Cryptocurrency companies Ripple and Kraken have collectively pledged $6 million to support President-elect Donald Trump’s inauguration. Ripple is contributing $5 million in its native XRP token, while Kraken has donated $1 million to the Trump-Vance inaugural committee managing the celebrations.
Ripple and Kraken Pledge $6M For Donald Trump Inauguration
According to a report by FOX Business, Ripple and Kraken are among the cryptocurrency firms contributing to the record-breaking $200 million inaugural fund. The contributions aim to support the three-day celebration marking the swearing-in of Donald Trump and Vice President-elect J.D. Vance on January 20, 2025.
Ripple’s $5 million donation will be made in its native XRP token. This reflects the XRP company’s commitment to advancing its presence in the political landscape. Similarly, Kraken, a top crypto exchange, has contributed $1 million in support of the inaugural events. This marks the first time many crypto companies have participated in funding a presidential inauguration.
Additionally, President-elect Donald Trump has acted quickly to deliver on his campaign promises to support the cryptocurrency industry. Trump recently nominated Paul Atkins, known for his crypto-friendly stance, as the next chairman of the Securities and Exchange Commission (SEC).
Concurrently, David Sacks has been appointed as the first-ever crypto and AI czar, tasked with bridging the gap between the industry and regulators. Sacks will oversee policy initiatives and head the Presidential Council of Advisors for Science and Technology.
Showcasing his crypto-friendly stance, the new crypto czar has already outlined plans to investigate Operation Choke Point 2.0 amid growing industry complaints. David Sacks has pledged to address the concerns highlighted by Coinbase’s release of FDIC “pause letters.”
Tech and Crypto Leaders Join Record-Breaking Inaugural Fund
The Trump-Vance inaugural committee has already raised $200 million, surpassing all previous records. Major contributions from tech giants like Jeff Bezos, Mark Zuckerberg, and Vlad Tenev, alongside cryptocurrency leaders, underscore the broad support for the event. Each of these tech executives has pledged $1 million or more to the fund.
Stressing the importance of crypto industry support for the president-elect, Kraken co-CEO Arjun Sethi told FOX Business,
“For the first time, we have a President who truly understands the potential of disruptive technology and embraces the crypto sector. We’re excited to continue to work with President-Elect Trump and his administration to push for long-overdue regulatory clarity and unlock this next wave of innovation.”
These developments come as the US appeals court reveals key dates for the Ripple case. The opening brief is scheduled for March 6, 2025, and XRP company’s answering brief is due by April 7, 2025. The court also set deadlines for the mediation questionnaire and appeal transcripts, marking significant steps in the long-running XRP lawsuit.
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