Tech Giants and Crypto Firms Under Fire For Trump Contributions
U.S. senators express concerns over $1 million from OpenAI CEO Sam Altman Donate President-elect Donald Trump’s first fund.
The survey highlights concerns about corporate influence on the political process, particularly from technology and cryptocurrency companies.
U.S. lawmakers investigate corporate donations to Trump inauguration fund
In a letter to Sam Altman dated January 17, U.S. Congressman Senator Elizabeth Warren Michael Bennett asked OpenAI for details about Altman’s recent donation to Trump’s first fund.
Lawmakers noted that major tech companies including OpenAI, Microsoft, Google and Amazon have collectively donated millions of dollars to the fund over the past two months. interestingly, Cryptocurrency companies like Ripple, Coinbase, Kraken, Robinhood and Circle reportedly contributed Provided approximately $10 million to the Trump Foundation.
These funds are expected to support High-profile opening eventreflecting optimism in the digital asset space. The industry believes The incoming Trump administration as a potential ally Advancing long-awaited regulatory changes that could spur further growth in the crypto industry.
However, lawmakers have expressed concerns about potential ulterior motives behind the donations. They suggested the donations could be an attempt to influence new government policy or ease regulatory challenges.
Multiple donor companies, such as Amazon, Google, Microsoft, etc. Ripple is currently under federal scrutiny For various legal issues.
“These donations raise questions about corruption and the influence of corporate money in the Trump administration, and Congress and the public deserve answers,” the congressman said.
U.S. lawmakers worry that such donations could affect regulatory scrutiny. They stressed that financial support could provide leverage in ongoing legal battles and investigations involving the companies.
“The industry’s efforts show that Big Tech is trying to curry favor and circumvent the rules. That’s good for billionaire tech executives, but bad for America: If left unchecked, Big Tech monopolies threaten consumers’ rights, run roughshod over treat workers and stifle competition while stifling innovation,” the lawmakers wrote.
With that in mind, lawmakers sought specific details about the donation. This includes whether OpenAI’s Corporate Board of Directors approve donationthe identity of relevant persons and their relationship with Trump’s transition team. They set a deadline of January 31, 2025 for a full response.
Altman clarified, however, that the contribution was personal. In a tweet on January 17, he expressed confusion about the investigation, statement:
“It was a personal contribution … my company didn’t make the decision.”
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