Ripple, a blockchain-based payment solutions company, has made a significant donation of $25 million to Fairshake, a federal super political action committee (PAC) that supports Congressional candidates who are friendly towards cryptocurrencies. This donation brings Ripple’s total contribution to Fairshake to $50 million, as they had previously donated $25 million in 2023. With Ripple’s support, Fairshake has managed to raise over $100 million from prominent players in the crypto industry, including Coinbase, Gemini, Andreessen Horowitz, and ARK Invest.
The purpose of this fund is to influence the 2024 elections by backing candidates who advocate for progressive crypto regulations and opposing those who do not. Ripple stressed the importance of its donation as part of a broader effort to shape policies that encourage financial innovation in the United States. The company criticized the regulatory approach of the U.S. Securities and Exchange Commission (SEC), stating that enforcement-driven regulation is ineffective. Ripple called for a more constructive regulatory environment that supports technological progress and economic growth.
Ripple’s CEO, Brad Garlinghouse, stated that their contributions to Fairshake are just one of the many ways in which Ripple actively invests in educating voters about the role of cryptocurrency in the future and the risks associated with policymakers who hold an anti-crypto stance in Washington.
Please note that this article does not provide investment advice.