Ripple’s Major Donation to Trump Inauguration Amid Regulatory Changes

Ripple Labs made a notable $4.9 million donation to Trump’s inauguration just before the SEC adjusted its regulatory stance towards the firm. The donation, highlighted in Federal Election Commission filings, was part of a larger $18 million contribution from the cryptocurrency sector. Further, a settlement agreement reduced Ripple’s fine from $125 million to $50 million, and developments regarding other crypto firms like Coinbase and Galaxy Digital were also discussed.

Ripple Labs was the largest cryptocurrency contributor to Donald Trump’s inauguration in January, making a significant donation of $4.9 million. This donation was made shortly before the SEC began amending its approach towards Ripple, notably pausing appeals and decreasing its financial penalties against the company. The details surrounding Ripple’s contributions were disclosed in a filing to the Federal Election Commission, with these contributions being highlighted by publisher Fortune.

Ripple’s donation was the second largest, following a $5 million contribution from Pilgrim’s Pride. The overall cryptocurrency sector contributed approximately $18 million to Trump’s inauguration, which had a total fundraising figure of $239 million. Notable donations included $1 million from Coinbase and Galaxy Digital, while Yuga Labs and Consensys each contributed $100,000.

Recently, both the SEC and Ripple agreed to suspend the ongoing litigation to explore a settlement, a move which was sanctioned last week, freezing the case for 60 days. Ripple had reached an earlier settlement with the SEC, which lowered its financial penalty from $125 million to $50 million. In February, the SEC also dismissed a case against Coinbase and allowed Galaxy Digital to proceed with its Nasdaq listing.

Galaxy Digital had previously settled a $200 million issue with the New York Attorney General’s Office concerning its marketing of the failed LUNA token. To stay updated and informed on developments like these, readers can subscribe to news feeds via Protos and the social media platforms X, Bluesky, as well as Google News, or follow their YouTube channel for more insights.