By
Mayowa Adebajo
July 2nd, 2024
Ripple CEO Brad Garlinghouse emphasized that Ripple’s contributions to Fairshake are part of its broader efforts to educate voters on crypto’s future role and the risks of policymakers’ anti-crypto stance in the US.
Ripple has taken a significant step to increase the crypto sector’s political clout by donating an additional $25 million to Fairshake, a major federal crypto super PAC. This latest donation, announced on May 28, 2024, brings Ripple’s total contributions to Fairshake to $50 million over the past two years.
Fairshake, which aims at supporting crypto-friendly congressional candidates, has raised more than $100 million from major players in the industry, including Coinbase, Gemini, Andreessen Horowitz, and ARK Invest. Ripple contributions alone account for nearly half of this total.
The 2024 elections are critical for the crypto industry to elect supportive legislators and remove opponents like Congresswoman Katie Porter, targeted by a $10 million Fairshake campaign. This assertive strategy highlights the industry’s dedication to creating a more favorable regulatory climate.
Ripple’s Strategic Political Investments
Ripple’s CEO, Brad Garlinghouse, has consistently emphasized the need for regulatory frameworks that support innovation. Recently, he criticized the US Securities and Exchange Commission’s (SEC) enforcement strategies, advocating for proactive legislation to foster a “positive regulatory landscape” for cryptocurrencies.
“Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington,” Garlinghouse said.
The SEC’s lawsuit against Ripple, initiated in 2020, has been a major issue. The agency accused Ripple of breaking federal securities laws, a conflict that has driven Ripple’s political engagement. Garlinghouse stressed that Ripple and the crypto industry will keep pushing for change until substantial regulatory reform is achieved.
The Impact of Fairshake PAC
Fairshake has shown its influence by supporting candidates from both political parties. While it tends to democrat’s favor slightly, it has also supported key Republicans working on crypto legislation. For instance, notable funds have gone to Republican Representative Patrick McHenry and Democratic Representatives Josh Gottheimer and Ritchie Torres.
Ripple’s major financial backing of Fairshake highlights its strategic push to influence the future of crypto regulation in the US. Through political advocacy, Ripple seeks to create a regulatory environment that fosters growth and innovation, protecting the interests of millions of American crypto users.
With the 2024 elections on the horizon, the crypto industry remains vigilant and deeply involved in the political scene, aiming to secure favorable legislation for its continued success.