Ripple announced a second $25 million donation to the crypto super Political Action Committee (PAC) Fairshake on Wednesday. This latest contribution adds to the $25 million Ripple provided to Fairshake last year.
This donation, along with contributions from other crypto companies and leaders, is part of a broader industry effort to promote policies that support financial innovation in the United States.
The Fairshake PAC is focused on backing pro-crypto and pro-innovation political candidates in the 2024 elections. With a war chest exceeding $102 million for the 2024 election cycle, the Fairshake PAC and its associates have amassed significant funds. These funds come primarily from substantial individual contributions by key figures within the crypto sector. A coalition of crypto enterprises, executives, and investors—including Coinbase, Andreessen Horowitz, and the Winklevoss twins—have all contributed to the PAC.
House Bill Offers Glimmer of Hope, But Crypto Industry and PACs Demand Broader Solutions
In its announcement, Ripple criticized the SEC’s approach to regulating cryptocurrencies. The company argued that the SEC’s current method, which relies on enforcing existing laws rather than developing new ones, is ineffective.
Ripple also emphasized that the U.S. is lagging in embracing crypto and blockchain technology. Despite some progress in Congress on comprehensive legislation aimed at securing a promising future for American innovation, competitiveness, and growth, more needs to be done.
“Ripple will not—and the crypto industry should not—remain silent while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilize,” said Ripple CEO Brad Garlinghouse. “The crypto industry intends to remain heavily invested in this effort until we see meaningful change.”
Garlinghouse added that the 2024 elections will be crucial for the crypto industry, highlighting the choice between candidates who support crypto progress and those who do not.
Recently, the U.S. House approved a bill seen as favorable to the cryptocurrency sector. The bill aims to transfer cryptocurrency regulation authority to a government agency perceived as more supportive of the industry, among other provisions.
