crypto.com, who holds the naming rights for the well-known Crypto.com Arena in Los Angeles, has declared a generous donation of one million dollars to aid in the recovery efforts following the wildfires in the area.
Making this substantial addition will greatly assist first responders and offer vital tools to strengthen both present and future emergency response efforts.
Crypto.com Announces Targeted Relief Efforts
The promise of $1 million is a piece of Crypto.com’s larger dedication to Los Angeles. They have a significant connection to the city, established through their partnership with Anschutz Entertainment Group and their link to the stadium that carries their name.
Matt David, President of North America and Chief Corporate Affairs Officer at Crypto.com, expressed that we share a deep bond with the city of Los Angeles, particularly through AEG and the Crypto.com Arena, and our sympathies go out to everyone affected by the devastating wildfires in the area.
The donation symbolizes the company’s philosophy of using its assets to aid communities during difficult periods. It aligns with existing community support efforts led by Crypto.com’s partners, extending beyond AEG.
These funds are intended to provide firefighters and emergency responders with essential protective gear and equipment, ensuring their safety and readiness in the event of wildfires. The donation will be allocated among three crucial organizations: the Los Angeles Fire Department Foundation, the California Fire Foundation, and the Los Angeles Police Foundation.
In a recent move, neither a pioneer in the field, Crypto.com has not been the only one offering aid for wildfire relief efforts. More recently, Ripple and MoonPay have combined forces to donate $50,000 worth of RLUSD to assist California’s firefighters battling these blazes.
This underscores an increasing pattern where blockchain firms are involved in disaster aid, indicating that their influence might extend far beyond traditional financial sectors, offering potential for constructive change.
Exchange’s Strides in the US Market
Just a few weeks ago, the cryptocurrency exchange based in Singapore enabled trading of stocks and ETFs on the American stock market. This move suggests an enhancement in their partnership with U.S. regulators following their suspension of institutional services around mid-2023.
Despite these advancements, Crypto.com continues to face legal hurdles. For instance, in October, it filed a lawsuit against the US SEC (Securities and Exchange Commission) following a Wells Notice. Yet, the company later withdrew the lawsuit after its CEO, Kris Marszalek, had a meeting with President-elect Donald Trump.
It’s been said that the meeting included talks about regulations favorable to industries within Trump’s future administration. Following this discussion, it also touched upon the U.S. custody market.
Lately, as BeInCrypto has mentioned, federal authorities have been examining whether Crypto.com’s sports betting futures on their platform potentially breach gaming regulations. The contracts associated with the Super Bowl are under examination, which could result in the CFTC (Commodity Futures Trading Commission) deciding to prohibit these activities.
It’s important to mention that the Commodity Futures Trading Commission (CFTC) has faced a situation similar to prediction markets, leading to a temporary ban on Kalshi from listing and settling its cash-settled contracts for political events due to worries about illegal gambling.
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2025-01-17 14:54