Several cryptocurrency companies, including the companies behind Kraken and Blockchain.com as well as Ripple Labs, are amongst the dozens of enterprises and wealthy individuals who have retained Ballard Partners, a lobbying firm linked to US president Donald Trump, since his election in November, reports have said.
Two of the former partners at the company, founded by Trump lobbyist and fundraiser Brian Ballard, have taken on key positions in the new administration, raising questions around conflict of interest.
The crypto firms’ move to retain Ballard Partners comes as crypto and other tech firms seek influence with the new administration.
Crypto influence
Trump, whose campaign was heavily funded by crypto companies, has promised a crypto-friendly regulatory environment and has appointed pro-crypto allies to key regulatory positions.
Payward Inc, which is Kraken’s legal name, and Blockchain (US) Inc, part of the Blockchain.com group of companies, together paid Ballard $60,000 (£48,000) for lobbying services in the final weeks of 2024, according to records cited by Reuters.
Ripple Labs, which issues the XRP crypto token, hired Ballard eight days after the election, Politico reported, in a move confirmed by Ripple.
Prior to hiring Ballard, Blockchain.com had not retained a Washington lobby firm in six years, the Reuters report said.
Kraken retains one other firm and also uses in-house lobbyists, the report said.
Kraken has been involved in litigation with the Securities and Exchange Commission since 2023. Under the previous administration agency issued scores of enforcement actions to try to make crypto firms comply with existing securities regulations.
Political influence
“As part of our global policy engagement efforts, we work with a number of lobbying firms in our key markets,” Kraken said in a statement.
Ballard Partners represents clients from across business sectors including oil, finance, tech and pharmaceuticals.
The company has signed up 40 new clients since November, more than during the prior 10 months, Reuters said.
Trump named former Ballard partner Pam Bondi as his pick for Attorney General, while the company’s former partner Susie Wiles is now White House chief of staff.
Bondi, who continued to lobby for Ballard Partners toward the end of last year, said in an ethics agreement submitted to the Justice Department that if confirmed she would consult with an agency ethics official to manage any potential conflicts of interest.
Trump spoke against the influence of lobbying firms during his election campaign.
“Above all, you deserve leadership in Washington that does not answer to the lobbyists… or to the corrupt special interest but answers only to you, the hardworking citizens of America,” he said during a rally in Butler, Pennsylvania on 5 October, a month before the election.