Cryptocurrency companies Ripple $2.3 and Kraken pledged a total of $6 million to support President-elect Donald Trump’s inauguration. Ripple contributed $5 million with its native XRP token, while the company Kraken donated $1 million to the committee.
Ripple and Trump
According to the report shared by FOX Business, Ripple and Kraken are among the crypto firms that contributed to the record-breaking inaugural fund exceeding $200 million. These donations are intended to support the three-day celebrations that include the inauguration of Donald Trump and Vice President J.D. Vance on January 20, 2025.
Ripple’s $5 million donation reflects the XRP company’s commitment to increasing its presence in the political arena. Similarly, leading crypto exchange Kraken donated $1 million to support launch events. This marks the first time many crypto companies have participated in financing a presidential inauguration.
President-elect Donald Trump has taken swift action to support the cryptocurrency industry, fulfilling his campaign promises. Trump appointed Paul Atkins, known for his crypto-friendly stance, as the new Chairman of the Securities and Exchange Commission (SEC).
At the same time, David Sacks was appointed as the first crypto and AI Czar. Sacks will be responsible for bridging the gap between industry and regulators, leading policy initiatives and chairing the President’s Advisory Council for Science and Technology.
Crypto-friendly new Czar has committed to addressing Coinbase’s FDIC-related industry complaints. Sacks announced plans to investigate Operation Choke Point 2.0.
Broad Support from Technology and Crypto Leaders
The Trump-Vance inaugural committee surpassed all previous records, surpassing $200 million in donations from tech giants and crypto leaders like Jeff Bezos, Mark Zuckerberg, and Vlad Tenev. Each of these tech executives donated $1 million or more to the fund.
“For the first time, we have a President who truly understands the potential of disruptive technology and embraces the crypto industry. “We are excited to continue working with President-elect Trump and his administration and deliver long-awaited regulatory clarity.” – Arjun Sethi, CEO of Kraken
These developments came as the US appeals court announced important dates for the Ripple case. The opening cover letter will be submitted on March 6, 2025, and the XRP company’s response cover letter will be submitted on April 7, 2025. The court also set deadlines for the mediation survey and appeal transcripts, marking important steps in the protracted XRP case.
These supports and appointments related to the cryptocurrency industry can play an important role in the integration of the industry into policy. Crypto companies’ donations of high amounts and the inclusion of crypto-friendly names in the management are among the remarkable developments for the future of the sector.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
