Crypto firms rally behind Trump with record donations, aiming for favorable blockchain regulations under his administration.
Coinbase, Kraken, and Ripple lead inaugural donations as pro-crypto appointments promise a brighter future for digital assets.
Tech and crypto elites unite, contributing millions to Trump’s fund, signaling a shift toward collaboration with the administration.
FOX Business reports that cryptocurrency firms Coinbase, Kraken, and Ripple are making contributions to Donald Trump’s upcoming inauguration. Coinbase and Kraken have each donated $1 million to the Trump-Vance inaugural committee. Ripple has pledged $5 million in XRP tokens. These donations highlight the crypto industry’s growing political influence as it seeks favorable regulatory clarity under the new administration.
Crypto Firms Rally Behind Trump Administration
Coinbase, Kraken, and Ripple are among the first crypto companies to support Trump’s inauguration. Coinbase’s VP of U.S. Policy, Kara Calvert, stated that early engagement is crucial for creating a pro-crypto regulatory environment. Kraken’s co-CEO, Arjun Sethi, echoed similar sentiments, emphasizing Trump’s understanding of disruptive technologies.
Additionally, digital asset payment provider MoonPay has committed to the fund, though its contribution remains undisclosed. Combined with other corporate and individual donations, the fund has raised $200 million. The inaugural committee aims to hit $225 million by Inauguration Day, shattering previous records.
Crypto-Friendly Appointments Signal Industry Growth
Trump has already taken steps to fulfil his pro-crypto promises. Notably, he nominated Paul Atkins, a crypto advocate, as the next SEC chairman. David Sacks, appointed as the first-ever crypto and AI ‘czar,’ will oversee collaboration between regulators and the industry. These appointments signal a significant shift from the current administration’s stance.
Ripple’s CEO, Brad Garlinghouse, expressed optimism about the future, citing Trump’s leadership and key appointments. Moreover, cabinet nominees, including Scott Bessent and Howard Lutnick, are known for their favorable views on blockchain and cryptocurrency.
Tech Leaders Also Join the Funding Wave
Prominent tech executives, including Jeff Bezos, Mark Zuckerberg, and Sam Altman, have each donated $1 million to the fund. Robinhood’s CEO, Vlad Tenev, pledged $2 million. Their contributions indicate a growing willingness to engage with the administration, despite past criticism.
The crypto industry’s record-breaking donations shows its enthusiasm for Trump’s regulatory approach. Consequently, these efforts could shape a more supportive environment for innovation in blockchain and digital assets.
