Tech Giants and Crypto Firms Under Fire For Trump Contributions

US Senators have raised concerns about OpenAI CEO Sam Altman’s $1 million donation to President-elect Donald Trump’s inaugural fund.

This inquiry highlights concerns about corporate influence on political processes, especially from tech and cryptocurrency firms.

US Lawmakers Probe Corporate Donations to Trump’s Inauguration Fund

In a January 17 letter to Sam Altman, US lawmakers Senators Elizabeth Warren and Michael Bennett requested that OpenAI provide details about Altman’s recent contribution to Trump’s inaugural fund.

The lawmakers noted that major tech firms, including OpenAI, Microsoft, Google, and Amazon, collectively donated millions to the fund over the past two months. Interestingly, cryptocurrency firms like Ripple, Coinbase, Kraken, Robinhood, and Circle have reportedly contributed around $10 million to the Trump fund.

These funds are expected to support high-profile inaugural events, reflecting optimism within the digital asset sector. The industry views the incoming Trump administration as a potential ally in advancing long-awaited regulatory changes that could spur further growth for the crypto sector.

However, the lawmakers raised concerns about potential ulterior motives behind these contributions. They suggested that donations might serve as attempts to influence the new administration’s policies or mitigate regulatory challenges.

Several donor companies, such as Amazon, Google, Microsoft, and Ripple are currently under federal scrutiny for various legal issues.

“These donations raise questions about corruption and the influence of corporate money on the Trump administration, and Congress and the public deserve answers,” the lawmaker stated.

The US lawmakers expressed concern that such donations might influence regulatory scrutiny. They emphasized that the financial backing could serve as leverage amid ongoing legal battles and investigations involving these companies.

“The industry’s efforts suggest that Big Tech companies are trying to curry favor and skirt the rules. This would be good for billionaire tech executives, but it is bad for America: if left unchecked, Big Tech monopolies will threaten consumers’ rights, run roughshod over workers, and squash competition while stifling innovation,” the lawmakers wrote.

Considering this, the lawmakers sought specific details about the donation. This included whether OpenAI’s company board approved the donation, the identities of those involved, and any communication with Trump’s transition team. They set a deadline of January 31, 2025, for a comprehensive response.

Altman, however, has clarified that the contribution was personal. In a January 17 tweet, he expressed confusion about the inquiry, stating:

“It was a personal contribution… my company did not make a decision.”