Crypto.com has donated a total of $35 million over the past year to MAGA Inc., a super PAC supporting former President Donald Trump, with its latest contribution of $5 million made in January 2025. This substantial political spending has unfolded alongside significant regulatory actions from U.S. agencies that appear favorable to the cryptocurrency exchange.
Within weeks of the January donation, the Commodity Futures Trading Commission (CFTC), chaired by Trump-appointee Mike Selig, intervened in a pending lawsuit between Crypto.com and the state of Nevada concerning sports-related prediction markets. The CFTC filed a motion in support of the company's position, a decisive shift from Selig's previous testimony to a Senate committee where he indicated he would defer to the courts on the matter.
Furthermore, on February 24, 2025, the Office of the Comptroller of the Currency (OCC) conditionally approved Crypto.com's application for a national trust bank charter. This approval, a significant milestone, would allow the exchange to operate as a "one-stop-shop qualified custodian" for major financial institutions, vastly expanding its service capabilities. Both the bank charter and the political donations are made under the name of Crypto.com's parent company, Foris Dax.
Crypto.com's approach differs from other major industry players like Coinbase, Ripple, and Tether, which have funded their own super PACs framed as non-partisan and focused on crypto policy. In contrast, Crypto.com has directed the vast majority of its political spending directly to Trump-aligned groups. The company has also established a strategic partnership with Trump Media and Technology Group, resulting in Trump-branded crypto ETFs and a Crypto.com-powered prediction market on the Truth Social platform.
While experts caution against assuming direct causation, noting that regulatory processes like the OCC charter review are lengthy, the sequence of events raises questions about political influence in the evolving crypto regulatory landscape. The industry at large is increasingly engaging politically to shape a favorable operating environment and avoid fragmented state-level regulations.
