U.S. exchange Kraken has pledged $2 million in political donations, stepping directly into the fight over cryptocurrency regulation in Washington. The contributions will go to the Republican‑aligned Freedom Fund PAC and America First Digital, a pro‑Trump group advocating for digital asset adoption.

Kraken co-CEO: “The fight for crypto in the United States is far from over”

Kraken co‑CEO Arjun Sethi announced the donations on Sept. 23 via an extended post on X.

“The fight for crypto in the United States is far from over,” Sethi wrote.

He warned that crypto’s “core principles” face threats from “regulatory uncertainty,” “enforcement by headline,” “attempts to criminalize infrastructure,” and “bans on privacy tools,” describing these as “constitutional questions about how financial freedom fits into a free society.”

Sethi tied Bitcoin’s origins to both technology and ideology:

“When Satoshi published the Bitcoin whitepaper in 2008, it represented both a technical and philosophical breakthrough … Crypto was born as a peaceful revolution to give people the ability to hold value, transact freely, and operate outside systems of arbitrary control.”

He stressed Kraken’s contributions are about protecting principles rather than supporting a single party. Those principles, he said, include:

  • the right to self‑custody of assets,
  • the ability to build and use decentralized systems “without permission,”
  • the freedom to opt out of surveillance‑based finance,
  • access to open and composable financial infrastructure.
“They are extensions of the Bill of Rights, rendered in code,” Sethi argued.

Who benefits from the donations

Kraken’s announcement included $1M to Freedom Fund PAC and an increase in its 2025 commitment to America First Digital to $1M.

  • Freedom Fund is Senator Mike Crapo’s leadership PAC. Though Crapo is not up for election until 2029, as chair of the Senate Finance Committee he could influence tax treatment of digital assets.
  • America First Digital is led by Jason Thielman, former executive director of the National Republican Senatorial Committee, and Kristin Walker, former chief of staff to Senator Cynthia Lummis, according to public filings. The group has pushed for reintroducing the BITCOIN Act, a bill authored by Lummis in March 2025 that proposes U.S. purchases of up to $80 billion in Bitcoin for a strategic reserve.

Industry support

The announcement received backing from other major figures:

  • Tyler Winklevoss, Gemini co‑founder, praised Kraken’s donation. In August, the Winklevoss twins contributed $21M in Bitcoin to establish the Digital Freedom Fund.
  • The move follows other large crypto‑linked PAC campaigns. Fairshake, supported by Coinbase, Ripple, and Andreessen Horowitz, raised almost $300M in 2024 and funded both Republican and Democratic candidates to defend crypto‑friendly policies.

However, America First Digital and Winklevoss‑backed funds have explicitly aligned with the Republican Party, reflecting how crypto lobbying has shifted after years of stricter enforcement during the Biden administration. With Trump’s return to office, industry dollars are consolidating behind GOP‑linked entities perceived as more supportive of digital asset legislation.

Raj Kapoor, founder and CEO of the India Blockchain Alliance, told Decrypt:

“By explicitly tying campaign financing to the ideals of ‘financial freedom,’ crypto leaders are no longer content with defensive lobbying. They are moving into ideological territory, aligning digital assets with constitutional values.”

Kraken’s corporate balancing act

The donations come at a pivotal time for Kraken. The company has reduced staff and seen executive reshuffles as it prepares for a potential U.S. public listing in early 2026. At the same time, it has strengthened partnerships, including teaming with Circle this year to broaden trading support for USDC and EURC stablecoins, offering greater liquidity and lower conversion fees to clients.

Sethi linked Kraken’s political activity directly to its broader mission:

“These contributions are strategic investments in the legal and regulatory frameworks that will define crypto’s future in the United States, not just for Kraken, but also for every developer, founder, and user building in this space.”
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Disclaimer: This content is for informational purposes only and does not constitute investment or political advice. Political donations are part of the evolving U.S. regulatory landscape. Cryptocurrency investing carries financial, legal, and regulatory risks; readers should exercise caution when making financial or political decisions based on industry lobbying activity.