Cryptocurrency firms are stepping into the political arena with substantial donations to President-elect Donald Trump’s inaugural fund, aligning themselves with big tech and corporate America, Fox Business reported. Coinbase and Kraken each contributed $1 million to the Trump-Vance inaugural committee, responsible for organizing events around Trump and Vice President-elect JD Vance’s swearing-in on Jan. 20. Ripple has pledged $5 million in XRP token, marking one of the largest crypto donations to date.

Kara Calvert, Coinbase’s Vice President of U.S. Policy, explained the company’s motivations, stating:

Coinbase is committed to working with the Administration and both sides of the aisle to create regulatory clarity for crypto, and it’s important to engage early in order to hit the ground running.

Kraken co-CEO Arjun Sethi highlighted the significance of the industry’s backing, telling the news outlet: “For the first time, we have a President who truly understands the potential of disruptive technology and embraces the crypto sector.”

In addition to the named contributors, Moonpay also confirmed a donation but declined to disclose the amount. These contributions are part of a record-setting $200 million already pledged by corporate and individual donors, 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 pro-business stance and recent moves favoring digital assets. Following his victory in November, Trump nominated Paul Atkins, a known crypto advocate, to lead the U.S. Securities and Exchange Commission (SEC). David Sacks was appointed as the administration’s crypto and AI czar, signaling further alignment with blockchain interests.

Ripple CEO Brad Garlinghouse expressed optimism, noting:

With trusted, knowledgeable crypto advocates like Paul Atkins and David Sacks appointed in the Trump Administration, the future of the crypto industry looks nothing but promising.

“I’m optimistic we can finally move past the failed war on crypto waged by Elizabeth Warren’s attack dog, Chair Gensler,” he opined.

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