-square-foot expansion, which Trump had first put forward last summer. Among the attendees were Cameron and Tyler Winklevoss, co-founders of Gemini Exchange, as well as delegates from Coinbase Global and Ripple Labs.
Trump Invites Top Donors to White House Gala: Crypto Giant @Ripple Among the Guests at $250M Ballroom Celebration
#Trump #Crypto https://t.co/NEmJSvRCi3 pic.twitter.com/gAncVFFqEL
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) October 16, 2025
Crypto Titans Gather at White House Dinner Amid Ongoing US Government Shutdown
The gathering occurred on Wednesday (October 15), coinciding with the fifteenth day of the continuing US government shutdown, which left numerous federal agencies functioning with reduced personnel. As of Thursday, no consensus has been established in Congress to finance government operations, resulting in stalled talks between Republicans and Democrats.
This situation, combined with persistent trade tensions between the US and China, and the turmoil in the market, did not stop the President from hosting a celebrity-studded dinner aimed at raising funds for a new ballroom at the White House.
Furthermore, the guest roster was not exclusively comprised of cryptocurrency sector representatives, including executives from Meta, Google, Amazon, Lockheed Martin, and Microsoft. Sources suggested that the event sought to garner support from prominent figures for the ballroom project, which Trump described as part of his initiative to “modernize the people’s house.”
The dinner concluded a week characterized by outreach from crypto executives to lawmakers and regulators in Washington. Industry leaders have been advocating for more clear regulations surrounding digital assets following the introduction of the GENIUS stablecoin bill earlier this year.
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Trump Strengthening Connections with Crypto Power Brokers
I just donated $1 million in BTC (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:
Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR
— Tyler Winklevoss (@tyler) June 20, 2024
The Winklevoss twins, who have committed $2 million in Bitcoin to Trump’s 2024 presidential campaign, have been consistently active in Washington since Trump regained office, participating in the signing ceremony for the bill in July and contributing $21 million to a pro-Trump political action committee ahead of the 2026 midterm elections.
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have also fostered close ties with the Trump administration. Both met the president-elect in November, attended inauguration events in January, and subsequently participated in a White House crypto summit in March. Ripple advertisements have since appeared throughout Washington’s metro stations as part of a campaign to position the company as a compliant link between crypto and conventional finance.
Coinbase CEO Brian Armstrong has also been proactive on Capitol Hill. The company contributed $1 million to Trump’s inauguration fund, and Armstrong met with Trump privately in November to discuss the GENIUS Act and wider market structure reforms. Coinbase continues to advocate for regulated digital assets within the US financial framework.
The optics of the dinner, a lavish fundraising occasion during a federal shutdown, prompted scrutiny from political analysts and Democrats. They contend that the gathering reinforces the notion of a growing influence of the private sector within Trump’s administration, particularly from industries seeking regulatory clarity, with crypto at the forefront.
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Trump Family Claims Billions Earned from Crypto Ventures
(SOURCE: Arkham)
At a time when the crypto market is suffering, with BTC dropping below $105K today, a recent report from the Financial Times explores how the President and his family have achieved over $1 billion through their various crypto initiatives in the prior year.
This comes during a problematic period with numerous crypto investors experiencing significant losses and over $20 billion disappearing in leveraged trades after Trump’s recent commentary about imposing 100% tariffs on China.
The situation did not improve when Eric Trump reportedly responded to the Financial Times, boasting that his family’s crypto earnings far exceed the publicized $1 billion.
A significant portion of the Trump family’s crypto profits has stemmed from the World Liberty Financial Decentralized finance project and its native coin, WLFI. However, both Donald and his wife, Melania, have ‘official’ memecoins under their names, with allegations that the President’s crypto team has withdrawn market fluidity from both projects, effectively rug pulling the memecoins.
TRUMP is down -92% from its peak, while MELANIA is down -99.2%, effectively rendering them worthless for investors who purchased at their highs.
Both memecoins have faced criticism from traders, with many suspecting they are ‘slow rugpulls’ intended to siphon market fluidity from retail investors into the Trump family’s finances. Nevertheless, MELANIA still sees approximately $10 million in daily trading, while TRUMP remains active with over $400 million in daily volume.
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