Ripple announced a second $25m donation to the crypto super Political Action Committee (PAC) Fairshake on Wednesday. This contribution supplements the $25m it provided to Fairshake last year.
The company’s donation, alongside contributions from fellow crypto companies and leaders, forms part of a collective industry endeavor to promote policies conducive to the future of financial innovation in the US.
The Fairshake PAC is dedicated to backing pro-crypto and pro-innovation political candidates in the 2024 elections. With a war chest exceeding $102m for the 2024 election cycle, the Fairshake PAC and its associates have garnered significant funds.
These are primarily substantial individual contributions from key figures within the crypto sector. A coalition of crypto enterprises, executives, and investors, among them Coinbase, Andreessen Horowitz, and the Winklevoss twins have contributed to the PAC.
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Ripple criticized the SEC’s way of regulating cryptocurrencies in its statement. The firm argued that the agency’s current method, which relies on enforcing existing laws rather than creating new ones, isn’t working.
It also pointed out that the US needs to catch up in embracing crypto and blockchain, despite progress in Congress on comprehensive legislation to secure a promising future for American innovation, competitiveness, and growth.
“Ripple 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,” the company’s CEO Brad Garlinghouse said. “The crypto industry intends to remain heavily invested in this effort until we see meaningful change.”
He added that the 2024 elections will be a big deal for crypto. This is because it would be a choice between candidates who support the progress of crypto and those who don’t.
Recently, the US House approved a bill seen as favorable to the cryptocurrency sector. It aims to transfer cryptocurrency regulation authority to a government agency perceived as more supportive of the industry, among other things.
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