Ripple Invests $50 Million in Pro-Crypto PAC Ahead of 2024 Elections

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Ripple Invests $50 Million in Pro-Crypto PAC Ahead of 2024 Elections
  • Ripple donated an additional $25 million to Fairshake, a crypto-focused PAC.
  • Fairshake has raised over $100 million from major crypto industry players.
  • Ripple CEO Brad Garlinghouse emphasized the company’s commitment to educating voters and opposing anti-crypto policies.

Ripple has pledged an additional $25 million to Fairshake, a crypto-focused Super Political Action Committee, aimed at supporting crypto-friendly congressional candidates in the upcoming 2024 elections. This follows Ripple’s initial $25 million contribution in 2023, bringing its total investment in Fairshake to $50 million.

This figure accounts for half of the $100 million raised by Fairshake from industry leaders like Coinbase, Gemini, Andreessen Horowitz, and asset manager ARK Invest.

Several crypto market participants view the 2024 elections as a crucial moment to elect crypto-friendly candidates. Congresswoman Katie Porter (D-Calif.) has benefited from this sentiment, with Fairshake backing Porter’s Senate bid with a $10 million campaign contribution.

In a statement, Ripple explained that its donation aligns with the industry’s aim to advance crypto-friendly policies in the U.S.

Ripple has previously criticized the U.S. Securities and Exchange Commission’s (SEC) enforcement-based approach to crypto regulation, advocating instead for the development of constructive regulations to encourage innovation.

Ripple CEO Brad Garlinghouse also commented through a press release, saying,

“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.”

He added that Ripple and other crypto industry players will continue to invest in efforts to effect meaningful regulatory changes.

“Ripple will not – and the crypto industry should not – remain silent while unelected regulators actively seek to stifle innovation and economic growth that millions of Americans depend on. The crypto industry intends to remain heavily invested in this effort until we see meaningful change.” Garlinghouse stated.

Meanwhile, Ripple has been embroiled in a prolonged court battle with the SEC, which accused the company of raising $1.3 billion through the sale of XRP, alleging it to be an unregistered security.

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