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Ripple donates $25 million to support crypto campaign. That’s in addition to another $25 million donation to a pro-crypto PAC in 2023.
According to cryptocurrency reports, Ripple has contributed another $25 million to Fairshake’s coffers. A federal cryptocurrency political action committee (PAC) is spending heavily to support crypto-friendly congressional candidates this election year.
Ripple also contributed $25 million to Fairshake in 2023. The company brought its total contribution to the political action committee (PAC) to $50 million.
Ripple’s contributions are roughly half of the more than $100 million Fairshake has raised from major players in the crypto space, including cryptocurrency exchanges Coinbase and Gemnai, venture capital firm Andersen Horowitz and asset manager ARK Invest.
Many in the crypto industry see the 2024 election as a critical opportunity to elect pro-crypto candidates and unseat less-than-friendly candidates like Congresswoman Kathy Porter, an ally of Senator Elizabeth Warren; Someone whose bid for the Senate was defeated with the help of Firshik’s $10 million campaign.
In a statement on Wednesday, Ripple attributed its contribution to Fairshake as “part of an industry-wide effort to advance policies that support the next generation of financial innovation in the United States.”
The announcement specifically discussed the role of federal regulators, saying that the US Securities and Exchange Commission’s (SEC) approach of “attempting to regulate cryptocurrencies by judicial force has failed” and that the US must now act to create a “vision “Positive supervision” for cryptos. which promotes innovation.
Our participation in Fairshake is just one way Ripple is actively investing in educating voters about the role of crypto in the future and the dangers of the anti-crypto stance in Washington, said Ripple CEO Brad. Garlinghouse said in a press release that Ripple doesn’t want to — and the crypto industry shouldn’t — remain silent. The elected regulators actively seek to stifle the innovation and economic growth that millions of Americans benefit from. The crypto industry intends to invest heavily in this effort until we see meaningful change.
In 2020, the SEC accused Ripple of violating federal securities laws. That year marked the beginning of a bitter court battle that lasted several years.
