Ripple: Trump Inauguration’s Top Crypto Donor Before SEC Shift
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Here’s a detail that raises eyebrows: Ripple Labs pitched in a hefty $4.9 million for Donald Trump’s inauguration back in January. What’s interesting is that just three months later, the Securities and Exchange Commission (SEC) seemed to soften its stance, starting to put appeals in lawsuits on hold and even reduce the fines for the crypto company.
These specifics about Ripple’s donation – making it the second-largest contribution after poultry producer Pilgrim’s Pride’s $5 million – became public knowledge on Sunday. The information was officially submitted to the Federal Election Commission in a recent filing, bringing these details into the light.
According to a list put together by Fortune, the crypto industry, including its firms and leaders, played a significant role in funding the inauguration. In total, they were behind a considerable $18 million chunk of the $239 million that was raised.
Looking at other crypto players, major exchange Coinbase and investment powerhouse Galaxy Digital each donated $1 million. Meanwhile, Yuga Labs and Consensys also chipped in, with both donating $100,000 as more modest contributions.
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Earlier this month, there was a move from both the SEC and Ripple to pause the regulator’s ongoing appeal against the company, with the aim of exploring a potential settlement. This request was given the green light just last week, putting the case on hold for 60 days.
It’s worth remembering that Ripple had previously reached a settlement with the SEC before and even dropped their own counter-appeal. This earlier settlement resulted in a significantly reduced fine for Ripple, bringing it down from $125 million to a mere $50 million.
Adding to this trend, the SEC also dropped another case, this time against Coinbase, back in February. And just this month, they gave the nod to Galaxy Digital’s application to list itself on the Nasdaq. However, in March, Galaxy Digital also paid out $200 million to the New York Attorney General’s Office as part of a settlement related to how they promoted the now-infamous LUNA token.
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