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Note published on June 18, 2025 at 11:56 PM UTC

2025-06-18T23:56:01+00:00

Quid pro quo between cryptocurrency firms, the Trump administration, and the Trump family’s crypto ventures.

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Quid pro quo
Cryptocurrency companies are reaping the benefits of their contributions to Trump and other pro-crypto politicians.
Company Benefit Contribution
Justin Sun and Tron
SEC enforcement case stayed pending resolution
Criminal investigation possibly paused
$75 million to purchase WLFI tokens from Trump-owned World Liberty Financial
$37.7 million to purchase $TRUMP memecoins (via HTX)
Listed USD1 for trading on HTX
Cumberland DRW
SEC enforcement case dismissed with prejudice
$100 million investment into Trump-owned Trump Media & Technology Group
$100,000 to crypto-focused super PACs
Ripple
SEC enforcement case stayed pending resolution
Joint request to return $75 million of previous SEC fine to Ripple
$73 million to crypto-focused super PACs
$5 million to Trump inauguration fund
Coinbase
SEC enforcement case dismissed with prejudice
Relaunched bitcoin borrowing program previously shut down after SEC warnings
$75 million to crypto-focused super PACs
$1 million to Senate super PACs
$1 million to Trump inauguration fund
Sponsored Trump birthday military parade
Andreessen Horowitz
Four Andreessen Horowitz employees installed in formal or informal positions of influence at the White House
$70 million to crypto-focused super PACs
$5.35 million to Trump super PACs
Gemini
SEC enforcement case stayed pending reslution
SEC investigation ended with no action
$4.9 million to crypto-focused super PACs
$2.6 million to Trump super PACs
Kraken
SEC enforcement case dismissed with prejudice
Relaunched staking services which were shut down as part of a February 2023 SEC settlement
$1 million to Trump super PACs
$1 million to Trump inauguration fund
$1 million to crypto-focused super PACs
Circle
SEC approved IPO
Favorable stablecoin regulation
$1 million to Trump inauguration fund
$1 million to crypto-focused super PACs
Robinhood
SEC investigation ended with no action
$2 million to Trump inauguration fund
ConsenSys
SEC enforcement case dismissed with prejudice
$800,000 to crypto-focused super PACs
Binance
SEC enforcement case dismissed with prejudice
Reported talks with US Treasury Department to remove compliance monitor
Former Binance CEO Changpeng Zhao seeking pardon
Listed USD1 for trading
$2 billion investment from MGX denominated in USD1
Reported Trump family talks to acquire stake in Binance US
Crypto.com
SEC investigation ended with no action
Business partnership with Trump-owned Trump Media & Technology Group