Cryptocurrency exchange Kraken has pledged to donate $2 million to two politically aligned organizations to defend the core freedoms of cryptocurrency in the United States.
According to Kraken co-CEO Arjun Sethi, who announced this on the X platform on Tuesday, the exchange will donate $1 million to the Freedom Fund PAC and will increase its commitment to America First Digital to $1 million by 2025.
"The regulatory battle over cryptocurrency in the U.S. is ongoing," Sethi stated. He pointed out that fundamental rights related to cryptocurrency are still under threat, including aspects like self-custody and decentralized access. Current major challenges include "regulatory uncertainty," "bans on privacy tools," and "treating infrastructure as criminal."
"This is not just about market infrastructure; it also concerns core individual rights in the digital age," he added.
Sethi described the donation as a "strategic investment in the legal and regulatory framework that will determine the future of cryptocurrency," adding that Kraken "is not supporting any political party," but rather principles like privacy, self-custody, and innovation. However, both organizations receiving Kraken's donations are associated with supporting Trump and the Republican-led agenda, with the Freedom Fund PAC being considered a pro-Trump super PAC that supports Republican candidates.
This donation comes at a time when the political landscape in Washington is changing, and several market structure bills have made progress. In July, the U.S. Stablecoin National Innovation Act (GENIUS Act) passed the House with over 300 votes, including support from 102 Democrats.
According to Senator Cynthia Lummis in August, the Digital Asset Market Structure Bill is expected to reach President Trump's desk by the end of 2025, and it may even be completed before Thanksgiving.
This legislation will further clarify the division of responsibilities between the SEC and CFTC in the regulation of digital assets. Lummis stated that the Senate version will be based on the clear bipartisan bill (CLARITY Act) that passed the House in July.
Cointelegraph has reached out to Kraken for comment but has not received a response as of the time of publication.
Cryptocurrency advocacy organizations are ramping up their efforts ahead of the 2025 legislative elections. Earlier this month, a new cryptocurrency political action committee, Fellowship PAC, was established with initial funding of over $100 million, aimed at supporting innovation and cryptocurrency-friendly candidates in U.S. federal elections.
The addition of Fellowship has expanded the ranks of cryptocurrency political groups. For example, Fairshake PAC has already invested over $130 million in congressional advertising for 2024. According to a report from Fairshake in July, it holds $141 million in assets, which will be used to influence the upcoming elections.
Related: Ethereum at a critical moment: ETH price pattern breaks, $4,000 becomes the last line of defense
Original article: “Kraken Donates $2 Million to Cryptocurrency Support Organizations, ‘The Regulatory Battle Over Cryptocurrency in the U.S. is Ongoing’”
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