Ripple Supports Crypto Super PAC With $25 Million

Ripple is donating $25 million to Fairshake, a national political action committee (PAC) helping politicians who like cryptocurrency in the 2024 election in America.

Many enthusiasts in the crypto industry believe the 2024 elections are crucial for the growth of the industry. They want to pick candidates who support crypto’s growth while cancelling those who don’t. For example, Congresswoman Katie Porter (D-Calif.) is a partner of Senator Elizabeth Warren (D-Mass.). Fairshake spent $10 million to stop Porter from becoming a Senator.

This Donation Brings Ripple’s Total Contribution To Fairshake To $50 Million

Ripple has contributed almost 50% of the $100 million+ Fairshake has collected from big names in the crypto world, like venture capital company Andreessen Horowitz, Coinbase and Gemini exchanges, and ARK Invest, the company managing funds.

On Wednesday, Ripple said its donation to Fairshake is “part of a big plan in the industry to help make rules that support the new wave of financial development in the U.S.

The announcement talked about the role of government regulators, stating that the SEC’s way of “attempting to govern crypto via enforcement has not been successful.” It also noted that the U.S. needs to take action immediately to create a “positive set of rules” for crypto to encourage innovation.

Ripple stated that it needs to choose leaders who grasp this possibility and endorse policies that safeguard consumers and markets in fair and innovation-driven manners.

The sector achieved another victory last week as the House of Representatives approved the Financial Innovation and Technology for the 21st Century Act. However, it faced resistance from the Biden Administration and Securities and Exchange Commission chair Gary Gensler.

Ripple Aims To Foster An Environment Conducive To Growth In The Crypto Industry

The bill sets up rules for digital assets, including consumer protections and preventing crypto from being used for illegal activities.

In a press release, Ripple Chief Executive Officer Brad Garlinghouse highlighted that the firm is educating voters about crypto.

He stated that the enterprise’s assistance to Fairshake is just one of the many ways Ripple will teach voters about crypto’s role in the future and the risks of some policymakers’ anti-crypto views in Washington.

In 2020, the SEC charged Ripple with breaking federal securities laws, which started a bitter court battle.

Ripple says the crypto industry should not stay silent while unelected regulators actively try to stop the economic growth and innovation millions of Americans use. Garlinghouse added that the crypto sector plans to remain involved in this effort until Ripple sees real change.