• Ripple Labs has pledged $5 million in XRP to support Donald Trump’s inauguration, joining other crypto firms like Coinbase, Kraken, Ondo Finance, and Moonpay.

  • The donations are viewed as a reflection of the industry’s optimism regarding President-elect Trump’s anticipated pro-cryptocurrency policies.

Ripple Labs has pledged to contribute $5 million to the Trump-Vance inaugural committee, the organization funding the three-day extravaganza of parades, dinners, and galas. Donald Trump will be sworn in on January 20th, the same day Gary Gensler resigns as SEC chair. With its fast transaction speeds and low fees, XRP is particularly well-suited for quick and efficient donations, allowing for seamless contributions from supporters.

During his campaigns, Trump promised lighter regulations for the crypto industry. Since the election, he has appointed pro-crypto officials to his cabinet, including Paul Atkins as SEC Chair and Howard Lutnick as commerce secretary. Trump also named David Sacks as the first AI and Crypto Czar. At a recent crypto policy summit in Washington, which included key players like Coinbase and Grayscale, Trump reinforced his administration’s pro-crypto stance.

Donations from Ripple and the Crypto Sector

Cryptocurrency exchanges Coinbase and Kraken have each contributed $1 million to the Trump-Vance inaugural committee. Additionally, MoonPay plans to donate to the fund as well. Furthermore, Ondo Finance is also reported to be donating $1 million to the inaugural fund, following a surge in its value to an all-time high of $2.14 earlier this week. 

These contributions represent a small portion of the record $200 million pledged to the inaugural committee from various corporate donors. As per the report by Fox Business, this total surpasses the previous record of $107 million raised by Trump’s inaugural committee in 2017, significantly outpacing the $62 million collected by Biden’s committee in 2021.

In the wake of Trump’s re-election, cryptocurrency executives have actively sought direct engagement with the new administration. Earlier this month, Kris Marszalek, CEO of Crypto.com, met with Trump at his resort in Florida. Their discussion centered on appointing pro-crypto individuals to key government positions and exploring reforms to the existing regulatory framework for the cryptocurrency industry. 

Despite facing challenges in the U.S., Singapore-based Crypto.com continues to expand its global presence. In August, it became the first crypto sponsor of the UEFA Champions League, marking a significant step in sports branding. The company also secured approval from the UK’s Financial Conduct Authority (FCA), achieving Electronic Money Institution (EMI) status back in 2023.

Coinbase CEO Brian Armstrong also met privately with Trump last month to discuss potential administration appointments. This meeting occurred amid ongoing legal issues between Coinbase and the SEC, which has charged the exchange with operating as an unregistered national securities exchange.

Meanwhile, XRP analysts are closely monitoring these developments, with some forecasting a positive trajectory for the cryptocurrency pending a favorable outcome in the SEC case. CNF reports indicated that XRP whales acquired 110 million XRP, amounting to around $250 million, which reflects the increasing interest in the asset. As of this writing, XRP’s price has been trading at $2.32, up 11.89% in the last 24 hours.

#BTCNextMove