Coinbase, Kraken, and Ripple donate millions to Trump-Vance inaugural committee. This move signals growing crypto industry support for regulatory clarity.
Cryptocurrency exchanges Coinbase and Kraken have donated $1 million to the Trump-Vance inaugural committee. The celebrations of Donald Trump and his vice president elect JD Vance, will be funded by this committee. Galas, parades, dinners—these are scheduled to happen only before or after they swear themselves in on January 20th.
The committee is also being helped by Ripple, a blockchain payments company. Dedicated to furthering the cryptocurrency cause, the company will be giving $5 million in XRP, its own native digital token for cross-border payments. Additionally, these donations are a sign of growing support for Trump in the cryptocurrency industry.
Kraken Co-CEO Hails Trump Crypto Support, Pushes for Clearer Regulations
President Trump has been utterly hands-on in keeping his promises of cryptocurrency. Paul Atkins, an advocate for crypto, has been nominated by him to become the next chairman of the Securities and Exchange Commission (SEC). The new administration seems to want to put in place a more crypto-friendly regulatory environment with this nomination.
Trump also appointed the first-ever crypto and AI czar, David Sacks. Sacks will try to fill the gap between the regulations of regulators and the crypto industry. In addition, he will head the Presidential Council of Advisors for Science and Technology.
The Trump-Vance inaugural committee has raised $200 million so far, topping previous records. Throw in major tech figures such as Jeff Bezos, Mark Zuckerberg, and Vlad Tenev who have promised $1 million or more. The tech and crypto sectors seem to give their strong support to the event as cryptocurrency leaders join the call for unity.
Kraken co-CEO Arjun Sethi told FOX Business that crypto support is key for the president-elect. For the first time, there is a president who understands the potential of disruptive technology like cryptocurrency, he stressed. Sethi said he was excited to collaborate with the new administration in order to deliver more clear regulatory guidelines. This move will unlock more innovation in the crypto sector.
Taking this into account, these contributions and appointments indicate a more and more partnership between the cryptocurrency industry and the incoming administration. With regulatory clarity on the horizon, the crypto sector is poised for further growth and integration into mainstream politics.
