News
Ripple Donates Another $25 Million to Crypto Super PAC Fairshake
Ripple has added another $25 million to the coffers of Fairshake, a federal crypto super political action committee (PAC) that is spending big this election year to support crypto-friendly congressional candidates.
Ripple also donated $25 million to Fairshake in 2023, bringing its total political action committee (PAC) contribution to a whopping $50 million.
Ripple’s donations represent about half of the more than $100 million Fairshake has raised from major crypto industry players, including cryptocurrency exchanges Coinbase and Gemini, venture capital firm Andreessen Horowitz, and asset manager ARK Invest.
Many in the cryptocurrency industry see the 2024 election as a key opportunity to elect pro-crypto candidates — and oust unfriendly candidates, such as Rep. Katie Porter (D-Calif.), an ally of Sen. Elizabeth Warren (D – Mass.), whose the Senate bid was crushed with the help of a 10 million dollar campaign from Fairshake.
In an announcement on Wednesday, Ripple credited 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 discusses the role of federal regulators, stating that the US Securities and Exchange Commission’s (SEC) approach of “trying to regulate cryptocurrencies through enforcement has failed” and that the US must take action now to create a “positive regulatory landscape” for cryptocurrencies. which will encourage innovation.
“Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters about the role cryptocurrencies will play in the future and the dangers of the anti-cryptocurrency stance some politicians are clinging to in Washington,” he said. stated Brad Garlinghouse, CEO of Ripple, in a press release. “Ripple will not – and the cryptocurrency industry should not – remain silent while unelected regulators actively seek to impede the innovation and economic growth enjoyed by millions of Americans. The cryptocurrency industry intends to remain heavily invested in this effort until we see significant changes.”
In 2020, the SEC accused Ripple of violating federal securities laws, sparking a bitter, years-long court battle that is still ongoing.