Ripple, Coinbase, Kraken Bet Big on Crypto-Backed Trump

Crypto Giants Ripple, Coinbase, Kraken Support Trump — Will Regulation Shift?

Cryptocurrency companies are moving into politics, siding with Big Tech and corporate America with large donations to President-elect Donald Trump's inaugural foundation, Fox Business reported. Coinbase and Kraken each donated $1 million to the Trump-Vance Inaugural Committee, which is organizing the Jan. 20 swearing-in of Trump and Vice President-elect J.D. Vance. Ripple pledged $5 million in XRP tokens, one of the largest cryptocurrency donations to date.

Kara Calvert, Coinbase’s vice president of U.S. policy, explained the company’s motivations, saying:

Coinbase is committed to working with the Administration and both parties to create regulatory clarity for cryptocurrency, and it is critical to get involved early so that work can proceed 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 donors mentioned above, Moonpay also confirmed a donation but declined to disclose the amount. The donations are part of a record $200 million pledge from companies and individuals, exceeding 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 Paul Atkins, a known cryptocurrency supporter, to lead the U.S. Securities and Exchange Commission (SEC). David Sacks was named the administration’s director of cryptocurrency and artificial intelligence, further demonstrating alignment with blockchain interests.

Ripple CEO Brad Garlinghouse expressed optimism, stating:

With reliable, knowledgeable cryptocurrency supporters like Paul Atkins and David Sacks being 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 waged by Elizabeth Warren’s attack dog, Chairman Gensler,” he opined.