Crypto.com has donated $35 million over the past year to the pro-Trump super PAC MAGA Inc., with its latest $5 million contribution coming in January, according to Federal Election Commission filings.
Within weeks of that donation, the Commodity Futures Trading Commission filed a motion backing Crypto.com in its legal dispute with Nevada over sports-related prediction markets, strengthening the exchange’s position in the high-profile case.
On Monday, the Office of the Comptroller of the Currency conditionally approved a national trust bank charter for Crypto.com, marking a significant regulatory win that could expand its U.S. financial services footprint.
The bank charter and political donations were made under the name of Crypto.com’s parent company, Foris Dax, while a company spokesperson did not immediately respond to requests for comment on the exchange’s political spending.
The CFTC’s intervention came months after its chair, Mike Selig, had indicated he would defer to the courts on the jurisdictional dispute, signalling a notable shift as the agency moved to support Crypto.com in the Nevada litigation.
Crypto.com’s chief executive said the charter approval positions the exchange to become “a one-stop-shop qualified custodian” for major financial institutions, pointing to ambitions beyond retail crypto trading.
Unlike peers such as Coinbase, Ripple and Tether, which have channelled political funding through industry-focused PACs, Crypto.com has directed the bulk of its spending to Trump-aligned groups and has also formed a strategic partnership with Trump Media and Technology Group, launching Trump-branded crypto ETFs and a prediction market linked to Truth Social.