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Ripple has made a donate $25 million contribution to Fairshake, a federal crypto super political action committee (PAC) that is heavily investing in the 2024 election to support crypto-friendly Congressional candidates. This new donation adds to a previous $25 million donation made by Ripple in 2023, bringing their total contributions to $50 million.
Ripple‘s donate represent nearly half of the over $100 million Fairshake has raised from significant entities in the crypto industry, including Coinbase, Gemini, Andreessen Horowitz, and ARK Invest. The 2024 elections are seen by many in the crypto sector as a crucial opportunity to elect pro-crypto candidates and replace those less favorable to the industry, such as Congresswoman Katie Porter (D-Calif.), an ally of Sen. Elizabeth Warren (D-Mass.), who was defeated in her Senate bid with the help of a $10 million campaign from Fairshake.
In an announcement on Wednesday, Ripple stated that its contribution to Fairshake is part of a broader industry effort to promote policies that support the next generation of financial innovation in the U.S. The announcement emphasized the need for a constructive regulatory environment for crypto, criticizing the U.S. Securities and Exchange Commission’s (SEC) approach of “regulating crypto by enforcement” as ineffective. Ripple called for immediate action to create a regulatory landscape that encourages innovation.
“Ripple’s contributions to Fairshake are one of the many ways we are committed to educating voters about the future role of crypto and the risks posed by the anti-crypto stance of some policymakers in Washington,” said Ripple CEO Brad Garlinghouse in a press statement. “We will not, and the crypto industry should not, remain silent while unelected regulators hinder innovation and economic growth that benefits millions of Americans. The crypto industry is determined to continue this effort until we see significant change.”
Ripple has been involved in a prolonged legal battle with the SEC since 2020, when the commission accused Ripple of violating federal securities laws. This dispute remains unresolved.
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