Author: Bitcoin.comNews
Crypto Giants Ripple, Coinbase, Kraken Back Trump - Will Regulation Change?
Cryptocurrency companies are entering the political arena by making massive donations to President Donald Trump's inauguration fund, siding with Big Tech and American businesses, Fox Business reported. Coinbase and Kraken each donated $1 million to the Trump-Pence Inaugural Committee, which is responsible for organizing the January 20 swearing-in ceremonies for Trump and the incoming Vice President JD Pence. Ripple has pledged $5 million in XRP tokens, one of the largest cryptocurrency donations to date.
Coinbase's Vice President of U.S. Policy Kara Calvert explained the company's motivations, stating:
Coinbase is committed to working with the administration and both parties to create regulatory clarity for cryptocurrencies, and getting in early is critical to being able to hit the ground running.
Kraken co-CEO Arjun Sethi emphasized the importance of industry support, telling the news media: "For the first time, we have a president who truly understands the disruptive potential of technology and embraces the crypto space."
In addition to the aforementioned donors, Moonpay has also confirmed a donation, though the amount was not disclosed. These donations are part of a record-breaking $200 million in corporate and individual donations, 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 business background and recent pro-digital asset initiatives. After his November victory, Trump nominated known crypto supporters Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC). David Sacks was appointed as the government's crypto and AI czar, further signaling alignment with blockchain interests.
Ripple CEO Brad Garlinghouse expressed optimism, noting:
With reliable, crypto-savvy supporters like Paul Atkins and David Sacks appointed to the Trump administration, the future prospects for the crypto industry look incredibly bright.
"I'm optimistic we can finally emerge from the failed crypto war launched by Elizabeth Warren's attack dog, Chairman Gensler," he believes.
