TronWeekly

Crypto World News

You are here: Home / Search for "donation"

Search Results for: donation

Gemini Lists Ripple’s RLUSD Stablecoin Amid Ripple’s Massive $25M Donation to U.S Education

by

  • RLUSD is now available on 15 major exchanges, including Gemini.
  • Ripple’s donation supports U.S. classrooms with $25M in RLUSD.
  • Ripple integrates RLUSD for cross-border payments and institutional use.

Gemini, a top crypto exchange, has listed Ripple’s RLUSD stablecoin for trading transactions, deposits, and withdrawals. This represents an important step in the firm’s effort to expand the stablecoin adoption across the world. Gemini is the 15th crypto exchange to list RLUSD on its platform after a list of other platforms.

The RLUSD stablecoin has received substantial adoption across major exchange platforms. Other platforms such as Uphold, Bitstamp, Revolut, and Coinmena listed the coin before Gemini.  With Gemini’s support, RLUSD will be accessible to more users around the world to enhance cross-border payments, trading, and daily financial transactions.

Ripple uses the RLUSD stablecoin in its business operations for institutional purposes. The firm uses RLUSD to enable cross-border payments on its Ripple Payments network. The stablecoin integration enables Ripple to capitalize on global financial services to help businesses to efficiently manage their treasury operations.

Ripple Donates $25M To Underserved U.S Classrooms

Ripple has further boosted the RLUSD acceptance. The company has announced a massive $25 million donation in RLUSD to U.S. public education. Ripple committed to making the donation to educational nonprofit organizations such as DonorsChoose and Teach For America. The contribution seeks to provide essential resources such as digital equipment and school supplies for underserved classrooms.

Ripple continues to advance RLUSD adoption across individual and institutional customers. Ripple purchased Hidden Road, a prime brokerage company, for $1.25 billion in April. The firm intends to utilize RLUSD as collateral for trading and settlements across the operations of institutional clients, which further integrates the stablecoin in mainstream finance.

Ripple’s RLUSD Stablecoin Expands to Global Markets

Gemini listed the RLUSD stablecoin after it posted a cryptic social media message, which hinted at the RLUSD addition. The XRP community and some analysts interpreted the stylized capitalization pattern in the Ripple post to refer to RLUSD. Although Gemini did not react to the cryptic post, it listed RLUSD shortly after, which marks a major step for the stablecoin.

Ripple continues to develop RLUSD’s use cases amid increased interest in the stablecoin in digital finance. Ripple’s RLUSD integration in its enterprise services enhances the efficiency and speed of cross-border transactions. Moreover, it demonstrates Ripple’s commitment to adapting to the shift in stablecoin regulations as well as strengthening the position of RLUSD in digital finance.

Ripple’s use of RLUSD in charitable initiatives and its addition on various exchange platforms enhances the stablecoin’s applications. The increased adoption of RLUSD in various global economic sectors could shape the future of stablecoins.

Related Reading | HYPE Trading Near Key Resistance at $21: Is a Bullish Breakout Coming?

Ripple’s $5M XRP Donation Powers Trump’s Inaugural Fund Success

by

  • Ripple donates $5M in XRP, largest crypto donation to Trump’s fund.
  • Trump’s inaugural fund exceeds $200M with major tech and crypto donors.
  • XRP price soars 500% after Ripple wins legal battle with the SEC.

The Trump-Vance inaugural committee has shattered fundraising records. The fund has surpassed $200 million in donations with support from Ripple and major tech figures.

Ripple Donates $5M in XRP to Trump’s Inaugural Fund

Ripple has donated $5 million worth of its XRP token to support President Donald Trump’s inaugural fund. This donation is the largest crypto-based contribution to the fund, highlighting Ripple’s unwavering support to the incoming administration.

Besides Ripple, other major crypto companies such as Coinbase and Kraken also donated $1 million each while MoonPay made an undisclosed contribution to the fund.This demonstrates the rising interest of digital currencies in the United States political space.These contributions signal the crypto industry’s interest to build a favorable future regulatory environment under Trump’s administration.

Trump’s Inaugural Fund Raises Over $200 Million with Major Donors

The Trump-Vance inaugural committee has raised over $200 million which has set a new record or inaugural fundraising. The committee expects to collect a total of $225M by Inauguration Day from both corporate donors and individual contributors. 

The inaugural committee has surpassed previous records of $107 million raised for Trump’s 2017 inauguration and Biden’s $62 million in 2021.

Apart from Ripple and other crypto companies, the fund has received substantial donations from tech executives like Jeff Bezos, Mark Zuckerberg and Dara Khosrowshahi. These large contributions indicate a rising association between big tech, cryptocurrency and the incoming Trump administration.

XRP Price Surges After Ripple’s Legal Win Over the SEC

XRP has been on the rise since Ripple secured legal victory against the United States Securities and Exchange Commission (SEC). The court ruling clarified that XRP is not a security which boosted the investor confidence in the token and sparked an increase in its price.

XRP is currently trading at approximately $2.30 and has increased by about 500% since the legal win. Analysts and investors are bullish about its future with possible targets of $2.92 and $4.50 as Ripple continues to strengthen its position in the crypto market.

Trump Picks Blockchain and Crypto Supporters for Key Roles

Former SEC commissioner Paul Atkins, a pro-Bitcoin advocate, will replace Gary Gensler as SEC Chair under President Trump. Atkins is expected to ease regulations on cryptocurrency, which has been a priority for the crypto industry. His appointment signals a more positive attitude in terms of digital assets and blockchain technology.

Trump has appointed David Sacks as the first crypto and AI czar, a role that is focused to mediate between regulators and the crypto industry. Sacks will chair the Presidential Council of Advisors for Science and Technology. Additionally, Trump nominated blockchain technology supporters, Scott Bessent for Treasury Secretary and Howard Lutnick for Commerce Secretary.

Ripple Expands Crypto Advocacy with $25M Donation to Fairshake Super PAC

by

  • Ripple boosts crypto аdvocаcy with а $25 million donаtion to bipаrtisаn supеr PAC Fаirshаkе.
  • Fаirshаkе’s bipаrtisаn аpproаch hаs sеcurеd mаjor еlеctorаl victoriеs for pro-crypto cаndidаtеs in 2024.
  • Trump’s еlеction victory spаrks optimism for а pro-crypto rеgulаtory еnvironmеnt аnd blockchаin innovаtion.

Ripple is stеpping up its support for pro-crypto policiеs in thе U.S. On Novеmbеr 26, Ripple CEO Brad Garlinghouse shаrеd thаt thе compаny is donаting аnothеr $25 million to Fаirshаkе, а bipаrtisаn PAC thаt bаcks cаndidаtеs who support digitаl аssеts. This dеvеlopmеnt follows Ripple’s prior contribution of $50 million, showing thе compаny’s strong push for а rеgulаtory еnvironmеnt thаt bеnеfits blockchаin аnd crypto.

Gаrlinghousе pointеd out thаt Fаirshаkе is thе most succеssful bipаrtisаn PAC in U.S. history. Hе еmphаsizеd thаt bаcking cаndidаtеs who promotе crypto, growth, аnd innovаtion is а smаrt movе, аnd Ripple’s ongoing contribution will hеlp kееp thе momеntum going.

Ripple’s Strategic Vision for Digital Assets

Fаirshаkе hаs significаntly impаctеd thе 2023-2024 еlеctorаl cyclе, sеcuring ovеr $200 million in bipаrtisаn support аnd hеlping sеcurе criticаl wins for crypto-friеndly cаndidаtеs аcross thе US. A 2024 Public Citizеn rеport rеvеаls thаt nеаrly hаlf of аll corporаtе donаtions in this yеаr’s еlеctions cаmе from cryptocurrеncy bаckеrs. Ripple’s involvеmеnt аmplifiеs its stаncе on crеаting а bаlаncеd rеgulаtory еnvironmеnt for thе blockchаin industry.

With $78 million rеsеrvеd for thе 2026 U.S. midtеrms, Fаirshаkе is wеll-positionеd to continuе аdvocаting for clеаr lаws thаt govеrn thе crypto industry whilе protеcting consumеrs. As а16z foundеr Chris Dixon rеcеntly stаtеd, Contributing to Fаirshаkе is kеy to аchiеving clеаr lаws thаt protеct consumеrs аnd еnаblе еntrеprеnеuriаl confidеncе.

Crypto’s Future Under President-Elect Trump

Thе еlеction of Donаld Trump аs Prеsidеnt on Novеmbеr 6 hаs furthеr fuеlеd optimism within thе crypto community. Trump dеfеаtеd Dеmocrаtic nominее Kаmаlа Hаrris to sеcurе thе prеsidеncy. Trump hаs bееn vocаl аbout his vision to еstаblish thе U.S. аs thе globаl hub for digitаl аssеts. His cаmpаign promisеs includеd rеplаcing Gаry Gеnslеr, thе outgoing SEC chаir, whosе еnforcеmеnt-hеаvy аpproаch drеw criticism from crypto аdvocаtеs.

Trump’s dеclаrаtion to mаkе thе U.S. thе “crypto cаpitаl of thе plаnеt” rеsonаtеs strongly within thе blockchаin community. Though hе hаs yеt to аppoint а nеw ovеrsееr for digitаl аssеt rеgulаtion, industry lеаdеrs rеmаin optimistic аbout thе potеntiаl for а morе bаlаncеd frаmеwork undеr his аdministrаtion.

Related Readings | Buterin Donates 320 ETH from Meme Coin Sale to Coin Center

U.S. Extends Pursuit of FTX Political Donations to 2025 Amid Settlement Talks

by

Key Takeaways:

  • The U.S. government is negotiating to return $13.25 million in political donations linked to FTX.
  • Federal discussions aim to resolve third-party petitions without litigation, extending deadlines to January 15, 2025.
  • The crypto industry reflects on proof-of-reserve practices two years after the FTX collapse.

The U.S. government has intensified efforts to recover up to $13.25 million in political donations made by former executives of FTX. A new court filing highlights ongoing discussions with relevant parties, seeking to extend the response deadline for third-party petitions.

Initially set for Nov 1, 2024, the government requests a new date of January 15, 2025. According to the document, such an extension would give ample time for possible settlements and avoid tedious litigation.

image

In this regard, the proposed parties have already conferred with the legal representatives of Emergent Fidelity Technologies, FTX Trading Ltd., together with the class representative plaintiffs of the MDL, and each of them has consented to the extension. Additionally, petitions on the Senate Majority PAC and the GMI PAC are also being negotiated to case extended deadlines.

Crypto Industry Marks Two Years Since FTX Collapse

The breakdown of the exchange in November 2022 became one of the most defining moments in crypto history. FTX collapsed because of a lack of reserves against users’ deposits, highlighting the need for clearly established rules for PoR exchanges.

As this two-year anniversary approaches, an analysis by CryptoQuant details the contemporary practices of top exchanges. Coinbase remains the only top exchange that has never published a public PoR report. By contrast, on the opposite end of the spectrum is Binance, which offers a far more complete solution with on-chain asset transparency and user-verifiable balances.

The practice allows stakeholders to track the integrity of funds and creates trust across the market. The fact that users are able to independently confirm their deposits form part of the total liabilities, in addition to the public nature of PoR reports, has become an important industry standard.

Binance’s Steady Growth Amid Challenges

Binance has come out even stronger following the fall of FTX. Reserves of the exchange are now holding 611,000 BTC, up by 28,000 BTC or 5%. Although the regulatory scrutiny from U.S. authorities started in 2023, Binance has always maintained very solid reserves, with drawdowns at a maximum of 16%.

image 8

It is among the few big exchanges, such as Bitfinex, that reported growth in reserves. The lessons learned from the FTX collapse reconstituted expectations of transparency in cryptocurrencies. While stakeholders ponder how things turned out badly for the sector, it’s making cautious progress toward better standards.

Related Reading | XRP Investors Eye $17 Target Amid 950-Day Holding Pattern

XRP for the White House? Chris Larsen’s $1M Donation to Harris Sparks Debate

by

  • Ripple co-founder Chris Larsen donated $1 million in XRP to support Kamala Harris’ 2024 presidential campaign.
  • The donation marks Harris’s first documented cryptocurrency contribaution, drawing attention from political and financial circles.
  • Larsen’s endorsement joins a list of high-profile executives backing Harris for president.

Chris Larsen, co-founder and executive chairman of Ripple, donated 1,754,815.29 XRP-valued $1 million-to the presidential campaign of Kamala Harris in 2024. This is reportedly the first crypto donation to a political candidate on such a scale, according to Federal Election Commission filings. Larsen donated to Future Forward USA, a super PAC supporting Harris.

Eleanor Terrett of Fox Business underlined the importance of such a donation by referring to its historical value in the ever-changing landscape of political fundraising. This contribution underlines the growing heft of cryptocurrency in US politics but, at the same time, serves as a test of how the current administration caution in relation to digital assets responds to such contributions.

Ripple’s Chris Larsen Among Corporate Giants Backing Harris

Chris Larsen is one of an eye-turning 88 top executives publicly supporting Kamala Harris’ bid for president. Other high-profile supporters include Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, and James Murdoch, ex-CEO of 21st Century Fox. This letter of endorsement first shared with CNBC, features the support of business leaders across industries from tech and media to finance and philanthropy.

Harris’ ability to attract such prominent supporters from both Wall Street and Silicon Valley signals her broad appeal among corporate leaders. Other influential backers include former CEOs of major companies like PepsiCo, Blackstone, and GoDaddy, showing a strong alignment between Harris’ policies and the corporate world.

Political Implications of XRP Donation

While this is a historic donation, the move is not without controversy. Attorney Fred Rispoli pointed out the irony of Harris’s acceptance of XRP in light of the present administration’s stance on the asset as a security.

The move by Larsen, against the backdrop of the ongoing lawsuit by the SEC against Ripple, may also be seen to challenge the regulatory narrative set up around cryptocurrency. Harris will surely gain from the financial and political weight carried by such high-profile endorsements, particularly at this juncture in the White House race.

Related Reading | VeChain At 5-Year Low, Setting Stage For Potential Bull Market By 2025

Coinbase CFO Reveals Kamala Harris’s Super PAC Utilizes Crypto Donations Platform

by

In a notable shift in campaign finance, Coinbase’s Chief Financial Officer Alesia Haas revealed that Kamala Harris, the U.S. Vice President and Democratic candidate for President, is leveraging Coinbase’s Commerce platform for cryptocurrency donations.

The platform is a key part of Coinbase’s suite of services, designed to help businesses accept digital assets. Harris’ official super PAC, Future Forward, has been set up through this platform, according to Haas.

Haas disclosed this development during a conversation with Citigroup’s Peter Christiansen at Citi’s 2024 Global TMT Conference in New York, which Fortune subsequently reviewed. The information aligns with a prior report suggesting Coinbase was in talks with Harris’ campaign. As of now, the Harris campaign has not responded to inquiries about this matter.

Coinbase has confirmed through a spokesperson that Future Forward is indeed using Coinbase Commerce, reinforcing the validity of Haas’s statement. This move marks a significant departure from the traditionally cautious stance the Democratic Party has taken towards crypto under President Joe Biden’s administration, possibly signaling a shift in policy.

Despite this confirmation, the Crypto4Harris advocacy group has expressed uncertainty about Harris’s use of crypto donations, and the official fundraising site for Harris does not currently reflect this integration. Earlier this year, Future Forward reported raising $50 million to support Harris, but the campaign’s response to this new development remains pending.

Coinbase’s Policy Efforts and Political Contributions

Haas also highlighted Coinbase’s broader strategy, noting that the company has been increasing its policy efforts amid what she describes as a rare chance for regulatory clarity in the U.S. In June, the exchange donated its first to Fairshake, a PAC that backs candidates advocating for cryptocurrency.

According to Haas, this was part of a series of incremental contributions aimed at bolstering general crypto policy efforts. With Future Forward’s impressive performance in elections, winning 32 of 34 races it participated in, Haas expressed cautious optimism about Harris’s potential influence on crypto legislation.

However, the exchange CEO Brian Armstrong has clarified that the company has not directly contributed to any presidential campaigns, focusing instead on broader policy support. As the situation evolves, it remains to be seen how Harris’s engagement with cryptocurrency will impact her campaign and the wider political landscape.

Related Reading | Uniswap in Hot Water: CFTC Orders $175k Penalty

Coinbase Rejects Contractor Label Amidst $25M Donation Row

by

Coinbase chief legal officer Paul Grewal claimed that the exchange is being incorrectly labeled as a federal contractor. Grewal’s comments were in response to Molly White’s accusing Coinbase of violating campaign finance laws with a $25 million donation to the crypto advocacy group Fairshake while working as a federal contractor for the United States Marshals Service [USMS]. Campaign finance law prohibits federal government contractors from making contributions, or promising to make contributions, to political entities including super PACs like Fairshake.

Per, the critic, the donation was the largest of the three made by the exchange to the Fairshake PAC and falls within the period that is prohibited by the FEC. The contributions to the crypto-focused group came in three installments: $5 million donated in November 2023, $15.5 million in December 2023, and another $25 million on May 30, 2024.

According to the FEC website, “The prohibition begins when the request for proposals is sent out or the negotiations have begun [whichever is earlier] and ends when performance under a contract is completed or negotiations have terminated [whichever is later].” This prohibition, and similar such laws, are sometimes called “pay-to-play” laws.

Coinbase Lawyer’s Rebuttal

Denying the charge, Grewal stated that Coinbase is not being paid by the USMS using government funds [appropriated funds]. He cited publicly released Request for Proposal or Public RFP, which is a document outlining the terms of a contract. The top lawyer argued that the RFP clearly states that Coinbase will not be paid with government funds. In essence, he disputes the classification of Coinbase as a federal contractor based on the specific definition in 11 CFR 115.1 and the nature of the payment arrangement with the USMS.

Coinbase
Coinbase Rejects Contractor Label Amidst $25M Donation Row 4

The Fairshake PAC is majorly backed by Coinbase and its CEO Brian Armstrong which aims to support pro-crypto candidates from both parties. Fairshake styled itself as “the first super-PAC dedicated to advancing the crypto economy and protecting the rights of crypto users.” PAC’s strategy is to leverage the “crypto’s superpower of grassroots support” and spend big to elect crypto-friendly lawmakers and defeat crypto-hostile ones. It also plans to educate voters and policymakers about the benefits of crypto and the risks of overregulation.

Trump Accepts Shiba Inu and More for Donations

by

Former US President Donald Trump is now accepting Shiba Inu for his campaign donations. Besides SHIB, the Trump campaign also accepts Bitcoin, Ethereum, Dogecoin, Solana, and XRP. In his “Make America Great Again” campaign, the presidential candidate presents himself as the defender of American freedom and innovation prepared to welcome new technologies.

There were speculations surrounding Trump’s investment, considering his past criticism of digital assets. Only after a recent tax filing on April 14 revealed that Trump is a significant cryptocurrency holder, owning $250,000–$500,000 worth of crypto assets, largely derived from licensing fees tied to the use of his image in popular NFTs.

That being said, Trump’s acceptance of SHIB boosts the coin’s visibility and legitimacy, as this news would attract massive media attention, potentially attracting new investors and users. Most importantly, SHIB’s addition would likely increase the number of transactions, highlighting practical use cases and functionality.

Meanwhile, the meme coin has gained massive traction, as evidenced by the surge of non-zero Shiba Inu wallets in less than a week. 

Shiba Inu Wallets at All-Time High

Data from Glassnode indicated that on May 15, the number of Shiba Inu holders exceeded 1.4 million, reaching a new peak, before retracting at the time of publication. While wallet addresses with non-zero balances were not at their peak, current figures indicate that the SHIB Army grew by nearly 100,000 in a year. It is worth noting that the Shiba Inu Army consisted of approximately 1.29 million members last year.

Shiba Inu
Trump Accepts Shiba Inu and More for Donations 6

Price-wise, the leading meme coin displayed signs of a pattern called a “bull flag.” This suggests a promising trend for SHIB, indicating a potential price increase. Following a brief price surge, the meme coin is poised to continue its impressive upward trend, which has already seen a whopping 210% rise, per market experts. Digging deeper: SHIB currently aims for a target price of $0.000081. It will represent more than a threefold increase from its current price if it reaches this point.

Trump Pledges Crypto Campaign Donations Amid NFT Dinner Discourse

by

Former U.S. President Donald Trump has once again stirred the political pot, this time dipping his toes into the volatile waters of cryptocurrency. In a series of video clips shared by Frank Degods, a prominent non-fungible token (NFT) creator, Trump asserted his intention to embrace digital assets for campaign donations.

Addressing a gathering of buyers of his “Mugshot Edition” NFTs, Trump confidently declared, “If you can’t, I’ll make sure you can,” indicating his resolve to facilitate crypto contributions to his campaign. Seizing the opportunity to take a jab at his successor, Trump remarked that President Joe Biden is oblivious to the world of digital assets, positioning himself as the champion of the crypto community.

Trump’s pronouncement came during an informal dinner with individuals who had individually purchased over 47 NFTs, each priced at $99, as reported by Axios. Reflecting on his NFT venture, Trump boasted, “We made NFTs hot again.”

Trump’s Reassurance Sparks Crypto Market Surge

The ex-president didn’t stop at campaign finance; he also pledged to support the digital asset industry’s presence within the U.S., vowing to prevent its exodus due to perceived hostility. Trump’s reassurance caused ripples in the market, notably boosting the “Jeo Boden” meme coin by 18.5% within 24 hours, according to CoinMarketCap data.

Despite Trump’s sudden embrace of crypto, skeptics remain cautious. Trump dismissed the meteoric rise of the BODEN token, expressing disdain for the sizable market capitalization it had accrued.

Observers like Avichal Garg applauded Trump’s evolution on the crypto front, attributing it to savvy coaching. Garg warned of potential consequences for the Democrats, suggesting that their anti-crypto stance could alienate a growing constituency.

With Trump eyeing a return to the White House as the Republican nominee for the 2024 presidential election, his foray into the crypto sphere adds a new dimension to an already contentious political landscape. The Trump campaign, however, remained tight-lipped in response to inquiries, leaving many to speculate on the implications of this latest move.

Court Orders Disclosure of SBF’s Political Donation Details

by

The former CEO of the now-bankrupt crypto exchange FTX, Sam Bankman-Fried, or SBF, finds himself entangled in a legal web, as the Department of Justice [DOJ] has successfully obtained a court order to unveil the intricacies of his political donations. This revelation is set to serve as crucial evidence in the upcoming fraud trial against SBF, marking a significant development in a complex legal saga.

The latest ruling, a part of a comprehensive 16-page pretrial order issued by Judge Kaplan on September 26, meticulously delineates which pieces of evidence will be admissible during the imminent trial, scheduled to commence on October 3. At the core of the DOJ’s case lies the allegation that Sam Bankman-Fried orchestrated an “illegal campaign finance” scheme, a charge that the prosecution intends to vigorously pursue in court next month.

SBF
Court Orders Disclosure of SBF's Political Donation Details 8

This stance by the government follows a prior assertion made in August when it was disclosed that a campaign finance charge against the FTX founder had been precluded due to a treaty with the Bahamas. However, the DOJ has now pivoted, asserting that Bankman-Fried concealed the origins of his ill-gotten gains through a labyrinth of political straw donations. They contend that this campaign finance misconduct is not only admissible at trial but also constitutes direct evidence of the overarching charges levied against him.

SBF Legal Saga: More Revelations

Beyond the revelation of campaign donations, Judge Kaplan has also granted the prosecution’s motion to introduce evidence implicating Bankman-Fried in the creation of the FTX token. This move aims to shed light on SBF’s alleged involvement in directing Alameda Research, a crypto trading firm, to surreptitiously amass significant holdings of the FTX token as well as other digital assets like Serum.

Moreover, the evidence will explore claims that he orchestrated Caroline Ellison, the then-CEO of Alameda Research, to manipulate the valuation of these tokens and engaged in efforts to obfuscate Alameda’s ownership of Serum tokens.

This multifaceted legal battle not only puts SBF’s actions under a microscope but also underscores the evolving landscape of cryptocurrency regulation. As the trial approaches, the crypto community, legal scholars, and the general public eagerly anticipate the unveiling of evidence that could have far-reaching implications for the future of digital currencies and their intersection with political finance.