Crypto.com Increases Financial Support for Pro-Trump Initiatives
In January, Crypto.com intensified its financial support for pro-Trump initiatives by contributing an additional $5 million to a super PAC that champions the former president, according to recent filings with the Federal Election Commission (FEC). This latest funding brings the total contributions from the cryptocurrency platform to a staggering $35 million directed to MAGA Inc. over the past year.
Regulatory Developments Following Contributions
Notably, shortly after this transaction, Crypto.com experienced favorable developments from several regulatory bodies under Donald Trump’s administration.
Last week, the Commodity Futures Trading Commission (CFTC), led by Trump appointee Mike Selig, intervened in a legal dispute involving Crypto.com and the state of Nevada regarding sports betting forecasts. The CFTC filed a motion supporting Crypto.com, which stands out given that Selig had previously indicated a preference for courts to resolve complex issues like this one.
Additionally, the Treasury Department‘s key regulatory figure granted conditional approval for Crypto.com to acquire a national trust bank charter. This pivotal achievement positions the company’s CEO to claim that Crypto.com will soon operate as a comprehensive custodian for major financial entities. These regulatory advancements are processed under Foris Dax, the parent company of Crypto.com, although representatives from the company did not respond when asked by Decrypt regarding their political donations.
Political Landscape and Industry Reactions
Interest in the political landscape surrounding cryptocurrency is heightened, as many industry players have shown reluctance to make direct donations to Trump’s affiliated PACs despite supporting various political efforts related to him, including funds for his inauguration and projects like the proposed $300 million ballroom in the White House. In contrast, firms such as Coinbase, Ripple, and Tether prefer financing their own, supposedly non-partisan PACs that concentrate specifically on crypto policy.
Crypto.com’s Strategic Alliance with Trump
In a notable divergence, Crypto.com has aligned itself closely with Trump and his associates, directing most of its political contributions toward his allies. Their affiliation extends beyond monetary support; following a significant donation last year, Crypto.com forged a strategic alliance with Trump Media and Technology Group. This partnership has since led to the development of various offerings, including Trump-branded cryptocurrency ETFs and a prediction market connected to Trump’s social media venture, Truth Social.
