By Douglas Gillison, Suzanne McGee and Michelle Price

WASHINGTON (Reuters) – Cryptocurrency executives swilled cocktails and danced to rap superstar Snoop Dogg on Friday night as they celebrated the impending inauguration of President-elect Donald Trump, whose administration has promised major changes in crypto policy.

After years of lobbying by Washington policymakers, executives from crypto companies including Crypto.com, Kraken, and Exodus participated in the first ever crypto inauguration ball held in 90 -year-old Andrew W. Mellon Auditorium under tall 62-foot (19-meter) columns.

Dressed in black tie and ball gowns, guests dined on small lobster rolls and Trump’s favored McDonald’s (NYSE: ) burger and fries, according to social media posts and two attendees who spoke to Reuters. . In addition to Snoop Dogg, the entertainment lineup features rappers Rick Ross and Soulja Boy, attendees said.

One of the many celebrations in Washington ahead of Trump’s inauguration on Monday, the crypto gala marks a surprising turnaround for an industry that has been in the crosshairs of the Biden administration. Two years ago, it looked to be on the brink of extinction amid the FTX collapse.

Trump, who did not attend the gala, raised crypto campaign cash with promises to be a “crypto president,” and is expected next week to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption. adoption of digital assets.

“There were many dark years,” said Les Borsai, co-founder of crypto investment adviser Wave Digital Assets, who flew in from Los Angeles. “If it means what the future looks like … I think that’s the optimism we’re looking forward to.”

Swag includes “Make Great Again” red baseball caps, and American flag pins with a symbol for Gemini, an event sponsor and crypto exchange founded by Cameron and Tyler Winklevoss, who backed Trump’s campaign.

SOLD OUT

Tickets are on sale for $2,500 each for general admission, the ball’s website says, but for a cool $100,000, VIP packages provide face time with tech entrepreneur David Sacks, the upcoming Trump’s crypto czar and the gala’s emcee, according to attendees and crypto media outlets.

About 1,500 people attended.

Several other officials from the incoming Trump administration were also present, attendees said. Other sponsors include the digital asset division of Robinhood (NASDAQ:), MicroStrategy and Crypto.com, according to the event’s website. Sponsors have cocktails named in their honor.

“Last night was truly a testament to what mainstream crypto has become,” said JP Richardson, CEO of Exodus, who co-hosted the ball.

As the industry cheered, Trump on Friday night expanded his cryptocurrency interests, which already include World Liberty Financial, by launching a digital token branded with an image from his July assassination attempt.

The price of that “meme coin” was around $27 on Saturday afternoon, giving it a market capitalization of about $5.5 billion, according to CoinMarketCap.

Concerned about fraud and money laundering, President Joe Biden’s regulators cracked down on crypto companies, suing exchanges Coinbase (NASDAQ:), Binance, Kraken and more in federal court. Trump’s crypto policy team is taking shape, with his pick to head the crypto-friendly Securities and Exchange Commission Paul Atkins expected to make major changes to crypto policy.

“The crypto voter showed up in the election and this event indicates a change for crypto policy in the United States,” Jonathan Jachym, global head of policy at Kraken, said in a statement.

Bitcoin, the world’s largest cryptocurrency, hit new records above $107,000 in December on excitement over Trump’s policy changes.

“We are proud to support the Crypto Ball (NYSE 🙂 … , attended.

Representatives for the Trump administration, Robinhood, MicroStrategy, Gemini and the other two hosts of the event, BTC Inc. and Stand With Crypto, did not immediately comment. Sacks did not immediately return an emailed request for comment. Representatives for Snoop Dogg, Rick Ross and Soulja Boy could not immediately be reached Saturday.