Author: Bitcoin.comNews

Crypto giants Ripple, Coinbase, Kraken support Trump – will regulation change?

Cryptocurrency companies are moving into the cryptocurrency space with huge donations to President Donald Trump's inaugural foundation, siding with Big Tech and corporate America, Fox Business reports. Coinbase and Kraken each donated $1 million to the Trump-Vance Inaugural Committee, which organized the January 20 swearing-in event for Trump and would-be Vice President J.D. Vance. Ripple has pledged to donate $5 million in XRP tokens, one of the largest cryptocurrency donations to date.

Coinbase U.S. Vice President 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, Early intervention is critical so that work can begin quickly.

Kraken co-CEO Arjun Sethi emphasized 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 cryptocurrency 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 in pledges from businesses and individuals, surpassing the $107 million raised by Trump's 2017 inauguration and far exceeding the $62 million raised by Joe Biden's committees in 2021 .

The crypto industry’s enthusiasm for Trump stems from his businessman stance 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 has been appointed as Head of Cryptocurrency and Artificial Intelligence, further signaling alignment with blockchain interests.

Ripple CEO Brad Garlinghouse expressed optimism, noting:

Having reliable, cryptocurrency-savvy supporters like Paul Atkins and David Sacks appointed to the Trump, the future of the cryptocurrency industry is infinitely bright.

“I am optimistic that we can finally move beyond the failed crypto war started by Elizabeth Warren’s attack dog, Chairman Gensler,” he opined.