Ripple Labs today announced a $25 million contribution to Fairshake, a federal super PAC committed to promoting pro-crypto political candidates with a focus on the US presidential election. This contribution marks Ripple’s second $25 million donation to Fairshake, making it the super PAC’s largest donor with a total of $50 million invested over the past two years. This financial commitment is part of an industry-wide initiative to ensure that cryptocurrency and blockchain innovation become central issues in the next election cycle.
Ripple Champions Cryptocurrency-Friendly U.S. Policy
Fairshake, which is funded by some of the biggest names in the cryptocurrency industry, plays a central role in supporting congressional candidates from both major political parties who advocate for laws encouraging crypto and technological innovation. According to Fairshake, Ripple’s contributions significantly increased the super PAC’s financial arsenal, bringing its total funds to more than $110 million.
Brad Garlinghouse, CEO of Ripple underlines the strategic importance of these contributions: “Our contributions to Fairshake are just one of many ways Ripple will actively invest in educating voters about the role crypto will play in the future and the dangers of the anti -crypto that some policymakers are clinging to. Washington.”
Garlinghouse emphasized that Ripple’s proactive funding approach aims to counter resistance from some policymakers and regulators who have not yet aligned with the evolving digital currency landscape. He added: “Ripple will not remain silent – and the crypto industry should not – while unelected regulators actively seek to hinder the innovation and economic growth that millions of Americans use. The crypto industry intends to remain heavily invested in this effort until we see significant change.
This political contribution strategy by Ripple comes at a time when the regulatory environment for cryptocurrencies in the United States remains complex and often controversial. Ripple itself has been embroiled in a legal battle with the Securities and Exchange Commission (SEC) since December 2020. The SEC has accused Ripple allegedly conducted an unregistered $1.3 billion securities offering through its sale of XRP, a charge Ripple denies, arguing that XRP should not be classified as a security.
Under the leadership of SEC Chairman Gary Gensler, the Commission has maintained a strict regulatory stance, launching numerous enforcement actions against other crypto companies, which many in the crypto space consider to be overreach. These actions have created a sense of urgency within the crypto industry to seek more favorable regulatory conditions through political channels.
Cryptocurrency’s influence on American politics has grown significantly, as evidenced by recent legislative efforts and policy endorsements. Just last week, bipartisan legislation aimed at creating A friendlier regulatory framework for digital assets has gained traction in the House. Additionally, a controversial SEC rule that would have restricted crypto companies’ access to banking services was overturned by a Senate vote, demonstrating a potential shift in congressional sentiment toward more favorable crypto regulation.
These political developments are occurring alongside support from prominent figures such as the GOP presidential front-runner. Donald Trump, which recently expressed its support for the use of digital assets and announced the acceptance in its campaign of donations in cryptocurrencies. This political support could signal broader acceptance and integration of cryptocurrency technologies into government and financial systems.
The role of Fairshake and similar super PACs in influencing election results has been brutal. For example, in a high-profile case earlier this year, Fairshake spent $10 million on a campaign targeting anti-crypto Congresswoman Katie Porter (D-Calif.) during her Senate campaign. The campaign was seen as a deciding factor in his defeat to Adam Schiff (D-Calif.), a more crypto industry-friendly candidate.
At press time, XRP was trading at $0.52951.
Featured image created with DALL·E, chart from TradingView.com
