Regulation
Ripple Donates Another $25 Million to Pro-Crypto Super PAC
May 29, 2024 9:04 a.m. | 2 minutes of reading
Payment company Ripple (CRYPTO: XRP) is making a major effort to influence the upcoming US elections, pumping an additional $25 million into FairshakeA crypto-focused super PAC.
What happened: This latest donation brings Ripple’s total contribution to Fairshake to $50 million, making it the largest backer of the Coindesk political action committee. reported.
Fairshake, whose war chest now exceeds $100 million, aims to support candidates in favor of cryptocurrency regulation that encourages innovation.
The group has targeted lawmakers seen as hostile to crypto, including a female congresswoman. Katie Porterwhose recent Senate bid was hampered by a $10 million campaign from Fairshake.
Ripple sees the 2024 elections as crucial in shaping the future of cryptocurrency in the United States.
The company believes that the Securities and Exchange Commission’s (SEC) current approach, which relies on enforcement rather than clear regulations, is hindering progress.
CEO of Ripple Brad Garlinghouse called for a “positive regulatory landscape” that promotes innovation in the crypto space.
Read also: Bitcoin Spot ETFs Hit Record Year-To-Date Inflows of $14.9 Billion on Tuesday
According to Garlinghouse, “educating voters” about the potential of crypto and the risks posed by “anti-crypto” policies is a key priority for Ripple.
Their significant investment in Fairshake reflects a broader industry effort to counter what they see as an attempt by some policymakers to stifle innovation.
Ripple’s ongoing legal battle with the SEC, which began in 2020 with accusations of securities law violations, is further fueling the company’s desire for a clearer regulatory framework.
As the 2024 elections approach, the crypto industry’s pressure for influence will likely intensify.
Whether this strategy will translate into significant policy changes in favor of crypto remains to be seen.
And after: For those interested in the ongoing debate regarding crypto regulations and their impact on the industry, Benzinga’s The future of digital assets the event will take place on November 19.
Read next: Ryan Salame, former FTX executive, sentenced to more than 7 years in prison
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