- Ripple’s (XRP) Latest Contribution: Ripple has doubled down on its support for Fairshake by donating an additional $25 million to the crypto super PAC, aiming to influence the 2024 elections.
- Significant Industry Backing: Ripple’s total donations now amount to $50 million, making up nearly half of Fairshake’s $100 million war chest.
In a move that could sway the outcome of the 2024 elections, Ripple (XRP) has injected another $25 million into Fairshake, a federal political action committee (PAC) dedicated to advancing the interests of the crypto industry. This donation follows a previous $25 million contribution made in 2023, highlighting Ripple’s commitment to shaping crypto-friendly policies in the U.S.
Fair Shake has emerged as a major player in the upcoming elections, garnering support from various crypto giants, including Coinbase, Gemini, Andreessen Horowitz, and ARK Invest. These contributions underscore the industry’s push to elect candidates sympathetic to crypto innovation while opposing those who advocate for stricter regulations, such as Congresswoman Katie Porter, an ally of Senator Elizabeth Warren.
Brad Garlinghouse, CEO of Ripple, emphasized the broader implications of their support, stating, “Our contributions to Fairshake are part of an industry-wide effort to advance policies that support the next generation of financial innovation in the U.S.” He criticized the U.S. Securities and Exchange Commission’s (SEC) regulatory approach, arguing that it has stifled innovation rather than fostered it.
The donation comes at a crucial time for the crypto industry, which has been grappling with regulatory uncertainty and legal challenges. Ripple itself has been embroiled in a lawsuit with the SEC since 2020, accused of violating federal securities laws—a case that continues to be unresolved.
Ripple’s significant financial backing of Fairshake signals a broader strategy within the crypto sector to influence political outcomes and regulatory decisions. The crypto industry views the 2024 elections as pivotal in determining the future regulatory landscape, with hopes of fostering a more supportive environment for blockchain and digital currencies in the U.S.
Fairshake’s impact was felt in recent electoral contests, notably supporting candidates who have taken a pro-crypto stance. The PAC played a crucial role in the defeat of Congresswoman Katie Porter’s Senate bid, highlighting its influence in national politics.
In a press statement, Garlinghouse reiterated Ripple’s commitment to advocacy, stating, “Ripple (XRP) will not—and the crypto industry should not—keep quiet while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilize.” This sentiment underscores the growing frustration within the industry over what it perceives as stifling regulation.
As the 2024 elections draw closer, the crypto community will be closely watching the impact of Fairshake’s expenditures, hoping for a legislative environment conducive to innovation and growth. With Ripple’s continued financial support, the PAC’s influence is set to play a defining role in the political landscape, potentially shaping the future of crypto regulation in the U.S.