Crypto Has Successfully Purchased Large-Scale Political Influence in the U.S.
WASHINGTON, D.C. — Today, the White House is holding a crypto summit with major crypto companies, crypto backers, and Trump administration appointees.
Robert Weissman, co-president of Public Citizen, offered context on the event today:
“When crypto companies spent over a hundred million dollars in the 2024 elections, they created a new playbook for the purchase of large-scale political power in America.
“Since taking office, Trump has rewarded the crypto companies that helped get him elected.
- Twelve crypto companies have already had investigations into their businesses halted or dropped by the SEC (see below).
- Trump issued an executive order promoting crypto.
- Trump has issued an order to create a crypto national reserve, a ludicrous and massively dangerous idea that is an immediate and outrageous boon to current crypto holders and could result in taxpayers functioning as a backstop when the crypto bubble, inevitably, pops.
“Beyond that, Trump has leaned into using crypto platforms to personally enrich himself. His meme coin venture, which Public Citizen has repeatedly asked for the Office of Government Ethics to investigate, is still charging people money, despite the SEC’s statement that the memes have ‘no use.’
“These companies — many of whom are present at today’s White House event — appear to have successfully purchased the influence that they sought. That fact should deeply alarm every American, no matter how they feel about crypto.”
Public Citizen experts are available for comment today on the dropped SEC enforcement cases, Trump’s meme coin venture/gift solicitation, crypto’s election spending, and more. Please reach out to Emily Leach, eleach@citizen.org to request additional information or an interview.
Table: 12 cryptocurrency corporations Trump’s SEC halted enforcement against
|
Corporation |
Subject of Investigation or Allegation |
Known Trump Administration Ties |
Trump Administration Intervention |
|---|---|---|---|
|
Binance |
Thirteen charges, including operating unregistered national securities exchanges, broker-dealers, and clearing agencies |
Trump’s SEC and Binance filed a joint request on 2/11/25 to pause litigation for 60 days |
|
|
Coinbase |
Charged with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency and other securities violations |
Coinbase reportedly donated $1 million toward Trump’s inaugural fund. Coinbase spent more than $50 million backing Fairshake, a pro-crypto super PAC that helped elect Trump allies to Congress Coinbase listed Trump’s meme coin, $TRUMP, creating a multimillion-dollar surge in income for the president Coinbase hired the Trump campaign’s 2024 co-manager, Chris LaCivita, as an advisor. |
Trump’s SEC agreed to dismiss its case |
|
Consensys |
Charged with engaging in the unregistered offer and sale of securities through a service it calls MetaMask Staking and with operating as an unregistered broker |
The Trump administration’s SEC filed to dismiss the case on 2/27/25 |
|
|
Cumberland DRW |
Charged in October 2024 with operating as an unregistered dealer in more than $2 billion of crypto assets offered and sold as securities |
Trump’s SEC agreed to dismiss its case. |
|
|
Gemini |
For the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program |
Twin brothers Cameron and Tyler Winklevoss, who together founded and run Gemini, contributed a $2.65 million to groups backing Trump for president. |
Trump’s SEC closed the case on 2/26/25 |
|
Horizen Labs |
Related to the launch of ApeCoin cryptocurrency |
The Trump administration’s SEC reportedly closed its investigation on 3/5/25 |
|
|
Kraken |
Charged with operating crypto trading platform as an unregistered securities exchange, broker, dealer, and clearing agency. |
Kraken co-founder Jesse Powell donated $1 million in cryptocurrency backing Trump for president. Kraken reportedly donated $1 million toward Trump’s inaugural fund. |
The Trump administration’s SEC filed to dismiss the case on 3/3/25 |
|
OpenSea |
Alleged sale of unregistered securities |
Trump NFTs are bought and sold on OpenSea’s platform |
Trump’s SEC reportedly filed to dismiss the case on 2/21/25 |
|
Robinhood Markets |
Securities violations within crypto unit |
Robinhood reportedly donated $2 million toward Trump’s 2024 inaugural fund. Robinhood hired Trump ally Brian Ballard to lobby on crypto issues in 2024. Trump chief of staff Susie Wiles is a former lobbyist with Ballard’s firm. |
The Trump administration moved to dismiss the case on 2/24/25. |
|
Tron Foundation Limited, BitTorrent Foundation, Rainberry |
Fraud and others securities law violations |
Billionaire CEO Justin Sun purchased $75 million worth of tokens from Trump-affiliated crypto World Liberty Financial, purchases which sent $50 million to Trump |
Trump’s SEC and Sun filed a joint request to pause litigation for 60 days on 2/26/25 |
|
Uniswap Labs |
Alleged acting as an unregistered securities broker and unregistered securities exchange |
Trump’s SEC reportedly closed the case on 2/25/25 and will take no action |
|
|
Yuga Labs |
Into whether the company behind Bored Ape Yacht Club NFTs violated laws prohibiting sale of unregistered securities. |
Trump’s SEC reportedly closed its Yuga Labs investigation on 3/3/25 |