Coinbase Hits Back After Donald Trump ‘Ballroom Donation’ Claims

In a post on X, Murphy claimed that Coinbase was part of what he described as President Trump’s “corruption factory”.

He pointed to the company’s donation to Fairshake, a political action committee (PAC) that supports cryptocurrency interests, and to its involvement in funding the upcoming 2025 inauguration.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

What is a Perpetual Contract in Crypto? (Definition + Example)

He also suggested that these actions were connected to a past enforcement case from the US Securities and Exchange Commission (SEC), which has since been dropped.

Murphy further accused President Trump of asking Coinbase for a large donation to help pay for a new ballroom planned for the White House grounds. The ballroom was originally presented as a private project that would not affect the East Wing.

However, recent photos showed that the East Wing had been torn down, even though President Trump had promised it would be left untouched. The project’s cost has reportedly risen from $200 million to $350 million.

In response, Coinbase’s chief policy officer, Faryar Shirzad, stated that the company was proud to contribute to the new ballroom through the Trust for the National Mall.

He emphasized that Coinbase is not involved in managing the construction and should not be blamed for its progress.

Recently, Shirzad pushed back against the idea that stablecoins pose a major risk to US banks. What did he say? Read the full story.