Ripple & Kraken Contribute $6M To Donald Trump Inauguration

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As a seasoned researcher with a keen interest in both politics and technology, I find this intersection of events to be fascinating. Cryptocurrency companies pledging millions to support Donald Trump’s inauguration is not only a testament to their growing influence but also a significant step towards mainstream acceptance.

Cryptocurrency firms Ripple and Kraken have collectively promised a total of $6 million towards funding President-elect Donald Trump’s inauguration ceremony. Specifically, Ripple will be contributing $5 million in its own XRP digital currency, while Kraken has contributed $1 million to the committee in charge of organizing the festivities.

Ripple and Kraken Pledge $6M For Donald Trump Inauguration

As per a FOX Business report, Ripple and Kraken are among the cryptocurrency companies participating in the establishment of a $200 million initial fund. This money is intended to help finance a three-day event celebrating the inauguration of Donald Trump as President and J.D. Vance as Vice President on January 20, 2025.

Ripple is planning to give away $5 million using its own XRP digital currency, demonstrating their dedication to increasing influence within political spheres. In a similar vein, Kraken, a well-known cryptocurrency exchange, has pledged a million dollars towards the initial events, making it one of the first instances where crypto companies have financially supported a presidential inauguration.

Moreover, President-elect Donald Trump has taken swift action to fulfill his election pledges regarding the cryptocurrency sector. Lately, Trump announced the nomination of Paul Atkins, who is recognized for his pro-crypto views, as the potential future chairman of the Securities and Exchange Commission (SEC).

At the same time, David Sacks has taken on a new role as the pioneer in charge of crypto and AI, whose responsibilities include facilitating communication between the industry and regulatory bodies. In this position, Sacks will manage policy initiatives and lead the President’s Council of Advisors on Science and Technology.

In a demonstration of his pro-cryptocurrency approach, the newly appointed crypto leader has already sketched out plans to delve into the matter of Operation Choke Point 2.0, as industry discontent escalates. David Sacks has vowed to tackle the issues brought up by Coinbase’s distribution of FDIC “hold letters.

Tech and Crypto Leaders Join Record-Breaking Inaugural Fund

The Trump-Vance inaugural fund has already garnered an unprecedented $200 million, outstripping all past records. Notable figures in the tech industry such as Jeff Bezos, Mark Zuckerberg, and Vlad Tenev, along with leaders in cryptocurrency, have demonstrated their extensive backing for the event by donating significant amounts. Each of these tech magnates has promised to contribute $1 million or more to the cause.

Emphasizing the significance of backing from the crypto sector for the newly elected president, Kraken’s co-CEO, Arjun Sethi, spoke to FOX Business about this matter.

It’s novel that we now have a President who seems to grasp the power of groundbreaking technologies and is supportive of the crypto industry. We look forward to collaborating further with President-elect Trump and his team as they strive for much-needed regulatory guidance, thereby paving the way for more innovation in this sector.

These advancements occur as the US appeals court discloses crucial dates regarding the Ripple case. The initial filing is planned for March 6, 2025, with the XRP company’s response due by April 7, 2025. Additionally, the court has established timelines for the mediation questionnaire and appeal transcripts, indicating substantial progress in the ongoing Ripple legal dispute.

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2024-12-21 02:16