Cryptocurrency Exchanges Hire Ballard Partners for Lobbying
Following the 2020 election, Ballard Partners, a lobbying firm with ties to former President Donald Trump, has seen a surge in business, including contracts with major cryptocurrency exchanges Kraken and Blockchain.com.
Ballard was founded by Donald Trump fundraiser Brian Ballard and has faced scrutiny over potential ethical conflicts after two former partners were appointed to key positions in the Trump administration.
Payward Inc. and Blockchain.com Retain Ballard
In December, Payward Inc., the legal entity behind Kraken, and Blockchain (US) Inc., part of the Blockchain.com group of companies, hired Ballard for lobbying services related to cryptocurrency policy.
Kraken stated that it works with multiple lobbying firms as part of its global policy engagement efforts. Blockchain.com and the White House did not respond to requests for comment.
Industry Push for Regulatory Clarity
The cryptocurrency industry, after facing challenges under the previous administration, is now seeking policy changes and legislation to provide legal clarity and facilitate mainstream adoption.
Kraken's Legal Battles
Kraken is currently embroiled in a lawsuit with the Securities and Exchange Commission (SEC), which alleges that the company should have registered with the agency. Ripple Labs, another major crypto company, also retained Ballard shortly after the election.
Blockchain's Previous Lobbying Absence
Prior to hiring Ballard, Blockchain.com had not engaged with a Washington-based lobby firm for six years. Kraken also utilizes in-house lobbyists in addition to retaining Ballard.
Ballard's Ties to the Trump Administration
Ballard Partners has leveraged its connections to the Trump administration, with former partners Susie Wiles and Pam Bondi now holding positions as White House chief of staff and Attorney General nominee, respectively.