In recent months, the companies behind the cryptocurrency exchanges Kraken and Blockchain.com have strengthened their positions on the political stage. Following the elections in November, they joined a host of corporations and wealthy individuals by hiring the lobbying firm $BLDP, closely linked to former US President Donald Trump.
Founded by prominent lobbyist and Trump supporter Brian Ballard, the firm Ballard Partners caught public attention after two of its former partners, Susie Wiles and Pam Bondi, were appointed to key positions in the new administration. This has raised discussions regarding potential ethical conflicts.
Payward Inc., the legal name for Kraken, and Blockchain (US) Inc., part of the Blockchain.com group, engaged with Ballard Partners in December. Both companies paid a total of $60,000 for lobbying services related to cryptocurrency policy in the last weeks of the year.
The key directions of the lobbying campaign for Kraken and Blockchain.com include:
1. Influencing cryptocurrency policy. The main objective of lobbying is to create favorable conditions for the regulation of the cryptocurrency market.
2. Protecting user interests. The companies aim to ensure the protection of their clients' rights and interests in the dynamic legislative environment.
3. Promoting innovation. Kraken and Blockchain.com actively support the introduction of innovative technologies in the cryptocurrency market.
- Strengthening market position. Conducting lobbying campaigns improves the companies' market positions, contributing to stability and growth.
- Protecting user rights. Lobbying aims to create favorable conditions for the users of cryptocurrency exchanges.
- Encouraging innovation. Active participation in the political process promotes the adoption of advanced technologies.
- Ethical concerns. The appointment of former Ballard Partners associates to government positions could lead to conflicts of interest.
- Regulatory challenges. Changes in legislation could potentially create new obstacles for the operational activities of cryptocurrency companies.
The active lobbying efforts by cryptocurrency companies such as Kraken and Blockchain.com demonstrate a strategic approach to creating a favorable regulatory climate. Given the continuous changes in the market environment, such actions can help companies adapt and thrive in the long term.
3 Comments
It's concerning to see potential conflicts of interest arise with such close ties between lobbyists and the new administration.
The news raises more questions than answers. What’s next?
I wonder how this will affect long-term prospects. Perhaps this is just the beginning