The companies behind major cryptocurrency exchanges Kraken and Blockchain.com have enlisted Ballard Partners, a lobbying firm with ties to former President Donald Trump, to advocate for crypto policy in Washington D.C. This move follows a trend of numerous corporations and high-net-worth individuals seeking the firm’s services since the November elections.
Ballard Partners, founded by Brian Ballard, a prominent lobbyist and fundraiser for Trump, has recently faced scrutiny for potential ethical conflicts within the new administration. This stems from Trump’s appointment of two former Ballard Partners associates, Susie Wiles and Pam Bondi, to key positions. Wiles now serves as White House chief of staff, while Bondi was nominated for Attorney General.
Both Payward Inc. (Kraken’s legal entity) and Blockchain (US) Inc. (part of the Blockchain.com group) retained Ballard Partners in December 2024. Disclosed records indicate a combined payment of $60,000 for lobbying services focused on cryptocurrency policy during the final weeks of the year.
A Kraken representative confirmed the engagement but declined to elaborate on the specifics of the relationship or discussions with Ballard Partners, stating that the company works with multiple lobbying firms in key markets as part of its global policy efforts. Neither Blockchain.com nor the White House responded to requests for comment. Ballard Partners, which represents a diverse clientele across various sectors including oil, finance, technology, and pharmaceuticals, also remained silent on the matter.
Ballard Partners has experienced significant growth since Trump’s election victory, onboarding 40 new clients – a surge exceeding the total acquired in the preceding 10 months. The firm openly acknowledges its connections to influential figures, with partner Justin Sayfie emphasizing the longstanding alliance between firm members and Trump.
The cryptocurrency industry, having faced regulatory challenges under the previous administration, is actively pursuing significant policy changes and legislation under the more crypto-friendly stance of the current administration. They seek clarity on the legal status of cryptocurrencies and aim to facilitate broader mainstream adoption. Kraken, like several other prominent crypto firms, is currently engaged in litigation with the Securities and Exchange Commission (SEC), facing allegations of operating without proper registration.
Ripple Labs, another major player in the crypto space and issuer of the XRP token, also retained Ballard Partners shortly after the election, as initially reported by Politico. While a Ripple spokesperson confirmed the engagement, they did not provide further details regarding the decision.
Prior to this engagement, Blockchain.com had not employed a Washington lobbying firm for six years. Kraken, on the other hand, retains another firm in addition to utilizing in-house lobbyists. Pam Bondi, who continued lobbying for Ballard Partners in late 2024, submitted an ethics agreement to the Justice Department outlining her commitment to consult with an ethics official to address any potential conflicts of interest arising from her nomination.
This increased lobbying activity underscores the cryptocurrency industry’s determination to shape the evolving regulatory landscape and secure a favorable position within the financial system. The engagement of Ballard Partners, with its notable political connections, highlights the strategic importance of navigating the complex intersection of politics and cryptocurrency regulation.
