Ripple is investing $25 million into Fairshake, a federal super political action committee (PAC) that supports pro-crypto candidates for the 2024 U.S. elections. This latest contribution raises Ripple’s total investment in Fairshake to $50 million, which accounts for nearly half of the PAC’s overall funding.
Ripple has expressed concerns over the SEC’s regulatory approach to cryptocurrency, stating that it has been ineffective. The company views the 2024 elections as potentially the “most consequential in crypto’s history,” emphasizing the need to elect leaders who comprehend the industry’s potential and advocate for consumer protection and forward-thinking market policies.
Fairshake recently utilized $10 million to help derail Democrat Congresswoman Katie Porter’s Senate campaign. Additionally, the industry celebrated a victory last week when the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, despite resistance from the Biden Administration and SEC Chair Gary Gensler. This legislation aims to create a regulatory framework for digital assets, addressing consumer protections and the use of cryptocurrency in illicit activities, though its future in the Senate remains uncertain.
Ripple CEO Brad Garlinghouse stated, “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.”