By Bitcoin.com News
Crypto Giants Ripple, Coinbase, Kraken Support Trump — Will Regulation Shift?
Crypto companies are moving into politics, siding with Big Tech and Corporate America with huge donations to President-elect Donald Trump’s Inaugural Foundation, Fox Business reports. Coinbase and Kraken each donated $1 million to the Trump-Vance Inaugural Committee, which is organizing the events for Trump and Vice President-elect J.D. Vance’s January 20 swearing-in. Ripple pledged $5 million in XRP tokens, one of the largest cryptocurrency donations to date.
Coinbase Vice President of U.S. Policy Kara Calvert explained the company’s motivations, saying:
Coinbase is committed to working with the administration and both parties to create regulatory clarity for cryptocurrencies, and it is critical to get involved early so that work can begin quickly.
Kraken co-CEO Arjun Sethi stressed the importance of industry support, telling the news outlet: “For the first time, we have a president who truly understands the potential of disruptive technology and embraces the crypto space.”
In addition to the aforementioned donors, Moonpay also confirmed a donation, but declined to disclose the amount. The donations are part of a record $200 million pledge from corporate and individual donors, surpassing the $107 million raised for Trump’s 2017 inauguration and far exceeding the $62 million raised by Joe Biden’s committee in 2021.
The crypto industry’s enthusiasm for Trump stems from his stance as a businessman and recent moves in favor of digital assets. After his victory in November, Trump nominated known cryptocurrency supporter Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC). David Sacks was named the administration’s director of cryptocurrency and artificial intelligence, further signaling alignment with blockchain interests.
Ripple CEO Brad Garlinghouse expressed optimism, noting:
With reliable, knowledgeable cryptocurrency supporters like Paul Atkins and David Sacks appointed to the Trump administration, the future of the cryptocurrency industry is bright.
"I am optimistic that we can finally emerge from the failed crypto war started by Elizabeth Warren's attack dog, Chairman Gensler," he said.