Net Worth: $21.5 million (Quiver Quantitative, 10/29/25)
Who is JP Richardson?
- Richardson founded the cryptocurrency platform Exodus with Daniel Castagnoli. In May 2024, the NYSE paused Exodus’s listing while the Security and Exchange Commission completed a review of its registration statement. Exodus announced that the review was completed in December 2024.
- After the 2024 election, Richardson co-hosted an exclusive crypto inaugural ball. Attendees included Rick Ross, Soulja Boy, and Snoop Dogg. Event tickets cost $2,500 per person, and the $100,000 VIP package included face time with David Sacks, the Trump administration AI and crypto czar.
- Richardson donated $1 million to Trump’s super PAC, MAGA Inc. in January 2025. The super PAC raised $18 million from crypto interests.
How is JP Richardson benefiting from the Trump administration?
- Crypto companies like Exodus have gotten their regulatory wishlist out of Trump, the self-described “Crypto President.” Led by David Sacks, the administration enacted an executive order on crypto, established a “Strategic Bitcoin Reserve,” and pushed Congress to pass GENIUS Act to ‘regulate’ crypto.
- Exodus’s stock sharply increased in the week prior to Trump’s inauguration on Jan. 20, 2025, then experienced a smaller spike days before Trump signed the GENIUS Act into law in July 2025. Richardson supported the GENIUS Act, which established a regulatory framework for stablecoins, a type of crypto backed one-for-one by the U.S. dollar.
- Americans for Financial Reform released afact sheet detailing the GENIUS Act’s many “flaws and failures.” Their concerns include the conflicts of interest the bill poses with the Trump family’s holdings in crypto platform World Liberty Financial, how crypto titans who back the bill are also cheering on Trump and Musk’s dismantling of consumer watchdog agencies, and how the bill “strictly limits federal regulators’ ability to prevent stablecoin collapses from spreading.”Read more here.
- Exodus has sought to expand under the Trump admin’s friendly regulatory environment: In November 2025, Exodus announced an $175 million agreement to acquire W3C Corp, the parent company of payment service providers Baanx and Monavate. The acquisition intends to “strengthen the [Exodus’s] position in the fast-growing stablecoin payment market” and allows “for a wider range of payment stablecoins and the issuance of payment cards through major networks like Visa and Mastercard.” Stablecoins are cryptocurrencies whose values are “pegged” to a stable asset, like the U.S. dollar. They are designed to minimize price volatility of cryptocurrencies like Bitcoin by combining the “stability of cash with the benefits of crypto technology. ”Following the passage of the GENIUS Act, the Trump administration has been encouraging “innovation in payment stablecoins.”
For more information, see the Revolving Door Project’s Oligarchs in Trump World tracker.