After Donating $35 Million to Trump PAC, Crypto.com Scores Wins From Regulators
Crypto.com donated $5 million in January 2024 to MAGA Inc., a super PAC supporting Donald Trump, bringing its total contributions to $35 million over the past year. Shortly after the latest donation, Trump-era agencies acted in Crypto.com’s favor: the CFTC filed a supportive motion in the company’s lawsuit with Nevada over sports prediction markets, and the Treasury Department gave conditional approval for a national trust bank charter, allowing Crypto.com to become a qualified custodian for financial institutions. Both the donations and the new charter are made in the name of Foris Dax, Crypto.com’s parent company. Unlike other crypto firms that fund non-partisan PACs focused on industry issues, Crypto.com has funneled most political spending directly to Trump-aligned groups. Additionally, following initial multi-million dollar donations last year, Crypto.com formed a partnership with Trump Media and Technology Group, resulting in Trump-branded crypto ETFs and a Crypto.com-based prediction market for Truth Social.
