Views from inside the Crypto Ball 

Crypto industry elites (and a journalist or two) donned black tie at the Crypto Ball Friday night

article-image

Crypto Ball 2025

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


If you aren’t in DC and/or have not spent your inauguration weekend scrolling through Crypto Twitter, here’s a quick recap: 

  1. Crypto industry elites (and a journalist or two) donned black tie at the Crypto Ball Friday night. 
  2. Halfway through the ball, Donald Trump launched a memecoin, $TRUMP, which hit a market cap of $1 billion before Snoop Dogg left the stage. 

Guests included incoming crypto czar David Sacks, Donald Trump Jr., Treasury Secretary nominee Scott Bessent and, oddly enough, former Congress member and convicted felon George Santos. 

House Speaker Mike Johnson, Sen. Cynthia Lummis and Rep. Bryan Steil, the new chair of the digital assets subcommittee, also made appearances. 

“The reign of terror against crypto is over,” Sacks said during the only speech of the night. 

Snoop Dogg, Rick Ross and Soulja Boy performed. Almost all of the crypto bros adhered to the black tie dress code, and only one tux-wearer opted for a splash of bitcoin orange: Michael Saylor

Other big industry names in attendance included Jesse Powell, the Winklevoss twins and Brian Armstrong.

Tickets to the main event started at $2,500 and eventually hit $10,000 before selling out. VIP tickets went for $100,000. $1 million got you four VIP tickets plus dinner for one with Donald Trump, who did not attend the ball, “at a later date.” 

Let’s dispel a couple of myths about the event: It was not “invite only” and it was not hosted by Donald Trump. MAGA Inc. and Bitcoin Inc. ran the event, along with several sponsoring companies and co-hosts, including Kraken, Exodus and Anchorage Digital. 

As for the memecoin, to say “no one at the ball knew about it” would be false. To say “few people at the ball cared about it,” on the other hand, would be more accurate. 

As someone in the room, the politicians, industry execs and the ultra wealthy were far more interested in hearing Snoop perform covers of Fleetwood Mac (odd choice, I know). 

Ball attendees may have missed out (or been late to the party, at least) on what turned out to be a lucrative trade, but the vast majority of the people in that room already have something far more coveted: political influence. 

Plus, it’s crypto. You don’t need to be sitting at a desktop computer to make a few buys. The token is now available on Kraken and Coinbase.

To be clear though, plenty of people at the ball weren’t happy about $TRUMP. But it wasn’t because they felt “left out” — it’s because they think the memecoin gives crypto a bad name, and could throw a wrench in some of their legislative plans.

“This is a horrible look for the industry already trying to make the case that we’re not a bunch of hucksters, scammers and fraudsters,” one lobbyist told Politico

As of Inauguration Day morning, $TRUMP’s market cap was hovering just below $11 billion. 

I made it out of DC just in time to skip the chaos of the weekend, but I’ll be watching from afar to see which “day one” promises come to fruition. You won’t want to miss tomorrow’s newsletter.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

Institutional staking providers specialize in offering secure, compliant, and scalable solutions for organizations, asset managers, and individuals who wish to stake large volumes of digital assets. Staking-as-a-Service Providers (SaaSPs) act as intermediaries, running blockchain nodes and managing the technical complexities of staking on behalf of clients, often providing custody, reporting, and yield optimization features across a broad range of assets and networks.

article-image

The plan is to scale PayPal USD with Spark’s liquidity framework, building sustainable stablecoin markets

by Blockworks /
article-image

The company introduced a dollar-backed stablecoin to power instant payments and microtransactions for AI-driven web platforms

by Blockworks /
article-image

The plan is to make GameShift the “consumer portal” that bridges non-crypto gamers into Web3

article-image

Google backs $1.4B of obligations and takes 5.4% stake as Cipher expands AI data center footprint

by Blockworks /
article-image

Nine banks plan MiCA-regulated token to challenge dollar dominance and strengthen Europe’s payments autonomy

by Blockworks /
article-image

Sponsored

The FAIR L1 embeds encrypted execution into the consensus layer and removes the transparency window that makes MEV possible

by Sponsored /