Major cryptocurrency companies have donated over $10 million for Donald Trump's inauguration as he gets ready to start his second term as US president. According to a report by Politico, the donations were made by companies such as Ripple, Coinbase, Kraken, Robinhood, and Circle.

Ripple donated $5 million in digital tokens. Top executives Brad Garlinghouse and Stuart Alderoty are also planning to attend the inauguration.

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Coinbase, Kraken, and Circle each contributed $1 million, while Robinhood has given $2 million. Coinbase CEO Brian Armstrong has met with Trump twice, including once after Election Day.

Kara Calvert, Coinbase’s vice president for US policy, emphasised the importance of industry collaboration with the administration, calling Trump “the most pro-crypto president” to date.

The industry is looking to capitalise on Trump’s pledge to establish a regulatory framework tailored to digital assets and a GOP-controlled congress.

Anchorage Digital, Exodus, and Coinbase-backed advocacy group 'Stand with Crypto' will also sponsor an unofficial ball. 

The event will be hosted by David Bailey and feature a performance by rapper Snoop Dogg.

Crypto executives are also eyeing positions on a proposed digital assets advisory council, which Trump has announced will be led by David Sacks and Bo Hines. 

The council aims to shape policy on digital assets and artificial intelligence. With Trump’s regulatory overhaul plans, the cryptocurrency sector is anticipating significant growth under the new administration.

These contributions have also drawn criticism. Some influential figures have alleged that the donations are an attempt to secure influence over the Trump administration's future policies in the crypto space.

“Billionaires think they bought this government,” said Senator Elizabeth Warren, a vocal critic of the crypto sector.

(With inputs from agencies)