Ripple recently made a $25m donation to the crypto super Political Action Committee (PAC) Fairshake, marking its second contribution to the organization in as many years. The donation is part of a larger effort by the crypto industry to promote policies that support financial innovation in the US. The Fairshake PAC, along with contributions from other crypto companies and leaders, aims to support pro-crypto and pro-innovation political candidates in the 2024 elections. With a war chest exceeding $102m, the PAC has received significant funds from key figures within the crypto sector, including Coinbase, Andreessen Horowitz, and the Winklevoss twins.
Ripple criticized the way in which the SEC regulates cryptocurrencies, arguing that enforcing existing laws rather than creating new ones is not effective. The company emphasized the need for the US to catch up in embracing crypto and blockchain technology, despite progress in Congress on comprehensive legislation to support innovation, competitiveness, and growth. CEO Brad Garlinghouse stated that the crypto industry will continue to advocate for meaningful change and invest heavily in efforts to drive progress in the regulatory environment. He highlighted the importance of the 2024 elections, as it will present a choice between candidates who support the advancement of crypto and those who do not.
The US House recently approved a bill that is seen as favorable to the cryptocurrency sector, aiming to transfer cryptocurrency regulation authority to a government agency perceived as more supportive of the industry. In addition to this bill, the broader crypto industry and PACs are demanding broader solutions to support innovation and economic growth in the US. Ripple and other key players in the crypto space are vocal about the need for regulatory clarity and a conducive environment for financial innovation to thrive. By supporting pro-crypto candidates and advocating for change, the industry aims to shape the future of crypto regulation in the US.
The $25m donation by Ripple to Fairshake PAC is part of a collective effort to influence policy and regulation in favor of the crypto industry. The PAC, along with contributions from other crypto companies and leaders, has amassed a substantial war chest exceeding $102m for the 2024 election cycle. This funding is primarily from individual contributions from key figures within the industry, highlighting the support and investment in promoting pro-crypto and pro-innovation policies. The industry is committed to advocating for meaningful change and creating a regulatory environment that supports growth and innovation in the US.
Ripple’s criticism of the SEC’s approach to regulating cryptocurrencies underscores the challenges faced by the industry in navigating regulatory frameworks. The company’s CEO, Brad Garlinghouse, emphasized the importance of the 2024 elections in determining the future of crypto regulation in the US. While recent legislative developments such as the bill transferring cryptocurrency regulation authority are seen as positive steps, the industry and PACs continue to demand broader solutions to safeguard innovation and economic growth in the country. By supporting candidates who champion crypto-friendly policies and advocating for regulatory clarity, the industry aims to shape a regulatory landscape that fosters innovation and competitiveness.
