NAIROBI (CoinChapter.com) – Ripple has significantly bolstered its support for pro-crypto political advocacy by contributing another $25 million to Fairshake, a prominent federal crypto super political action committee (PAC). This latest donation is in addition to the $25 million Ripple donated in 2023, bringing its total contributions to the PAC to $50 million. The company aims to elect crypto-friendly candidates and challenge those opposing crypto.
Major Contributions from Industry Giants
Fairshake PAC, focused on electing crypto-friendly candidates, has raised over $100 million. Major donors include Coinbase, Gemini, Andreessen Horowitz, and ARK Invest. Ripple’s contributions are substantial, highlighting its commitment to influencing political outcomes favoring cryptocurrency.
The 2024 elections are pivotal for the crypto industry. Fairshake’s $10 million campaign against Congresswoman Katie Porter, known for her anti-crypto stance, exemplifies the PAC’s impact. This targeted strategy demonstrates the industry’s dedication to creating a favorable regulatory environment.
Ripple’s Push for Crypto Regulation and Humanitarian Efforts
Brad Garlinghouse has criticized the SEC’s regulatory approach, advocating for proactive legislation. Ripple’s ongoing battle with the SEC, which began in 2020, has driven its political engagement. Garlinghouse emphasized Ripple’s determination to push for regulatory reform, stating,
“Our contributions to Fairshake are part of a broader effort to educate voters on the role crypto will play in the future and the dangers of an anti-crypto stance.”
Fairshake has supported candidates across party lines, though it slightly favors Democrats. Key Republicans like Patrick McHenry and Democrats such as Josh Gottheimer and Ritchie Torres have received support. Ripple’s backing of Fairshake underscores its strategic push to influence crypto regulation.
The company’s significant financial support for Fairshake highlights its role in shaping the future of crypto regulation in the US. By advocating for a positive regulatory environment, it aims to protect millions of American crypto users and foster innovation. As the 2024 elections approach, the crypto industry remains deeply involved in political advocacy, seeking to secure favorable legislation.
Ripple has also shown its humanitarian side by committing $100,000 to support flood relief efforts in Rio Grande do Sul, Brazil. This donation, made in XRP, will aid fundraisers started by Bitso and BRLAdigital, supporting organizations like Ação da Cidadania and the SOS Rio Grande do Sul Fund.
Ripple will match donations made by its employees at a 2:1 ratio, showing solidarity with the affected communities. This move highlights Ripple’s commitment to global humanitarian causes beyond its political and financial endeavors.
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