Los Angeles Fire Relief is Supported by Crypto.com

In order to combat the Los Angeles fire, another cryptocurrency giant has begun pledging to fight the disastrous situation. The iconic Crypto.com has pledged to donate $1 million to support efforts in the area.

The donation will enable first responders to get the essentials they need to combat current and future disaster situations.

Crypto.com Supports First Rescue

Los Angeles is home to Crypto.com. The giant has strong ties to the region through its partnership with the Anschutz Entertainment Group (AEG). It also carries the name of the iconic Crypto.com Arena that operates in Los Angeles.

At the news of the announcement, Crypto.com's President for North America and Chief Corporate Affairs, Matt David, said:
"We have an intimate connection to the city of Los Angeles through AEG and the Crypto.com Arena, and our hearts go out to all those affected by the devastating fires."

The pledged donation is part of Crypto.com's broader commitment to Los Angeles. The move also reflects the company's motto of using resources to support the community in times of crisis.

This donation will directly help the brave people who, by sacrificing their lives, put themselves at risk to protect communities during the rapidly spreading wildfires. The resources will definitely go towards providing equipment and gear to firefighters and rescue workers in California.
The California Fire Foundation, the Los Angeles Police Foundation and the Los Angeles Fire Department Foundation will be among the organisations to receive the donation.

Crypto.com is not the only company that has come to the rescue in these crucial times. In early January, Ripple, in partnership with Moonpay, donated RLUSD worth $50,000 to support the Los Angeles Fire Department (LAFD).

The move by Ripple, Moonpay and Crypto.com highlights the trend of cryptocurrency companies donating to relief efforts, suggesting that this industry has the potential to bring about change beyond providing financial services.

Legal Obstacles for Crypto.com in the US

The news came after Crypto.com allowed its users to trade ETF and shares in the US market. The news showed that the Singapore-based company has strengthened its ties with US policymakers. In mid-2023, Crypto.com suspended institutional services.

Despite being involved in these activities, Crypto.com still remains in turbulent legal waters. The company sued the Securities and Exchange Commission (SEC) after reviewing the Wells notice. However, the company dropped the case when CEO Kris Marszalek had an exchange of words with President-elect Donald Trump. According to reports, Marszalek discussed cryptocurrency-friendly regulations under the Trump administration. Since then, Crypto.com has also entered the US custody market.

Federal regulators are also examining Crypto.com's betting futures to see if they violate gaming laws. The CTFC is particularly focused on Super Bowl-related contracts, and if a violation is found, it could lead to a ban.

At the time, the CTFC encountered a similar situation with companies that offered prediction market analysis. The federal authority stopped Kalshi from offering contracts for political events, stating that the contracts could be considered illegal gambling.

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