In a bold move to bolster its political connections, Crypto.com has substantially increased its financial support for pro-Trump initiatives, donating an additional $5 million to the super PAC MAGA Inc. in January. This brings the company’s total contributions to the PAC to an impressive $35 million over the past year, as disclosed in recent filings with the Federal Election Commission (FEC).
The timing of the donation coincides with a series of favorable regulatory actions from various agencies under Donald Trump’s administration, indicating a strategic alignment between the company and the Trump administration. Just last week, the Commodity Futures Trading Commission (CFTC), which is overseen by Trump-appointee Mike Selig, intervened in an ongoing legal battle involving Crypto.com and the state of Nevada concerning sports-related prediction markets. The CFTC filed a motion supporting the cryptocurrency exchange, despite earlier statements by Selig suggesting the agency would defer to the courts on related matters.
Additionally, a key official within the Treasury Department recently granted conditional approval for a national trust bank charter for Crypto.com. This milestone represents a significant leap for the company, which aims to position itself as a “one-stop-shop qualified custodian” for major financial institutions, according to its CEO.
The corporate identity behind these political contributions and regulatory successes is Foris Dax, the parent company of Crypto.com. Despite the gravity of these developments, a spokesperson for the company did not provide immediate comments regarding the motivations behind their political spending, which has attracted significant attention from industry observers.
While several cryptocurrency firms have engaged in political financing, many have opted not to directly support Trump-aligned PACs. Companies like Coinbase, Ripple, and Tether have taken a different approach, choosing to fund their own political action committees aimed at crypto policy rather than directly aligning with the president’s initiatives. In contrast, Crypto.com has focused its political spending primarily on direct contributions to Trump’s allies.
The relationship between Crypto.com and the Trump administration extends beyond financial contributions. Following its initial multi-million dollar donation to MAGA Inc. last year, the company announced a strategic partnership with Trump Media and Technology Group, the president’s publicly traded media organization. This collaboration has led to a range of products, including Trump-branded cryptocurrency exchange-traded funds (ETFs) and a Crypto.com-powered prediction market connected to the president’s social media platform, Truth Social.
As the intersection of finance and politics continues to evolve, Crypto.com is positioning itself at the forefront of this dynamic landscape, leveraging its substantial political contributions for potential regulatory advantages and strategic partnerships.
