Cryptocurrency Companies Join a Trump-Linked Lobbying Group

Many cryptocurrency companies, including the companies behind them Kraken Blockchain.com, as well as Ripple Labs, are reportedly among dozens of companies and wealthy individuals who have retained Ballard Partners, a lobbying firm linked to US President Donald Trump, since his election in November.

Two former partners at the firm, founded by Trump lobbyist and fundraiser Brian Ballard, have taken key positions in the new administration, raising questions about conflicts of interest.

The move by cryptocurrency companies to retain Ballard Partners comes as crypto companies and other technology companies seek to influence the new administration.

Encryption effect

Trump, whose election campaign was With great funding By cryptocurrency companies, it promised Crypto friendly Regulatory environment and He was appointed Pro-crypto allies to key regulatory positions.

Payward Inc, Kraken’s legal name, and Blockchain (US), part of the Blockchain.com group of companies, together paid Ballard $60,000 (£48,000) for lobbying services in the final weeks of 2024, according to For records cited by Reuters. .

Ripple Labs, which issues the cryptocurrency token XRP, hired Ballard eight days after the election, Politico reported, in a move confirmed by Ripple.

Before Ballard’s appointment, Blockchain.com had not maintained a lobbying firm in Washington in six years, the Reuters report said.

Kraken maintains another company and also uses internal lobbyists, the report said.

Kraken has been involved in lawsuits before the SEC since 2023. Under the previous administration, the agency issued dozens of enforcement actions to try to bring cryptocurrency companies into compliance with existing securities regulations.

Political influence

“As part of our efforts to engage in global politics, we work with a number of lobbying firms in our key markets,” Kraken said in a statement.

Ballard Partners represents clients from various business sectors including oil, finance, technology and pharmaceuticals.

Reuters said the company has signed 40 new clients since November, a higher number than in the previous 10 months.

Trump appointed Ballard’s former partner Pam Bondi to serve as attorney general, while the firm’s former partner Susie Wiles is now White House chief of staff.

Bondi, who continued to lobby for Ballard Partners until the end of last year, said in an ethics agreement submitted to the Justice Department that if confirmed she would consult with the agency’s ethics officer to manage any potential conflicts of interest.

Trump spoke out against the influence of lobbying firms during his election campaign.

“Above all, you deserve leadership in Washington that does not respond to lobbyists…or to corrupt special interests, but only to you, the hardworking citizens of America,” he said during a rally in Butler, Pennsylvania, on October 5. A month before the elections.